Businesses in all industries are facing yet another hurdle caused by the pandemic, attracting talent. From salespeople, machine operators, cashiers, to more isolated professions including engineers and doctors, finding top talent is a struggle. A clear trade has not been targeted, name the position and the job is open.
Total compensation has always been a consideration to potential hires. People want to know what will be offered to them in exchange for the effort they put in as an employee of the business. And with so many opportunities available to choose from, employees are in a position to be selective.
Many are questioning how much they will be paid, but also what their benefits will cost, how much deductibles are, and what the 401K match will be. Some employees have expressed an interest in benefits outside traditional offers, such as: student loan repayments, financial planning courses, and flexible spending accounts. There is a need for family support in benefits, from childcare options to paid family leave. We have also seen an interest in employees requesting paid time off or flexible and remote work options.
There are many modern options available that can be built around total compensation.
Recently, with the current struggle to hire, employers have to consider that there is more to encouraging new employees and supporting a current workforce than offering a large paycheque. Building a solid foundation for your people starts with great leadership, followed by a competitive total compensation package.
As employers we need to be more introspective about what our organization is about. We are all facing the challenges of hiring new employees and feeling disappointment when a great talent moves on. These situations can be out of our control, but sometimes our culture, pay and benefits, even a combination of all three, are responsible.
Employers have a lot to consider.
From the great resignation to the great re-hire, businesses are having to dig deep to find out what motivates their employees. To take a step back and ask themselves if they are leading their employees in a way that resonates with them. Generationally, this concept matters as we currently have both millennials and baby boomers in today’s workplace.
We have employees who are audio learners, others who prefer hands-on learning. Geography is becoming less of an issue for employees with many enjoying the opportunity of a work from home lifestyle. Employers are learning to lead their remote employees successfully from behind the screen.
There is a need to naturally attract great talent.
Everyone requires a different style of leadership. The current challenge of attracting and retaining employees suggests adaptation is key. Employers need to be open to change and take on a more holistic approach to becoming a great leader. As an employer, challenge yourself. Are you leading your people the way they need to be led?
There is a demand to give our people the tools both inside and outside of the office to succeed and live a fulfilling life.
Many small businesses continue to struggle with hiring new employees despite a sudden recovery from the pandemic. Others, who are able to attract and hire talent, are working hard to retain them.
Company culture, leadership style, and adaptability all play an important role in employee recruitment and retention. Once established, these important elements can be reflected in your total compensation package. We can help.