Talent is Scarce. What Now?
Author: Becky Hart at UKG
The Great Resignation is not over. As we move toward the end of 2022, the dramatic shifts we’ve seen in the workforce over the past two years show no signs of abating. In fact, according to PwC’s Global Workforce Hopes and Fears Survey, one in five workers plan to quit their jobs this year. And while many are looking for more money, over two-thirds say they want more fulfillment from their jobs.
In this new, more complicated work environment, companies need to have strategies, policies, and technologies in place to find and support an energized, engaged, and motivated workforce. “HR professionals need to figure out how to attract, recruit, retain, and compensate the best employees,” says UKG CEO Chris Todd. “Talent is scarce and holding on to really valuable employees is critical.”
Today’s job market is being driven by job-seekers rather than employers, with altered employee expectations, record salaries, and signing bonuses becoming the norm. It’s a historic, unprecedented time, and the underlying message is that the balance of power between employees and employers has finally shifted in favor of the employee. So, what can companies do to find talent and increase retention?
Technology is your not-so-secret weapon
As we saw in the pandemic, having the right technology in place was the difference between companies that made remote work work and those that struggled. The same can be said for your HR technology. The right HR solutions build a bridge between your people, management, and your organization. With a people-focused strategy that sees the whole person, beyond just work, you can better meet your recruitment and retention needs.
With access to tools that put information at their fingertips, your employees can easily manage their benefits, pay, leave, performance, training, and more. And considering the consistent growth of mobile technology, having an engaging mobile application for HR that gives your people on-the-go access to their information should be integral to your business strategy.
Another benefit of technology is productivity. Technology allows employees to save the time and energy ordinarily spent on administrative processes and instead apply that to working strategically and innovating. An investment in HR technology attracts top talent to your organization.
Employee engagement is a significant part of your organization’s success, and it’s directly affected by the employee experience. You can leverage HR technology to simplify, automate, and evaluate all parts of the employee journey, from recruitment to retirement. Start with a people-first applicant tracking system (ATS) that sets the tone for the entire employee experience. Having the right ATS partner can help you prepare for changes in the job market and adjust as necessary, without disrupting your business.
Next, HR technology can be used to structure and streamline the onboarding process, because this is when new hires begin to see and understand your culture. Delivering an online onboarding experience reduces stress for both your HR professionals and your new recruits by efficiently providing employees all the information they need while allowing them to easily share information that HR requires. From day one, technology can influence employee engagement, so you would be doing your business an injustice to disregard it.
To put it simply, cloud-based HR solutions are key to your future recruitment and retention strategies. Traditional HR methods do not have the adaptability to meet your changing talent needs in today’s challenging hiring climate.
The views and opinions expressed in this blog post belong solely to the original author(s) and do not necessarily represent the views and opinions of CPHR Alberta.
The views and opinions expressed in this blog post belong solely to the original author(s) and do not necessarily represent the views and opinions of CPHR Alberta.
