Can you believe it? In what feels like the blink of an eye, 2022 has phased out and a new year of opportunities, decisions and uncharted territories is here. January is often acknowledged as a blank slate—a fresh beginning for people to rectify unhealthy routines and begin new, advantageous ones.
Below, we highlight some of the top ways business leaders can make the most of this fresh start and implement tactics that are conducive to success in 2023.
Retain Top Performers
There has been no shortage of discussion regarding The Great Resignation since it made its debut amid the height of COVID. Since then, retaining employees has been a complicated puzzle that every employer has struggled to solve. And while there may be no clear-cut answer, there are some best practices you can take to lessen the likelihood of losing your top performers:
- Employee burnout is real, and the earlier you can identify the warning signs, the sooner you can cease its effects. Find the respective solution to whatever may be working against your team, and don’t allow any remnants to fester.
- The importance of a solid internal mobility strategy is paramount. If you don’t offer different opportunities for professional growth, your employees will likely feel limited, and may even look for employment elsewhere that will offer these perks.
- One aspect of working amid a pandemic that likely won’t be leaving anytime soon is flexible work arrangements. And sure, business leaders likely miss the face-to-face interaction, but enabling that fluidity in your working relationship shows trust and an exceptional ability to adapt.
Keep Compensation Competitive
Between pay transparency laws, unprecedented inflation rates and a national push for increased benefits, to say compensation is a hot topic right now would be a vast understatement. Competitive pay, specifically, which is employee compensation that is equal to or higher than the average salary for similar jobs, is a must for any employer hoping to retain or attract new, quality candidates.
Keeping your pay strategy equitable and competitive in-house can be laborious, as not many organizations have access to the data, resources and contacts necessary to make entirely reliable or accurate compensation decisions. Because of this, hiring a compensation consultant is the most sure-fire way to take all the dirty work off your plate and provide insight from resources you would otherwise have no access to. While outsourcing a compensation consultant may appear costly, a poorly executed compensation strategy can cause quite the liability, both in time and money.
Upscale Recruitment Strategies
Recruiting quality talent is an ever-present goal for every organization. However, to stay competitive among other businesses, your organization needs to differentiate your techniques. In addition to adding a competitive advantage, modern recruitment strategies are proving to be an efficient asset in terms of effective and timely hiring practices.
Staying up to date on the latest recruitment practices can feel overwhelming, as there are new tools and technologies constantly being introduced to streamline the hiring process. Taking the initiative to learn and embrace these efficiencies, however, will add a huge competitive advantage to your organization. The future of recruitment may include strategies such as:
- Video conferences for interviews – When talking with a potential candidate an in-person conversation is obviously ideal. If the candidate cannot make it into the office, a virtual interview is a clear accommodation message on your organization’s behalf, which is an asset in the eyes of the candidate. Also, it extends your reach to candidates who may live in a distant region.
- Utilizing social media – Be it on professional networks like LinkedIn or more relaxed ones like Facebook, accessing candidates on these platforms can be an easy and effective way to acquire top talent. Especially when targeting Millennials or Generation Z candidates, social media use is a common denominator among these groups.
- Employer brand and reputation – Maintaining a positive employer brand — how you present yourself to potential and existing employees — showcases your company culture and gives prospective candidates a taste of what their employee experience would be like.
- Applicant tracking systems – These software applications enable organizations to monitor candidates throughout the hiring process. From filtering relevant candidate data to streamlining the onboarding process, ATSs are the most efficient tool for an unruffled recruitment process.
New Year, New Opportunities
We know that while this new slate is exciting, it can also cause stress or anxiety. We’re here to do the heavy lifting so you don’t have to. Connect with us today, and we’ll partner with you to ensure that your organization performs exactly how YOU want it to perform in 2023.