With four generations in the workforce, a talent pool that has been shrinking for over 30 years, and over two years of uncertainty and increased stress, it is no surprise that today's employers are having to alter their one-size-fits-all approach to recruiting and retention. In this episode of The Forward Thinking podcast, host Stephanie Barton, VP Marketing and Communications, FCCS is joined by Lisa Cavanaugh, VP Leadership Development Experiences, FCCS and Beth Oliphant, Talent Manager, FCCS, for a conversation about the do's and don'ts of talent retention in today's evolving workforce environment.
Episode Insights Include:
The state of today's workforce
- The US labor force has been shrinking over the last 30-40 years.
- Low birth rates, earlier retirement, and the pandemic all contribute to today's smaller workforce.
- People are reevaluating what life looks like beyond employment.
- Employers today have to actively recruit their new hires.
Strategies for recruiting top talent
- Personal connection is key to recruiting talent.
- Aligning with the candidates' purpose and relationship is essential.
- Flexibility with benefits is appealing to new hires.
- Offer flex time, pet benefits, education benefits, and health benefits.
- Think creatively about how you find candidates and entice them to your organization.
- New hires need to see and feel that they are becoming part of something bigger than just their position.
- Utilize social media to present your company and share your mission.
- You can't start too early — identify ways to engage with the next generation.
Approaching expectations from your potential new hires
- With four generations in today's workforce, employees have a wide variety of needs.
- Managers need to focus on the individual in front of you, not the portrait of an ideal candidate.
- Consider tailoring benefits in a way that is customized to employee expectations.
- Identify the career and personal goals and motivators of each employee.
Preventing a resignation crisis
- Intent to leave has increased over the last two years, particularly from millennial employees.
- An increase in remote work options has decreased local employee retention.
- Heavy work loads and high stress environments are resulting in employee burnout.
- Do not wait to show recognition and appreciation to employees.
- Ask employees what they want from their job and share their answers with HR.
Steps to keeping key contributors engaged
- Consistent communication is key to every employee-manager relationship.
- Identify their goals and how the company can help accomplish them.
- Key contributors need to be their own advocate for their business development training.
- Offer feedback more regularly than only at a yearly performance review.
- Consider developing a mentor program to help empower new employees.
- Minimize micromanaging while offering consistent support.
Key takeaways for talent retention
- Be flexible as much as possible with hours, location, and tasks.
- Be explicit about employee expectations.
- Mental health awareness is a key component to employee success.
- Identify ways to support whole-life wellness.
- Develop customized treatment of each employee.
This podcast is powered by FCCS.
Resources
Want to know what your employees want? Utilize an employee engagement survey.
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