HR professionals highlight the pressure on employee recruitment and retention in today’s market.

Today’s job market is challenging. We have worked through the challenges of Furlough to an era of competing to find new talent. With new potential disruptions looming, HR professionals need to stay reactive and resilient to market developments.

A recent study by HR software solution providers, GoCo, explored the current retention rate, hiring and pressures on HR teams working on vacant opportunities. Nir Leibovich, the CEO of GoCO, explains that HR is experiencing significant pressure to fill jobs in one of the most challenging job markets.

Leibovich highlights that it is essential for businesses to listen to HR and leaders about what works within the talent acquisition area. The report includes several key insights into how companies can improve talent retention and consistently bring new people in despite the current challenges.

The survey indicates that approximately 75% of HR professionals believe the job is more challenging than ever before. Nearly every respondent stated that the current hiring environment is competitive to highly competitive, and 33% believe hiring will remain difficult for at least in the short term.

57% of HR professionals believe voluntary resignations have increased considerably compared to previous years. Sales and customers services are seeing the highest level of resignation.

74% of HR professionals believe there is more pressure from senior leaders on hiring and retention. This figure drops closer to 60% for businesses increasing wages, offering more benefits and retention schemes.

75% of respondents said they struggle to find qualified and experienced talent. A total of 80% of respondents said their businesses are doing all they can to hire new people. Confidence levels drop further to around 50% with those that fail to take action in this challenging job market.

What changes could improve the hiring and retention situation?

The survey asked HR professionals what they feel could be done or changed to improve hiring and retention rates. A total of 60% of respondents believe increasing wages would significantly improve the situation. A similar level of respondents stated that company benefits and incentives were also a top priority. A further 40% highlighted retention bonuses as an essential feature for retaining employees. Another 31% believe expanding the culture and engagement schemes would improve the situation.

Most employers provide their employees with the necessary training during the onboarding process, but a large majority fail to continue offering the resources to maintain their skills and abilities. Many employees lack the available time to fit in additional training, so a business must ensure they make time for training opportunities during working hours. Shorter intermittent classes that integrate into working schedules have proven far more effective than extensive training programs.

Selective hiring from the start

Retention rates can be influenced by applying a more selective approach to hiring. This method includes looking. beyond qualifications and experience and exploring attitudes and integrity. Being clear and completely transparent with an employee on what the job entails will ensure the individual understands what is required.

Make work-life balance a priority

Prioritising the work-life balance is a top priority to improve employee retention. A study by Indeed suggested that over 50% of employees have experienced burnout this year. With a growing blend of work and home life, HR is pivotal in delivering the expectations. Employees need to be encouraged to take regular breaks and have personal time, separated from their working lives.

Improve your HR technology

Utilising new HR tools enables HR teams to streamline many traditional time-consuming tasks. Moving to an HR software with onboarding, payroll and other time-focused measures enhances the employee experience significantly, which results in higher success for the business.

Provide continued mentoring for all

For many businesses, onboarding will end after the first week or so of employment.Creating a mentoring plan can strengthen the identity of a business and improve the rate of retention. Mentoring empowers employees and gives them the feeling of support and value. Companies should be investing in the continued expansions and development of their leadership teams at all levels. Mentoring ensures an individual feels more connected and confident with their role in a business.

Provide flexible working opportunities

With most companies moving to a remote working environment last year, many employees are hesitant to return to the office. Many industry experts believe businesses mustn’t push people to return to the office and instead allow them to continue working remotely or in a hybrid manner. Providing a flexible working approach is a massive factor for employees, with some studies suggesting it is more important than salary and other financial benefits. As a result, some businesses are creating a more relaxed approach, allowing their staff to work wherever and however, as long as they meet deadlines and quality of work remains to the expected level.

Support professional development

As opposed to training, professional development focuses more on the future career path of an employee. These programs make employees more efficient, valued and feel more included. A report by LinkedIn showed that 94% of employees would remain with their business longer if it supported them in professional development.

Focus on mental health and wellness

During the pandemic, cases of anxiety and depressions increased significantly. Employees are dependent on HR and their employers to provide health and wellbeing measures in the workplace. Mental health has become a priority to many employees and businesses, are focusing further on giving employees flexibility and time off when they may be struggling with anxiety, depression or their challenges. Businesses that provide these supportive measures show employees that their time energy given to their company is valued.

With constant changes in the market, there will be winners and losers in the competition for new talent. The businesses that support the insights of their HR team and associated leaders will be the ones that are likely to experience further growth and progress.

Some companies continue to rely on historical measures for their employment and talent retention plans. The progress and future of our working world require business leaders to be reactive and pay close attention to their employees.

Senior management must explore the potential of restructuring wages, benefits and offering good flexibility for working conditions and other family-related support for their employees. HR is experiencing the pressure of a significant shift in our working lives. Business leaders need to hire additional people to support the transition and utilise innovative and new resources available to our workforce.