Month: August 2022

Little-Known Recruiting Strategies for a Tight Labor Market

Welcome to part two of our series on navigating the great resignation for business owners.

For employers, the high job turnover rate seen across industries in the last few years is a double-edged sword. There’s a lot of competition for top talent—and some employers may be rightly concerned about their key people being lured away by competitors (check out our blog on improving your retention strategy for tips).

This also means there is great talent out there that might be a good fit for your team. Whether you’re looking to add to your team, or are planning for the future, it’s a great time to evaluate your recruitment strategy. 

Little-Known Recruiting Strategies for a Tight Labor Market | Giant Voices

Optimize Your Job Postings

The objective of a job posting is to make the right candidates for a position excited about the potential of joining your company.

To do this, your job postings should showcase your brand and accurately represent the work to be performed. Here are a few tips.

  • Use SEO-friendly language. Internally, you might call your accountants “Dollar Detectives” and your lead generation specialists “Click Captains,” but your candidates won’t be searching for those titles. Stick with industry-standard and searchable descriptions in postings. 
  • Describe the position accurately. Resist the temptation to massage job descriptions around what you think a candidate might want. Instead, describe the position accurately, and emphasize possibilities for advancement or position growth as applicable. 
  • Emphasize culture. What makes your company a great place to work? Flexible hours, competitive pay, access to learning and development? Include a separate section on your job posting that describes the benefits of joining your organization. Check out our blog on building a great company culture for more insight.

Encourage Referrals

Your current employees should be your biggest brand advocates and are powerful recruiting tools. Some companies offer referral bonuses, where if a referred candidate is hired, the referring party receives a monetary award.

For many employees, however, the promise of being able to work with a trusted party (and the ability to help a friend or colleague find a new position) is plenty of incentive to make a referral. 

To encourage referrals, make sure to let employees know when you are hiring, and ask them to refer qualified candidates. It also makes sense to treat these referrals with particular care.

Although you have no obligation to hire a referred candidate, you should provide a level of personal attention to referred applicants so both the applicant and the referring employee know the referral was appreciated. An employee who feels their referral had a bad interview experience is unlikely to refer again.

Treat Interviews as Marketing Opportunities

Imagine this—you fill out a lengthy online application for a job and receive no response, or you speak with a recruiter who seems dismissive of your skillset and disinterested in the task of interviewing you. 

Now imagine that instead, you apply for a job and make it to the final round of interviews. The hiring managers are engaging and personable. They seem to like their work, and they seem to like you.

Although you don’t get the job, you receive a personal thank-you note for your application and are warmly encouraged to stay in touch with the organization. 

Which of these companies will you be monitoring for future openings? Where will you tell your similarly-skilled friends to apply?

Although it is rarely framed as such, recruiting and interviewing is a marketing initiative. Making sure that even unqualified candidates receive, at the bare minimum, a formal rejection, demonstrates respect for the job-seeker’s experience. If your resources allow for it, providing a personal note and some individualized feedback can further build goodwill.

For qualified candidates who are not hired, be transparent and timely in communicating your decision, provide relevant information about your timeline for additional hires, and request that the candidates keep you informed on their searches.

You may also want to maintain a list of qualified non-hires and reach out personally when you have another position to fill. Not only will you generate positive buzz about the way your company treats candidates, you might also be able to fast-track the hiring process the next time you have an open position.

Seek Help From a Trusted Partner

From designing and disseminating job posts to processing applications and interviewing candidates, recruiting and hiring is a time-intensive process.

At Giant Voices, we can help fine-tune your recruitment strategy and offer staff support during the hiring process, so that you can bring in the right candidates for your open positions—and build your brand along the way. Reach out if you need help building a strong, dependable team.

Key Retention Strategies for Navigating the Great Resignation

It goes by many names. The great resignation. The big quit. Catalyzed by pandemic-related changes in both job structures and employee priorities, workplace turnover has been at an all-time high, and some businesses are more impacted than others.

In fact, a recent study from SHRM Hill found that about 4 million workers left their jobs every month in 2021.

This trend has prompted an increased focus on both recruiting and retention for many companies.

At Giant Voices, helping companies improve their recruiting and retention strategies is one of our core business consulting services. This month, we’re delivering a few key retention tips to help ensure you meet your business goals.

Key Retention Strategies for Navigating the Great Resignation | Giant Voices

Understanding Workplace Turnover

Some level of turnover is natural in a company. Especially for small business owners, it’s important to remember that an employee leaving doesn’t necessarily mean that you are doing something wrong.

Moving, changing priorities or interest in a new line of work are reasons employees leave happy, healthy workplaces.

Instead of focusing on individual transitions, keep an eye on your employee turnover rate to assess your retention strategy. In general, a 10% annual turnover rate (or a 90% retention rate) is considered strong.

Problems tend to arise when turnover rates are significantly higher than this baseline. High rates of turnover require you to devote time and money to replacing talent, and they can mean that your training and development dollars are benefiting your competitors (instead of your company).

A particularly high turnover rate can also suggest there is dissatisfaction within your workforce or, the incentives you offer are not competitive in the market. In this case, a trusted business consulting partner can help you identify issues and make a strategic plan to improve your retention rates.

Connect Work to Purpose

Burnout can be (and often is) caused by overwork. Recent research, however, suggests burnout is less correlated with the amount of work than it is with connection to a sense of purpose.

An employee working 45 hours a week is not a high burnout risk if she feels that her work is moving her towards her personal goals, whether those are related to finances, skill development, career advancement, or helping her company grow.

This same employee, however, might burn out working 20 hours a week if she feels that her efforts aren’t serving a purpose.

To help your employees connect their efforts to outcomes, make sure to recognize and reward strong performance and to provide clear pathways for skill development and advancement within your organization.

Foster a Culture of Feedback

Feedback is key for any healthy community. It can also be difficult to give and receive. To combat this, establish a structure (such as quarterly or annual reviews) to provide employees with consistent feedback, both reinforcing (or positive) and change-oriented (or constructive).

It’s also important to empower your employees to give feedback. Although employees can be reticent to provide feedback up the chain of command, feedback is a key source of information for leadership.

An environment in which an employee feels comfortable telling her boss if she is dissatisfied with an element of her job is one in which her boss can decide whether or not to make a change.

It’s also an inherently healthier environment than one in which the employee kept silent. In giving feedback, she is demonstrating both trust that her supervisors will accept the feedback in good faith and a continued investment in her workplace community.

To encourage a two-way flow of communication, make it a habit to ask your employees for feedback and demonstrate your appreciation of their input.

Although you might not be able to grant all requests, you can build goodwill by thanking an employee for giving feedback, giving true internal consideration to their comments, and following up accordingly.

This demonstrates professional respect and encourages open communication in the future, even if the ultimate answer is that you are not currently in the position to make a requested change.

Learn From Exit Interviews

Conducting exit interviews is one way employers gather feedback from their departing employees. Your exit interview should aim to find out why an employee is leaving, what aspects of their experience were optimal, and what could have been improved upon.

As with internal feedback, the objective of these interviews is not necessarily to learn what you should have done differently—it’s more so taking advantage of a moment in an employee’s tenure when they may be feeling both particularly reflective and comfortable speaking about their experience working at your company.

Keeping exit interview data on hand and watching for common themes can help you determine whether or not changes in your workplace policies or compensation structure are necessary to improve your retention rate.

Final Thoughts

Business owners and entrepreneurs are responsible to many parties. You need to keep your customers happy, forge strong relationships with partners, maintain workplace satisfaction, and monitor your bottom line, which is much to consider! There’s a reason that C-suite superheroes learn to prioritize self-care early on.

If you’re struggling with high turnover or retention and recruitment, a third-party consulting firm like Giant Voices can help. We will identify the root causes, and develop and implement—in tandem with your team—strategies that align with your business goals. To get started, just reach out.