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Recruiting and Retaining Talent in a Dynamic Labor Market

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AuthorBob Press (TAP Financial Partners)

Let’s start by looking at some of what companies struggle with as they staff their businesses.

Generational shifts have created a unique dynamic in the current labor pool. Four generations — Baby Boomers, Gen X, Millennials, and Gen Z — all occupy space in the workplace, each with its own set of expectations and values. Organizations that succeed must find a balance between generations without sacrificing the company’s core values.

Evolving workplace models have blurred the lines of what used to be the “standard” workday, which is quickly becoming a thing of the past as more people turn to flexible, remote work. Additionally, many companies are outsourcing talent through freelancers, fractional teams, or agencies, which blurs the lines between employee and contractor. Throw in hybrid and remote work models, and it’s easy to see why companies are struggling to define their work structure.

Further complicating things is that in many places it’s a candidate-driven market. Many companies have more openings than applicants, and platforms like LinkedIn make it easy for job seekers to evaluate a company before deciding whether they want to apply. One bad review can diminish the talent pool.

Knowing these challenges is the first step toward solving them and making your organization appealing to talented candidates.

For instance, now is a great time to update your company’s LinkedIn and Glass Door profiles to highlight your culture and proactively answer questions candidates may have about what it’s like to work for your business. Having a strong company brand, including employee testimonials, can make your workplace more appealing to job seekers. This includes solidifying your work model (remote, hybrid, in-office) and sticking with it.

Hiring talented employees, however, is only half the labor puzzle, and somewhat meaningless if you can’t keep them on staff long enough to benefit from their talent and abilities. Promises made through company branding must be kept. For instance, if you’ve  emphasized employee training and up-skilling, ensure you deliver those opportunities to keep employees motivated and moving forward.

Open communication is also essential for employee retention. Regardless of their generation, all employees want to feel seen and heard. Regular check-ins and open-door policies can create a sense of belonging and value. In addition, positive recognition and rewards, such as bonuses, flexible work schedules, and opportunities for advancement, will keep talented employees loyal to you and away from the competition.

The labor market dynamics might seem overwhelming, but companies can turn challenges into opportunities with some foresight and adaptability.

Tap into our experience to discover ways to build your labor force with talented and experienced people eager to help move your business forward. Contact us today to learn more about what we advise.

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