What to make of this current market? I'm no economist but I am hearing from multiple business leaders that hiring quality people remains a top challenge. There are 9.5 million job openings and layoffs are at a nine-month low.
Here are tools companies are using to outmaneuver their competitors and hire top talent:
BENEFITS - compensation, equity, and traditional benefits matter! But also creative perks: Can you offer 100% remote? I'm hearing that is a clear differentiator as many companies force some in-person time. Can you envision trying one role as fully remote? If so, your applicant pool suddenly becomes much larger. Many companies are also practicing pay transparency. Do your job postings include the salary range? If not, your competition is getting better talent.
Your company's WHY -- Studies show that Millennials and Zoomers - currently aged 43-14 - look for their employers to be good global citizens and have values that align with their own. Not only saying it but do your actions and even your Web site demonstrate this? Younger talent also values diversity and work-life balance.
Your company's CULTURE -- Exit interviews have their pros and cons but stay interviews have more upside: Create an environment where you ask your best people: What can I do to make this place a better place for you to stay and thrive? Be sure they know everything is on the table: benefits, development, job challenge, unfulfilling work, too many hours and expectations, a tough org culture, etc. THIS is how you'll truly separate from the pack and win the war for talent.
Chris Duffy leads Amplify Leadership Partners, a leadership consulting and coaching firm with expertise in retaining and motivating talent to achieve organizational success. He received his master's in Organizational Psychology with a specialization in Change Management from Columbia University. Chris is based in Connecticut and works with clients nationwide. He's passionate about discussing people and organizations, so feel free to schedule time.