In today’s highly competitive – and highly transparent – job market, the front lines of the talent wars are moving in-house.
If that sounds counterintuitive, given the early forecasts predicting recruiting would play a key role in organizational health for 2015, it’s not. The fact is: A rebounding economy is giving talent more options for exploring new employment opportunities – and that means your talent’s looking, too.
According to Glassdoor’s latest Employee Confidence Survey, more than 40 percent of employees expect a pay raise or cost of living increase in the next year, and almost half of those respondents expect their raise to be between 3 and 5 percent.
Now here’s the kicker: 35 percent of employees are ready to start looking for a new job if they don’t get the raise they’re expecting – and nearly half of them are confident they’ll be able to find a new gig that matches their experience and compensation, the survey says.
Which brings us back to the initial point: if you want to attract and retain the best talent in 2015, then you better get your house in order. Because employee engagement is a recruiting strategy often overlooked.
You need to engage your current employees, strengthen your company culture and establish your employment brand. Doing so will reduce turnover and turn your employees into a valuable recruiting asset.
So you start with retention. The key to successful retention strategies is understanding why employees leave. (This same knowledge can fuel your recruiting efforts, as well.)
People don’t leave companies, they leave bad situations. They leave dead-end jobs. They leave micromanagers.
They leave to find greener pastures, professional development and the ever elusive work-life balance. And, armed with confidence in a stabilizing economy and workplace intel – at their fingertips through online job boards – they’re more likely to jump ship than ever before.
Learn more about Why Good Employees Quit
Not only are disenfranchised employees more likely to leave, which drains productivity and leads to costly turnover, they’re also less likely to tap into their network for referrals and spread the good word about your organization in their circles and on social media.
On the other side of the coin, a track record of solid engagement can bolster your employment brand and turn your talent into your most effective recruiters. You see it all the time in sports, when the owner and GM enlist the team’s star player to recruit a prized free agent to come and join the organization.
Think about it: Just like a spot on a Best Places to Work list is a great feather in a recruiter’s cap, an endorsement from your team’s Tom Brady far outweighs a few anonymous negative reviews on Internet job boards.
Now the question becomes how to turn your talent into brand advocates.
We’ve seen time and again that better benefits, company culture, meaningful work, quality colleagues and work-life balance are the recipe for being the kind of place where people want to go to work. The results of Glassdoor’s recent survey really hammer the point home.
Of employees who reported seeing positive change in their organization, 65 percent said they received new work perks, such as the ability to work remotely, flexible hours or casual dress. Twenty-seven percent pointed reported large scale hiring and 25 percent reported the restoration of benefits, pay and perks that had been cut during the economic downturn.
So here’s what you do if you think you’re in trouble: Announce an effort to revitalize company culture, invite employees to take ownership of the project and incentivize your top employees to recruit their friends. Doing so will boost morale, refresh your employment brand and benefit your current and future employees.
This blog post is the first in an occasional series on company culture, recruiting and retention. Over the next few weeks, stay tuned for blog posts discussing the topic further. Come back to learn more about revitalizing company culture, engaging employees, internal recruitment tips, boosting morale and refreshing your employer branding.