The hiring market is hot right now, and demand for talent is pushing businesses into fierce competition. Employers are still feeling the effects of The Great Resignation, a movement which is continuing to drive employees to quit jobs in search of better benefits and higher salaries. Excessive turnover rates can lead to expensive hiring and training processes which, in turn, can reflect negatively on the financial performance of the business.
Against a backdrop of general uncertainty in the form of Covid-19 and global conflict, HR leaders are also being presented with unprecedented workplace situations which require skillful flexibility to navigate. Change is now the norm, so cultivating a positive, permanent work culture can be a challenge.
It’s safe to say this is a complex market. To succeed in it, employers need to find a competitive advantage which will set them apart from other employers and ultimately help them improve hiring and retention levels.
Finding the edge
The nature of employee benefits has shifted dramatically over the past few years. Accelerated by Covid-19 and the subsequent normalization of remote working, a strong set of benefits is now an expectation rather than an extra perk. Within these packages, employees are looking to their employer to offer ‘hard’ benefits in the form of financial support. A lack of support has led to the trend of ‘quiet quitting,’ where employees are losing the motivation to go above and beyond at work. Employees are now expecting employers to go above and beyond for company staff.
This expectation is understandable, given the current economic climate. Inflation in the US is soaring to the highest levels in decades, with similar spikes being recorded around the world. As a result, people are struggling to meet household expenses each month. On top of that, 89% of employees occasionally encounter expenses that their paychecks cannot cover. Rising interest rates on student loans and other household debt is impacting employees at all levels, from recent graduates to managers, and is increasing the demand for company-wide action.
Employers have an opportunity to respond in two ways. The first is rolling out long-term strategies to uphold equitable hiring practices. A successful DEI strategy is essential to ensuring equal pay and moving the needle on gender parity. It also secures a pipeline of diverse voices and perspectives which is key to building a healthy, inclusive workplace. Secondly, against today’s landscape of increasing economic volatility, employees need effective action to improve both their immediate situations and overall financial wellness.
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