While you may not be thinking about employee retention during the interview process, candidates are certainly considering it. Employee retention is a major concern of employers and job seekers. According to the Pew Research Center, Millennials, who make up a significant portion of the workforce, value job security and stability more than previous generations.11 Job seekers are increasingly interested in long-term opportunities that offer job security, stability and benefits. Employers who can provide these things have a better chance of attracting and retaining top talent.
During interviews, candidates prioritize the following five factors when searching for a long-term workplace:
1. Competitive Compensation and Benefits
Higher pay and better benefits are leading drivers of employee turnover and top reasons candidates seek long-term employment. According to a 2021 study by Glassdoor, “compensation and benefits” was the second most common reason for employees to leave their jobs, following “career growth opportunities.”22 If you are serious about obtaining and sustaining a solid workforce, review and reconsider your compensation and benefits packages to ensure they are competitive in your industry. Employees are not only concerned about salary, but also health insurance, retirement plans, and other perks like flexible work hours and remote work options. Providing comprehensive benefits can make employees feel valued and more likely to stay with your company for the long haul.
2. Opportunities for Growth and Development
The top reason employees look for new career options is a lack of growth opportunities. Employees want to feel like they are advancing in their careers, not wasting their years. You can attract top talent by offering avenues for personal and professional development, such as training programs, mentoring, and leadership development opportunities. Sustainability is all about zero waste, and workforce retention is no different. These efforts can not only attract a more sustainable workforce but also make your company stronger, more innovative, and more competitive. Additionally, investing in your employees’ personal and professional growth can foster the company loyalty you are looking for.
3. Constructive Company Culture
The average American spends 90,000 hours (about 10.5 years) at work over their lifetime.33 In order to attract and retain top talent, it is essential to ensure that those hours are spent in a strong, positive company culture. Employees who feel comfortable, engaged, and appreciated are more likely to be attracted to a company initially and to stay loyal. To build and sustain this type of environment, companies should promote open communication, recognize and reward excellent work, and encourage collaboration and creativity.
4. Work-Life Balance
In today’s competitive job market, one of the critical factors that job seekers look for is a company’s commitment to employee well-being. Employee burnout is a prevalent issue in the workforce, which can lead to high turnover rates. Therefore, it is vital to recruitment and retention to take proactive measures that address burnout and promote a healthy work culture.
Some ways to support the well-being of job candidates include providing mental health resources, offering work-life balance initiatives, and encouraging time off. Kimberly Schaufenbuel, VP of Paycor, puts it this way: “The best companies recognize that employees are whole people, and they create policies to address life circumstances when they interfere with work. This helps employees feel like they are cared for, and that makes them more likely to stay and to work harder.”4 4
5. Stay Interviews
Job candidates are always looking for companies that value their employees. One way to show this is by conducting ‘stay’ interviews with current employees to assess their job satisfaction, career goals, and overall experience with the company. Stay interviews allow companies to identify areas for improvement, address any concerns or issues, and demonstrate to potential candidates that the company values its employees. Unlike exit interviews, stay interviews are conducted before any decisions to find new opportunities have been made, making them a proactive approach to attracting job candidates.
When it comes to attracting job candidates, a healthy and positive employee rapport is crucial for success. It may be easy to overlook this amid day-to-day operations, but investing in your workforce is a proactive approach to building a strong company culture that will attract top talent. An upfront investment in your workforce is a long-term investment in your success.
Tiffany Sacasas is an Executive Recruiter at Gertsburg Licata Talent. If you need assistance in professional placement and executive recruiting or have any questions about the content of this article, please don’t hesitate to contact Tiffany at 216-435–5800 or at [email protected].
1 Pew Research Center. (2019). Millennials are the largest generation in the U.S. labor force. Retrieved from https://www.pewresearch.org/fact-tank/2019/05/13/millennials-us-labor-force/
2 Glassdoor. (2021). Job & Hiring Trends for 2021. Retrieved from https://www.glassdoor.com/research/job-trends-2021/
3 Bureau of Labor Statistics. (2021). Time Spent in Leisure and Sports Activities – 2019-2020. Retrieved from https://www.bls.gov/charts/american-time-use/activity-by-employment-status.htm
4 Schaufenbuel, K. (2019, February 12). How to Retain Your Best Employees: Tips from Paycor’s VP of Talent. Retrieved from https://www.paycor.com/resource-center/how-to-retain-your-best-employees-tips-from-paycors-vp-of-talent
