One of the lasting effects of the Covid pandemic has been the disruption it caused to job markets across the world. The unprecedented wave of employee walkouts it led to is commonly referred to as the ‘Great Resignation’. An astounding 48 million US workers quit their jobs in 2021, leaving companies scrambling to replenish their ranks.
However, research published in the Harvard Business Review shows that the great resignation was not a one-off event sparked by the pandemic, as widely believed. Rather, it was the continuation of a trend that began more than a decade ago. Workers, at least in the US, have been quitting their jobs at a steady rate ever since 2009. While the volume of voluntary resignations did break records in 2021, researchers argue that the number is high because it includes those who would have quit in 2020 had there been no pandemic.
A survey by the Pew Research Center seems to corroborate this idea. It found that the top three reasons workers left their jobs in 2021 were because of low pay (63%), lack of opportunity for advancement (63%), and feeling disrespected at work (57%). Other important reasons reported by the survey include lack of flexibility in working hours (45%) and lack of benefits such as health insurance and paid time off (43%).
Fear of Covid was nowhere on the list of factors workers said were responsible for their quitting.
Factors that motivate candidates to work for a company
There were times when finding the right candidate for a job was simply a matter of ‘buying’ the right candidate. In other words, increase the compensation package and the top talent would automatically make a beeline for your company. Those times, fortunately, are long gone.
Workers today are looking for a whole lot more than just high wages and job security. Even job satisfaction alone is no longer enough to attract the best talent because what they are looking for is life satisfaction. A recent study by Prudential found that a third of the workers who changed jobs during the pandemic accepted lower pay in exchange for a better work-life balance. Another 20% of the workers surveyed said they’d be willing to accept as much as a 10% pay cut for more satisfying working conditions.
Let’s look at some of the factors that motivate an employee’s decision to work for a company:
- Appreciation, recognition, and reward: Employees who go further than others to accomplish work-related goals expect appreciation and recognition for their efforts. While positive feedback from managers and team leaders is always welcome, what motivates consistent productivity and hard work is often performance-related rewards. A bonus, a day off, or a gift voucher may cost little, but a culture that rewards dedication goes a long way in fostering positive employer branding.
- Growth opportunities: It’s not where you are today, but where you’ll be six months, a year, or two years from now. That is one of the calculations talented professionals make to figure out how good a particular job opportunity is for them. A work environment that gets the best out of them while simultaneously giving them the space to grow their knowledge base and skill sets is always attractive. Knowing there is a clear path of progression within an organization can be a key decision changer.
- Non-financial benefits: These can include a creative and challenging work environment, having great colleagues to work with, a management team that listens and empathizes with issues and concerns, and enough flexibility at work to provide a comfortable work-life balance. As we’ve seen with the Prudential study above, some of these benefits can prove more important than salaries in influencing job choices among employees.
- Competitive financial benefits: What you’re offering prospective employees in pay and other financial benefits matters when you’re trying to attract the best talent. Financial benefits mean competitive wages, a benefits package that includes health insurance, paid time off, and performance-linked bonuses, plus the prospect of pay hikes and promotions. Financial benefits are important decision influencers for prospective employees, but they only work as long as they are backed up by an equally attractive work environment.
What can you do to attract the best talent?
Now that we’re clear about what employees look for in their workplaces, let’s focus on things you can do to improve your chances of hiring the best talent out there. Consider the following best practices:
- Build a strong employer brand: Be the best option for prospective employees by reinventing yourself as a formidable employer brand. This requires a combination of competitive pay, meaningful benefits, brand name recognition, flexible work requirements, and a culture that prioritizes employees over processes.
- Eliminate workplace quirks: An attractive workplace is ideally cosmopolitan in outlook. Workplace quirks can be anything from culturally-influenced dressing etiquette to the way you address seniors at the workplace. Such elements can make it difficult for newcomers to adjust and assimilate into their workplace.
- Use targeted recruiting: This involves reaching out to prospective employees with specific skill sets and experience for roles in specific locations. Target recruiting as a hiring strategy can help you reduce the time necessary to zero in on choice employees and onboard them.
- Advertise on social media: 96% of hiring teams and employer branding managers use social media to prospect for new talent. It’s one of the most effective methods to reach and attract the right candidates to fill your vacancies. Having separate job pages on LinkedIn, Facebook, and other platforms is a must.
What can you do to attract the best talent?
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Find out more about how we can contribute to your growth story.
