Written By: Adam Hoffman, PHR, Porte Brown's Director of Talent Management
Employee acquisition and retention have been topping the list of greatest struggles for employers in all industries during these pandemic years and are expected to stay there for the majority of 2022.
These struggles come amid what many refer to as "The Great Resignation." Of the nearly 70 million employees that found themselves out of work in 2021, over 47 million of them were a result of employees leaving voluntarily.
To further complicate the situation, salary requirements have increased at record levels only to be outpaced by record setting inflation. When paying employees and candidates more may not be enough or even a viable option, the big question is, what can employers do to attract and retain their talent?
To answer this question, it is best to consider what employers can provide that can be as valuable or better than money. A November 2021 survey conducted by Future Forum shows that 95% of the 10,000 people surveyed want flexible hours in their careers and 78% want flexibility with work location. This same survey showed that the majority of workers who aren't happy with their flexibility, are likely to entertain new employment opportunities in 2022.
It is important to remember that flexibility and working 100% remotely are two completely different desires. Most employees and jobseekers do not want to work in the office 100% or remotely 100%. The majority of employees simply want the option to work when and where it is most convenient for them. Many employees feel that this flexibility within their role is equally important to fair compensation and can be considered part of the total compensation package.
If you feel flexible work arrangements may be part of your organization's future, it is best to analyze your organization and develop a policy that will work for leaders and employees alike. Some key aspects to consider when developing a flexible work arrangement policy include communication, time keeping, project tracking and performance management.
Ensuring clearly defined policies and procedures are established in advance of implementing a new policy can help to ensure a successful rollout as well as promote long-term success. As flexible work arrangements continue to become an expectation from top talent, business leaders should consider offering these types of arrangements as part of the organization's long-term talent acquisition and retention strategy.
As with any major organizational change, it is safe to assume there will be obstacles and resistance. Before rolling out a policy, organizational leaders should agree on the terms of the policy and to embrace the change. One of the most common reasons changes like this fail to succeed is due to lack of buy-in from leaders. One way to achieve collective buy-in to flexible work arrangements is to develop an internal and external marketing strategy.
An effective marketing strategy will put the policy to work for the organization by improving talent acquisition and retention efforts. Internal marketing could consist of training existing employees on how to manage flexible work arrangements responsibly and effectively. Externally, the policy should be incorporated into job advertising for all positions that apply. It can be easily tied into an organization's commitment to a positive work culture and maintaining work-life balance for employees.
Although there are many ways to improve your organization's talent acquisition and retainment strategies, flexible work arrangements should be at the top of the list for all organizations.
The last two to three years of working through the pandemic has clearly shown that successful companies are able to maintain strong performance while providing employees with flexibility. What is even more abundantly clear is that employees are placing more value on these benefits than ever before.
Please Note: This article was originally published on the Daily Herald's website.
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