Over the past year, the “Great Resignation” has had a serious impact on organizations’ ability to acquire talent. That’s because people are leaving their jobs in search of more money, more flexibility and better working conditions.
Since the pandemic, many workers are reevaluating what work means for them. Those looking for new jobs want to have more free time, more workplace flexibility and higher wages, while others are deciding it’s the right time to retire.
And the Great Resignation doesn’t look like it’s going away anytime soon. According to a survey by Randstad Canada, 43 percent of workers say they intend to switch jobs in 2022, with 61 percent of employers anticipating their workers will leave.
“What the survey tells us is that a large number of employees do not want to be tied down to their current place of employment, are looking for new opportunities and want to see if the grass is greener in other organizations,” said Patrick Poulin, Group President at Randstad Canada.
“This forces employers to rethink their talent attraction strategies and find creative solutions to retain their talent, now and in the long term.”
So, what can businesses do to better improve their access to talent and better fulfill their workforce requirements? In this blog, we take a look at a few ways in which organizations can improve talent acquisition, even in a workforce shortage.
✔️ Augment your existing employees with the contingent workforce
One of the most effective ways to work around the workforce shortage is to make use of the ever-growing contingent workforce. By building your own contingent workforce management program - made up of workers such as freelancers, consultants, contractors and temps - your business can use non-employee workers to augment and enhance its existing in-house team.
A successful contingent workforce strategy gives your business access to skilled labour in short notice, allowing you to improve business agility and improve the seed and quality of your talent acquisition program.
To manage your contingent workforce successfully, make sure you either work with a Managed Services Provider (MSP) or use a Vendor Management System (VMS). This will ensure your business gains the visibility and insight it needs for continuous program improvement.
✔️ Optimize your internal talent
When talent acquisition becomes increasingly more difficult, one solution is to turn inwards to your internal team. Upskilling existing employees and focusing on employee retention can be an easier and more cost-effective method to fill roles within your workforce when there’s only a small pool of external workers to choose from.
To do this successfully, the most important thing to focus on is employee retention and loyalty. When you have a loyal team, you’re then able to focus on upskilling and training to give your existing employees the skills they need for new roles and opportunities.
✔️ Reevaluate your company culture
The Great Resignation is taking place because workers are looking for more money, more workplace flexibility and companies that give them a better work-life balance. That means if your company culture isn’t on par with others in your industry, your business is going to have a difficult time both finding new workers and keeping existing ones.
Create an environment that not only helps you to acquire new talent, but also one that fosters employee loyalty. There are a few different factors that can help you enhance company culture, from career development, pay, leadership, the work environment and work recognition.
✔️ Use data to drive talent acquisition
Your organization uses data in a range of departments, from improving your marketing campaigns to learning your customer behaviour. Yet so many organizations aren’t using data to improve their talent acquisition programs.
Data can be used to understand where your top talent comes from, what job descriptions perform best, what questions should be asked on the job form and so much more. By using data to analyze your talent acquisition, you can optimize the entire process for better results.
Interested in learning about how to build a company culture that attracts contingent workers? Check out our blog, 5 Ways to Ensure Your Business Establishes Contingent Worker Inclusion.
