HIRING AND COMPENSATION STRATEGIES INTO 2023
The last few years , many businesses were in survival mode as they adapted to the changes brought on by the COVID-19 pandemic and the new world it created . While a lot of those concerns have seemingly leveled out for many industries , a new concern — gaining and retaining talent — topped the charts in 2022 . As we kick off 2023 , hiring compensation strategies will remain a key issue as organizations grapple with talent . If you haven ’ t evaluated your strategies and practices related to all things “ people ” lately , now is the time .
Recruiting Talent
In the new era of talent shortages , companies are struggling to find new candidates to fill empty roles . The employers that are winning the talent war are investing more than ever into the development and cross-training of people they already have . Jobs are better defined now by responsibilities , experience and education . When your employees are empowered , your organization gains value in a more experienced workforce with talent that is already in place . Additionally , internships and apprentice programs are increasingly important as this becomes a pipeline in the development of people .
Flexibility scouring everything from social media pages and profitability or growth reports , to philanthropic efforts . Diversity and a vibrant company culture are major factors for candidates . Strong employer brand reduces turnover and recruitment costs . Treated properly , your employees become brand ambassadors and engage in the success of a company .
Employee Feedback
Know what the employees want . More money is not always the answer . Fair and competitive wages are definitely a must for any organization , but profit sharing , performance-related bonuses , health care plans , and retirement plans are also considerations . Employee surveys are an important tool for gathering information . Anonymity is key to honest feedback .
Giving employees options is good for business . The possibility of allowing each employee to choose their own performance recognition with perks such as extra paid time off , performance bonuses , other gifts or services , extra flex time or remote work options sweeten the pot . Surveys allow the employees to feel free to make choices and it gives the employer flexibility to consider financial impact , company culture and employee morale .
Not everything can be blamed on the pandemic , but it significantly shifted the work environment . A remote or hybrid work schedule , along with flex-time , can benefit your organization as well as your employees , and these offerings can serve as a retention tool . With inflation and fuel costs on the rise , cutting out the traditional commute may be appealing to some employees if their position allows . With the option of remote work , you may be able to reach more qualified candidates by opening the search to virtually anywhere . The trend for flexible work arrangements is only going to increase in 2023 , with some candidates saying they won ’ t even consider looking at jobs without the possibility of remote or hybrid work environments .
Branding and Reputation
Just as your organization ’ s brand — how you present yourself to customers and the marketplace — is important , your employer brand — how you present yourself to employees and potential candidates — is critical as well . Your employer brand shows workers your culture and gives them a taste of what their employee experience would look like . Employer branding and reputation matter . A reputable employer brand is tantamount to more qualified applicants . Most candidates will do a deep dive on the organization before applying ,