Over the last few months, a series of factors have converged to make it particularly difficult for organizations to attract and retain talent. Experts and analysts have given these conditions a catchy name—the war for talent.
What Is the War for Talent?
In short, the war for talent means that companies must work harder to attract and retain employees. Some of the factors at play include:
- Many companies had to downsize in 2020, but as the economy picks up steam, they need to hire again in order to meet demand. This creates a market that favors job seekers.
- Stimulus incentives by the government (such as the Child Tax Credit payments) are keeping many potential employees at home.
- The pandemic has led many people to recalibrate their priorities. This, in turn, has caused a wave of resignations and career shifts known as The Great Resignation. There are potential employees on the market, but they are looking for jobs that are more flexible and attractive than the ones they had before the pandemic.
Some Tips to Win the War for Talent
As you can see, this is a challenging landscape that calls for a new approach to hiring and retaining employees, at least in the medium-to-short term.
These are some strategies to help you stay competitive and get the upper hand in the war for talent:
- The easiest and often most effective way to attract and retain employees is by increasing pay rates and incentives.
- Reduce your time to hire by streamlining your onboarding processes.
- Consider removing retention barriers such as attendance or call-out policies,
- Create a flexible workplace by, for example, adopting a hybrid work policy and making it easy for employees to swap shifts.
- Foster a company culture that promotes employee recognition and appreciation.
Looking for a Staffing Agency in Southern California? Driven Talent Is Here to Help
Whether you are an employer looking for the ideal candidate to fill a position or a job seeker looking for the next step in their career, we can help you get where you want to be. Contact us today by email, telephone (657-533-2980) or fill out the contact form on our website to learn more about our services.