Resource Center

For a long time, the business world was a buyers’ market: there were lots of qualified candidates out there, and companies could be choosy about which ones to hire. In recent years, however, that has shifted to a sellers’ market: companies are working hard to attract the attention of a small (and, in some fields, shrinking) pool of top talent. This trend predates the COVID-19 pandemic by at least a few years, but the global crisis accelerated some aspects of it. 

Ask yourself these two questions: 

• Is my company having a hard time finding the right people to fill our open positions? 
• Is my company struggling to keep our great employees on board?

If you answered yes to even one of those, you’re not alone: most organizations are in the same boat right now. This trend isn’t going anywhere for a while, but you can take steps to mitigate it. Actually, you need to take just one very simple step: give employees what they want. 

Better Pay

Every company wants employees who believe in and are passionate about the company’s mission, product, or service. Let’s face it, though: most people have jobs because they need paychecks—and belief and passion don’t pay the bills. Money is a significant (if not primary) motivator. 

You can’t use yesterday’s salaries as a benchmark for today’s pay rates for the simple reason that times change. The cost of living has gone up. Inflation has gone up. Therefore salaries need to go up, too, in order to keep pace with those increases (and others). 

If you want good people, you need to pay good wages. This means paying people what they’re worth. And it means paying people what your competitor would pay them—because if you don’t, your employee will become their employee.  

Flexibility

Many of today’s employees regard the “traditional” 9-to-5, Monday-through-Friday workweek as a thing of the past. Millennials led the revolt years ago, with their clarion call for work–life balance and their interest in finding more meaning in their work. During the pandemic, widespread slowdowns and lockdowns forced many organizations to implement remote work arrangements, and disruptions in both their personal lives and their professional lives made many people reconsider what they valued most.  

Companies were forced to offer employees more flexibility in how and where they did their work—and once pandemic restrictions were eased, many of those employees found that they liked that flexibility and didn’t want to go back to how things were before. It’s hard to blame them. After all, who wants to spend hours every day commuting? Or spend extra money on transportation, daily coffee breaks and lunchtime dining out, and dry cleaning?  

The organizations that are pushing hard to get people back in the office and back on their “traditional” schedules may find that if they push too hard, they will push their employees right out the door. As long as they’re able to meet (and even exceed) their work commitments, give your workers the flexibility they want. 

Inclusion 

The demographics of the world are changing—and that includes the workplace. Talent comes in a huge variety of packages, and today’s employees want to know that their employers are committed to recognizing and valuing that diversity in their workforces. If your organization doesn’t have a DEI (diversity, equity, and inclusion) program in place, get one underway as soon as possible. If you need help getting started or want to be sure your company’s DEI approach is both effective and appropriate, seek advice from a trained and experienced DEI consultant. 

Meet People Where They Are

In this tight market, companies have to work harder than ever to “sell” themselves to the small (and shrinking) pool of people who have the skills and experience that those organizations need. If your company wants to attract—and keep—top talent, you need to be willing to listen to what they’re saying and give them what they’re asking for.