We are nearly at the end of 2022 and are approaching a watershed moment in our hiring strategy. The pandemic and recent HR issues have altered the employee-employer relationship. Today, both ends of the spectrum are dealing with a slew of issues, such as a possible recession, rising inflation, instances of dual employment, lower pay grade, and so on. According to the BCW Expectations at Work 2022 study, globally 50% of employees say they are very likely to stay in their current job for over a year. This intent grows by 18% if employees are happy with their salary, job security and workplace conditions.
Employers’ focus these days is not just on attracting the best talent. Employee retention and loyalty are just as important. The retention issue has been particularly difficult in the last quarter. According to another report, the post-pandemic attrition rate has increased to 50-55% from 10-15% before the pandemic.
Employers are rethinking their HR and communication strategies in order to answer the questions — Are we able to clearly communicate our expectations with our talent? What would attract the right skilled talent? Is our HR team functioning effectively? How do we develop a strategy to attract, engage, and retain talent?
Business leaders rely on the HR and communications teams to work together to solve these problems. Media branding, social media promotions, and developing training platforms have all proven to be effective corporate communication tools. Furthermore, incorporating newer HR trends such as inclusive workplaces and hybrid working models in the employee value proposition is working in the favor of the employer. Here are some of the other must-follow HR trends that startups must seriously consider in the coming year.
1. Diversity, Equity, and Inclusion
Typically, DEI comes up in a more mature organizations, but increasingly, startups are being called out for not embracing it. If you turn it on its head and actually take the lead in DEI, it will not only reflect well on your reputation, but it will also increase employee stickiness and ultimately result in raising the valuation of the startup.
2. Flexible Schedule
Employees have already experienced the convenience of working from home—or indeed, work from anywhere as a digital nomad. As a result, many of them are demanding flexible working hours as well as a hybrid work model.
3. Increased Focus on EVP
In the post-pandemic era, the Employee Value Proposition has also received much-needed attention. According to a Gartner report, a compelling EVP can reduce attrition by 70% and increase new hiring by nearly 30%. Many forward-thinking companies have already modified their EVPs to treat employees as assets rather than just employees.
4. Value-Added Programs on Employee Wellbeing
Employers prioritizing their employees’ mental and physical health is one of the pandemic legacies that will endure. In 2022, there will be a significant increase in surveys, discussions, and training sessions focusing on employee well-being and healthcare in general.
While the HR initiatives listed above will boost interest, synergy with the communications team will ensure a better reach and recall. These include:
1. Creating thought leadership to communicate employee value
Strategic thought leadership has always been a powerful catalyst for sharing your company code and promoting employee values. Incorporating media and social media platforms/tools creates and enhances the identity of the company’s face. Any new talent wants to learn more about the CEO/founder; thought leadership is an excellent way to make an impression on the minds of potential employees.
2. Creating an online presence through new media & social media
Having a media presence, particularly on new-age and social media platforms, extends beyond simply having a profile with content. It entails creating content that your current and future employees can relate to, which in turn makes them relate to you. This builds trust, and once you have it, you’re one step closer to retaining them.
3. Developing resources & avenues to share talent management programs
This stage of talent management is concerned with training and mentoring the chosen candidate from the moment he or she signs on. This usually starts with an onboarding program in which new employees learn about the company’s working methods, teams, roles, and job expectations. A checklist facilitates the onboarding process by ensuring that all bases are covered so that new team members receive all of the assistance they require to adjust to their new work environment.
Going into 2023, a combination of HR and communications is going to lead the way for focused and effective talent strategies. It would not only help with talent acquisition but will also help startups ride out the turbulent HR trends like ‘Quite Quitting’, ’Moonlighting’ etc to build a stronger workforce.