There are so many reasons to attract and retain talent. You'll ask any number of employees why they stay at a company, and you'll have many different answers. The global outlook on skills required, and available jobs is continuously changing. Tech, for example, is on a bit of a downward spiral when it comes to searching for new roles, with all the latest layoffs. But there are many industries where they are constantly looking for new talent.
So, what are candidates looking for? I’m so glad you asked…
Modern companies have found innovative ways to attract and engage the best people. Candidates want more than just a paycheck. They want a career that can offer flexibility, purpose, and many opportunities for growth and development. They also want employers who share their values.
What does all of this look like? Look below and see how to attract and retain top talent in 2023.
Strong employer value proposition (EVP)
This is an all-encompassing term that sums up the culture of your workplace. A compelling employer value proposition (EVP) is essential to attracting talent. Candidates have choices in where to work, so they are looking for an organization with a culture and purpose that resonates with them.
At Wrk, one of the core values that we associate with our EVP is our commitment to transparency and over-communication. Wrk values an open feedback loop where everyone’s voice is heard.
In an ever-changing world of uncertainty, we facilitate information sharing with a weekly “All-Hands” virtual meeting and a dashboard on the employee portal that outlines what each leader prioritizes for the week and how we measure up to those goals. We invite each employee to hold our leaders accountable and ask as many questions as possible.
Culture and purpose
As Gen Z enters the workforce, they are challenging the work mentality from “We are lucky to have a job and paycheck,” to “Why should I choose to work for you?” They want to know where to add value and make a difference in this ever-changing world.
A company that has a true purpose, whose aim is to improve the lives of others, really reaches talent. Knowing you are making a difference with your work is a true driver in a world of turmoil and change. Gen Z also seeks authenticity, transparency, and accountability as key company values.
Continuous professional development and growth
Professional development is vital to employee growth and retention, not to mention engagement. According to a report from the Society for Human Resource Management, employees with access to professional development opportunities are 15% more engaged in their jobs, with a 34% higher retention rate.
Over time, boredom at work can become common, which can lead to burnout.
Ensuring employees have access to continuous Learning & Development opportunities can counteract the boredom and allow employees to acquire new skills that can encourage them to expand their roles to other areas, leading to promotions and growth opportunities within your organization. Continuous growth trajectories for employees can also increase loyalty.
At Wrk, we support personal and professional development for employees. To name just a few of our initiatives, employees are encouraged to get involved in areas outside their designated organizational roles. Our team is encouraged to take risks and “think outside of the box” to solve problems, as we understand there typically isn’t just 1 solution. We have a Learning & Development structure through which new and long-standing employees receive unique training, members of our team host lunch & learn sessions to share knowledge, and we regularly host special guest speakers in our all-hands meetings to provide expertise on specific topics.
Diversity & Inclusion
We have heard much about Diversity & Inclusion in the last few years. This initiative is more than just buzzwords. With remote work making hiring people worldwide so much easier, there is no excuse for not having a diverse workforce where opinions, experiences, and thoughts can come together without limitations. Candidates are looking for companies that truly walk the walk, where equality is part of their DNA and opportunities for growth and career advancement are open to all.
Competitive compensation packages with extra perks
We can all agree that salaries have never been such a hot topic. Companies are scrambling to stay competitive, with many industries or roles seeing salaries bump up compared to pre-pandemic levels. On top of that, the war on talent went global, and giants like Amazon and Meta have opened offices everywhere, and their pocketbooks are deep. There is a lot of speculation that the candidate market is cooling off, just like the housing market. However, if you want to be an employer of choice and get the best candidates, it’s always best to pay your employees competitively. When new hire feels valued, they will pay you back tenfold with their great work and the ambassadors they become for your organization. Above compensation, the pandemic has opened people’s eyes to the need for personal time. Candidates are looking for ample flexibility and time off.
Extra perks go a long way if you want to go above and beyond in securing great talent and keeping your employees engaged and happy. Here are a few ideas we’ve implemented ourselves at Wrk.
- Unlimited paid time off policies
- Home office stipends
- Flex hours policies
- Off-site activities (when safety permits)
- Lunch & Learn sessions
- Mentorship programs
Remote or hybrid
COVID-19 has triggered a huge shift in the way people work. With many of us moving to a remote or hybrid model almost overnight, people have opened their eyes to flexibility and work/ life balance. While not everyone wants to work from home permanently, many people do. Of the ones who do want some on-site interaction, most want it to remain flexible. They call the shots when and how often they come in. And why not? We have all proven the work can be done just as well if not better, when we are at home with fewer distractions. As gas prices rise and the uncertainty of the future of this pandemic looms, many candidates are basing part of their decisions on that flexibility.
At Wrk we are a remote-first environment. Our employees enjoy the luxury of working from anywhere they choose at the best hours. We encourage open communication via tools like Slack and Donut. Our team doesn’t need to wrestle with morning traffic or long commutes. People at Wrk are engaged and ready to give their 100% as they are trusted to deliver their best work in the way that works best for them.
Looking ahead to attract and retain talent
We are still living in uncertain times and may be on the cusp of difficult times ahead. However, one thing will remain the same. Talented people are hard to come by. When you find one, you can be sure your competitors also have their eyes on them. Regardless of the market, invest in your people if you want your business to thrive. Happy employees will always take care of your clients.
Want to learn more about how you can become part of a unique and talented team committed to flexibility and transparency? Together, we are building and redefining the future of work.
Read our Company Culture blogs to learn more.