Following another record-breaking month for quit rates, many employers are left scratching their heads. The Bureau of Labor Statistics reported that 3% of Americans quit their jobs in September. Meanwhile, job openings decreased ever-so-slightly to 10.4 million. So, what does this mean for your hiring strategy? You have two goals: retain the talent you already have, and hire the talent you need. Here’s how you can combat the record-breaking quit rates with a winning hiring strategy.
Focus On Pay And Benefits
Your competitors are just as desperate for talent as you are, and they are willing to pay for it. As they increase salaries and offer more enticing benefits packages, workers are lured in. As we head into 2022, take a look at your budget. Move things around to focus on pay and benefits. Pay current employees what they’re worth, and make candidates your best offer right off the bat. As a result, you will see an increase in your retention rates and hiring success.
A major contributing factor to the rising quit rate is the spike in delta-variant COVID cases, leading to employee childcare and safety challenges. Employers who make schedule flexibility, remote work options, and increased safety protocols a priority will win out over their competition. To retain your current team, check in with them often regarding their needs. Ask questions about mental health, physical health, and any obstacles that they are facing. We are still very much entrenched in “unprecedented times,” and little check-ins will go a long way with your current employees.
In this market, candidates are juggling multiple offers at once. As a result, you need to be prepared to hire quickly. Don’t shy away from extending an offer during an interview (even if it’s over video or the phone!) Candidates will not be on the market long, so if you find someone you like, don’t wait!
Add The Human Element Back To Your Hiring Strategy
Right now, during “The Great Resignation,” people are just looking for an employer that treats them like people. As simplistic as that sounds, it’s the heart of a great employer. Partner with a recruiter like Johnson Search Group, and we’ll put the human element into your hiring strategy, so you can focus on cultivating a great team.