June 4, 2023

expressed opinion entrepreneur Contributors are their own.

Research McKinsey & Company says In the big resignation, it took a “multi-faceted approach to attracting and retaining talent”. Even as recession fears grow, 40% of workers plan to quit. So, what are the most successful strategies for recruiting and retaining talent during the Great Resignation? How can you use these strategies to deal with a potential recession?

Tip 1: Greed

“Be greedy when others are fearful, and be fearful when others are greedy.” This quote from Warren Buffett applies equally to investing in talent and investing in companies.

what does that mean?Well, in uncertain economic times that many companies are making Pre-emptive layoffs, you have an excellent opportunity to invest in undervalued talent. You’ll get a higher return on investment (ROI) than in a tight labor market. And the people you hire will be more grateful and loyal than those who have plenty of other job opportunities and feel they can easily find work elsewhere. They will be more likely to stay as the economic situation improves.

related: 5 expert-backed strategies for recruiting high-quality talent for your startup

Tip 2: Don’t do whatever you want

Imagine you are interviewing a candidate for a new job and you have a feeling that something has happened. You are not sure what it is, but there is an uncomfortable feeling. Their resumes are great, their responses are great, and they’re a great fit – but your gut is to disagree. what should you do?

don’t simply do whatever you want! Unfortunately, Extensive research Shows that how we feel about candidates in interviews is not a good predictor of future employee success.and research shows Leaders are often overconfident in the quality of their decisions.

us tend to favor Those who are similar to us and who provide them with jobs.Yes particularly likely Stay conservative during uncertain economic times and choose safer options – and that means those who are just like us.

Unfortunately, according to Research, this reliance on intuition often works against us.As a result, we get discriminatory results in hiring and undermine diversity Race, Disability, gender and gender, and many more.That’s a cognitive bias — a psychological blind spot –is called horn effectwe underestimate those who are different from us.

Better than a typical unstructured interview structured. exist such an interview, you ask all candidates the same list of questions and then rate their responses to each question. Also, note how the applicant differs from you, and then add extra points to those differences to account for our intuitive underestimation of candidates who are different from us.

However, despite the overwhelming evidence supporting such interviews, Unfortunately, they are not used enough by leaders who prefer to trust their intuition rather than research.they fell into what is called overconfidence biaswe tend to think our decision-making and evaluation abilities are better than they actually are.

Related: What Happens When You Hire the Wrong Candidate

Tip 3: Focus on undervalued talent

How do you spot brilliant, underrated talent that others miss?exist his new book Talent, renowned economist Tyler Cowen talks about focusing on groups that are often undervalued.

Unfortunately, women are still undervalued compared to their skills and abilities. The same goes for disabled people – or so-called disabled people.

do not trust me?consider a study A survey of managers at 20 Fortune 500 companies found that men have faster career advancement and higher salaries. Although women receive the same education as men, work in similar industries, stay in the workforce for the same amount of time without going in and out, etc.another study More than 1,000 MBA graduates from the same university were surveyed to assess their career progress and salaries. Women described experiencing bias more frequently than men, and — when controlling for work experience — men earned more than women.

So no matter what you think about increasing your company’s diversity, you need to focus on recruiting underappreciated talent, such as women and people with disabilities. Of course, you also get the added benefit of variety.After all, extensive research has shown that improving diversity promote both make a decision and Financial Performance.

Related: Recruiting and Hiring High-Quality Employees

Tip 4: Put your culture, vision and strategy front and center

To recruit the right talent, you must put your culture, vision and strategy front and center. Yes, it seems obvious, but it is rarely done. Especially during the courtship phase, when you’re trying to impress a potential new hire, companies tend to roll out the red carpet and portray themselves in the best possible light. They may downplay the more controversial, avant-garde aspects of their culture, vision, and strategy to help convince employees to take the job.

But trust me, this is a serious mistake. Put your culture, vision and strategy front and center to help you filter out the wrong types of people who don’t fit and attract candidates who are a great fit. Start by asking candidates what kind of culture they like to see if they fit. Then, describe your culture and discuss any differences between their ideal culture and yours with the candidate to determine if it’s a good fit.

Take a similar approach to vision and strategy. Ask candidates what they think should be your company’s vision and strategy. Then, describe your actual vision and strategy, and explore any differences. While it may seem like ordinary employees have little influence on the company’s vision and strategy, remember that these employees are potential future leaders of your company and treat them that way.

related: Hiring trouble? It’s time to invest in your workplace culture.

Tip 5: Be transparent about your finances

Maintaining financial transparency is important for both recruitment and retention. While it’s wise to do so at any time, it’s especially important during a recession.

After all, many people may feel anxious about accepting a new job if they are unsure about the financial future of their new employer.After all, many companies are revoke Job Opportunities These Days: As your potential new hires are weighing job opportunities, securing financial stability can be beneficial. Or – if at worst there is some risk – at least new hires will enter the situation with their eyes open.

The same idea applies to reservations.If you do not communicate about your financial situation, some of your pessimistic Employees may start feeling anxious and perfecting their resumes.no one wants to fall into a new round Layoffs due to recession fears. After all, it’s much easier to find a job when you already have a job, which explains part of the reason why so many people are leaving their jobs these days to look for new ones.

Overcommunicate instead of sending an email and that’s it.Otherwise, you’ll fall into cognitive bias False consensus effect, assuming others share the same beliefs and information as you. Your employees may miss an email: It’s best to hit everyone with multiple communication channels multiple times.

related: Transparency can make life and business easier for entrepreneurs

Tip 6: Focus on the boss

To retain your employees in today’s turbulent times, focus on developing your mid- and lower-level managers. Research Vistage brings together C-level executives from mid-market companies, showing that the quality of the boss is the key to improving employee satisfaction and retention. Of course, good bosses also contribute to productivity and performance, another important benefit.

What if you work for a Fortune 500 company? Well, it’s not just mid-market companies that managers matter.Google discovered this in 2002, when it carried out an experiment By getting rid of all bosses. It wasn’t going well: Too many people went straight to Larry Page for interpersonal conflicts, expense reports and similar issues.

Google decided to study what makes a good boss and launched Project Oxygen to apply data-driven analytics to determine whether and how managers matter. It uses internal company ratings to compare managers based on their employees’ ratings. Google found that managers with higher scores had higher retention rates on their teams.

Additionally, employees with higher boss scores consistently report higher levels of well-being and satisfaction with work-life balance, innovation and career development.

More broadly, Gallup polls showed that 75% of employees quit due in large part to a negative relationship with their boss. So no matter the size of your company, paying attention to your boss will pay off.

Related: 12 Pro Tips to Improve Your Company’s Retention Rates

Tip 7: Promote remote and hybrid work

For retention and recruitment you need Improve remote and hybrid work. recently polls The Human Resources Institute reports that 48% of respondents are “definitely” looking for a full-time WFH job in their next search. To keep them in a full-time position with a 30-minute commute, they need a 20% pay rise. Mixed jobs with the same commute time require a 10% pay rise. Similar to this, more than 60% Respondents to the Morning Consult survey said they were more likely to apply if the job offered remote work.Likewise, 64% of respondents to the ADP Institute polls Shared that they would consider looking for a new role if forced to enter the office full-time, including 71% of 18-24 year olds.

We don’t just conduct investigations.One National Bureau of Economic Research paper reported on a study of Trip.com, a real-world company that randomly assigned some engineers, marketers, and finance people to mixed work environments, while others in the same roles were randomly assigned to full-time office jobs. guess what? People who adopted the hybrid plan increased retention by 35% and engineers wrote 8% more code.

Mine client report the same findings. Take, for example, the USC Information Science Institute, which conducts fundamental and applied research in areas such as machine learning and artificial intelligence, networks and cybersecurity, high-performance computing, microelectronics, and quantum information systems. It will adopt a three-day in-office policy in fall 2021.But with My adviceISI decided to adopt a flexible model of team leaders, who decide what is best for their teams, defaulting to more flexibility and remote work, not less.

We conducted a survey in August 2022 asking employees to compare the current team-led policy with the expected policy in the office for three days. According to the survey, 71% of employees think the team-led model is “much better,” and 13% think it’s “better.” This makes 63% of respondents “more likely” to recommend a job at ISI to their peers, and 11% “more likely”. 70% said they were “very satisfied” with their current remote/office work balance, and 25% said they were “satisfied.” Clearly, a flexible team-led approach has fostered more remote work, increasing ISI’s retention and hiring rates.

Related: Can flexible working increase employee attractiveness and retention?

in conclusion

Using these seven tips, you’ll be better equipped than your competitors to survive and thrive in these uncertain times. The winner of the war for talent will have the future, and I challenge you to be that winner.

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