At the tail end of 2021, a Bureau of Labor Statistics job report rattled business leaders. 4.5 million people voluntarily left their jobs in November of 2021, the highest monthly number reported since this type of data was recorded. The “Great Resignation” that began over a year ago is continuing, and talent continues to be a hot topic among the business leaders I work with at CEO Think Tank®.
Business leaders, take heart. There are indeed ways to recruit, attract, and retain the right people in 2022, even in the so-called war for talent.
Keep Your Standards High
The risk of hiring someone who is the wrong fit is greater and costlier than the risk of not filling a position right away. Even in an employee’s market, it’s important to carefully assess what you need, and hold out for the best fit candidate. TopGrading’s screening interview is a terrific tool that can help you quickly determine fit.
Remember Why What You Have to Offer is Great!
Many people are leaving to seek out new environments and start afresh in a new career challenge. Why is your opportunity a fantastic role for them to learn and grow? What do you offer that’s truly unique? How is your business and organizational culture a cut above the industry standard? People may be leaving their jobs because they are searching for exactly what you have to offer!
Understand What People are Looking For
According to the Society for Human Resource Management, about 1 in 4 people are leaving for work-life balance reasons. Balance means different things to different people. It may mean flexibility, keeping certain times of day sacred, or simply having more autonomy over their work-life decisions. Make sure to address work-life balance in job descriptions. Consider using a Top Grading Biographical Interview to dig into these questions to understand what an employee values.
Appreciate the Staff and Teams You Have
Maintaining employee and client satisfaction is key right now. Some employees become disgruntled when they see perks and benefits being offered to new employees. Especially when they’ve been loyal contributors for years. If you have teams carrying extra work loads because others have left, make sure to acknowledge their resilience, recognize their contributions, and discuss ways to manage gaps.
Enjoy the Opportunity to Adjust
A hidden benefit of a talent gap is it provides the opportunity to review your strategy and find ways to streamline. What are other methods you can use to address company needs, while you seek to find new talent? Providing training and/or promotions to existing employees, and outsourcing certain tasks may fit into your talent approach. You can also look at ways to trim the fat on your overall business strategy. Our 2022 Planning Resources can help you outline a One Page business plan that drives your company forward, including a place to determine and document your Key Initiatives, and, your “People” plan for the year.
Remember This Too Shall Pass
For over 25 years, I’ve worked with enlightened leaders to help them meet their business and life goals. I’ve seen them weather market crashes, world events, and yes, talent wars. Be true to your Core Values and Purpose and your strengths, and you’ll be armed to attract and retain the right talent in 2022.
Tags: Business advice for the mid-market, Leadership Development for Small Business, Leadership Development in New Jersey, Overcoming small business challenges, Strategic planning for small business