Sean Manning is CEO and Founder of Payroll Vault Franchising LLC, as well as a CPA, and Thought Leader in the Financial Field.
The last several months have brought a wave of stories and studies about the trend of employees shaking up the working world. We’ve dubbed it the Great Resignation and focused much of our attention on the power shift from companies to employees.
Moving forward, I believe the companies that will thrive are the ones with leaders who don’t see a “power shift” as a bad thing. Instead, they’ll see it as an opportunity. Sure, the number of “quits” has risen sharply in the past year. But that doesn’t mean people have simply stopped working. Many employees are just looking for something better.
This isn’t just a quick trend during the pandemic. If the last couple of years have shown us anything, I think it’s that the best changes aren’t just “quick pivots” but long-term strategy shifts. So how do you ensure your businesses is one that thrives during and after this transitional period? Here are some of the biggest keys I’ve identified with our clients that are focused on hiring talent right now.
Understand what’s behind this shift.
Perhaps the most important step to success during this time of change is understanding what caused it. Of course, the pandemic was the initial catalyst and remains a large factor. Ultimately, though, I think it’s the realization from countless workers that they aren’t getting what they want out of work.
The term “Great Resignation” isn’t necessarily accurate. People aren’t simply quitting jobs as much as they’re looking for a job that they’re passionate about and where they feel valued. That could mean working in a new industry or leaving a desk job behind. That could mean a higher salary or increased benefits, but it could also mean a better work environment or a remote position.
Your business may not be able to accommodate each of these desires, but that shouldn’t mean you can’t benefit from adding talent who wants what you can provide.
Change your approach—this is an opportunity.
In my view, too many owners and executives see this shift as a headache. Instead, they should view it as a chance to add the talent they may need in the future, talent other businesses are losing each day.
While there are some factors that get more attention than others, remember that not all employees want or need the same thing from their work. It’s possible your business is less conducive to remote work, but you can ensure that you meet other items on the checklist—whether that’s the salary and benefits portion or even just a highly satisfied staff due to your friendly culture.
Find what makes your business stand out and what allows you to keep the employees you have, and make sure to highlight that value when discussing open roles. Communication and trust are always the key. Employees want to know where your business is and where it’s going. Maybe most importantly, they want to know how their role will help you get there.
A satisfied workforce makes for a successful business.
At every corner of today’s work environment, people want value. Businesses want their employees to be productive and as efficient as possible. Employees want their companies to recognize and reward that productivity. Customers and clients want to see value for their time and money.
I believe the best way to capitalize on the current opportunity is to understand those fundamentals. They aren’t unique to this era, but they are certainly being highlighted as much as ever.
The last piece of the puzzle is to remember that talent acquisition is only one aspect of the Great Resignation. I think the businesses that are truly going to thrive in this transformation are the ones that can add talented employees while retaining those they already have. You do so by offering your existing workforce the positive attributes and benefits you use to woo others. Not only does limiting turnover save businesses money, but it shows prospective applicants that your business provides employees the value they deserve.
In the end, employees may become more productive when they feel that value, and in turn, your business can operate in a better way that makes consumers take notice.
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