What is the ‘Year Of The Candidate’? Find out what this means for business owners:

This year has been billed ‘The Year Of The Candidate’ due to skills shortages in the marketplace. Ever since the term was first coined in a Wall Street Journal article at the very beginning of last January, the concept quickly gained momentum amongst HR circles and those who are passionate about matching the best people with the right roles.

But as a business owner, how will this have an impact on the work you do? Basically, there aren’t enough white-collar professionals to go round. If you want to fill your higher-level positions, you’re likely to face a struggle. It’ll take more time, and you’ll have to be much more thorough in your search.

Here, we’ll take a look at what you can do to ensure you can still find the right people when you need them.

It all starts with your recruitment processes. Instead of waiting for the right candidates to come and knock on your door, you might well have to go out there and find them. Are you building your contacts? Do you know where you can access the best people? Are you keeping in touch with them regularly, to strengthen the relationship and build trust?

Whilst newer, online tactics are definitely on trend right now, and it’s true that they can bring a massive amount of value to the table, don’t forget the more traditional approaches. Real world connections can make all the difference in this type of climate. The best recruitment strategies will usually merge the two, though will be tailored according to your own business’s culture and priorities.

Next up, make sure you’re showing your candidates that you value them, even before they step foot in your office. They’re pressed for time, and they’re assessing you as much as you’re assessing them. They have other options, so they aren’t going to stand for anything less than sparkling treatment. Hone your communications, make sure they’re timely, and invite feedback at all stages of the process.

These trends may well last longer than just 12 months, so if you’re keen to win the war for talent, you need to make sure that you’re fit for battle.

Struggling to find the right people to help you to drive your business forward?

Give us a call today!

Website: www.TheWorkforceConsultants.com

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Thinking about offering a retention bonus to encourage your staff to stay? You might want to reconsider. Find out why:

Do you ever stop to consider the consequences of your staff deciding to leave your business?

You’ve no doubt put plenty of time, effort, and money into finding and recruiting the very best people, so it makes good business sense to think about how you can continue to make a return on your investment by nurturing your employees, and doing all you can to hold on to them.

Sure, sometimes people decide to move on, and it’s often just an inevitable part of running your own team. There’s a balance to strike though, and it’s essential that you create and implement some robust people policies to ensure you aren’t just hoping for the best and leaving everything to chance.

It’s worth noting though that there are desirable and undesirable ways to improve your retention rates. In some cases, certain popular practices could do more damage to your business than good.

Here, we’ll examine some shady ways of holding on to your staff that you should definitely seek to avoid.

Making big promises that you know you can’t keep

Perhaps you know for sure that your staff want more learning and development opportunities. You know that they’re itching to take on more responsibility, and that they have the drive and ambition to succeed.

It can be oh-so-tempting to promise them what they’re looking for, but this should be avoided at all costs unless you know that you can deliver.

You need to effectively manage expectations, and you need to run your business with integrity. Be honest, but look for other solutions. In the end, your staff will thank you for it, and value the approach you take to running your business.

Offering retention bonuses

Retention bonuses have been the subject of many discussions in the world of human resources and people management, and there are people on both sides of the fence. What you really need to know here is that there is very little evidence that suggests that giving your employees a bonus for staying with your company is actually all that effective.

Some argue that paying people for their loyalty rather than earning it is never a long-term solution. The buzz created by the cash incentive will wear off pretty quickly. As well, if you’re dealing with top performers, they may well receive a sign-on bonus when they join a new business. In short, the cash won’t make that much difference to them. In many cases, people leave not because they simply weren’t getting paid enough, but for a deeper range of factors.

And finally, there are so many better options to pursue if you have a budget to help you to improve your retention rates. Think about how you could improve working practices for all, and make changes that really impact on motivation and engagement. You might have to get a bit more creative and think outside the box, but it can be very much worth it.

Taking the one-size-fits-all approach

Perhaps you’ve read a best-practice guide to retention, and you’ve gone right ahead and implemented some overarching changes to your policies and procedures. Though you do need to take a proactive approach to every facet of your people management, a textbook overhaul isn’t likely to really fulfill your needs.

Why? Because every business is different. What makes your business unique is its culture, and this is created as a result of a wide variety of factors. You often need to dive deeper into the real issues that are at play, and craft a strategy that delivers real results.

Similarly, it may be necessary to have differing approaches throughout the same business. What keeps top performers in their executive roles isn’t always what motivates staff on the operational front line, and you need to tailor your practices to take this into account.

Would you like to have a no-obligation discussion with a seasoned HR professional about what you can do to improve retention? Do you want the chance to work with someone who can get to know your business, and make recommendations that will have a real impact? If so, we’d be delighted to help.

Give us a call today!

Website: www.TheWorkforceConsultants.com

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