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February 2024  Volume 22, Number 2        
 

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How to Attract and Retain Top Talent in 2024

As the pace of hiring slows, employers should be strategic in their recruiting efforts to avoid turning away top talent. With the upper hand tilted back towards job seekers in some sectors, organizations must ensure their policies and practices reflect how they put the best interests of their employees forward.

1. Avoid Controversial Political Statements

While over half of employees discuss politics at work, less than half believe organizations should voice opinions on political or social matters, according to data compiled by Glassdoor. One-third of workers also say they would not apply to a place if the CEO publicly supported a candidate they oppose.

To avoid potential clashes, experts advise employers to display company values in job postings and on websites. This allows organizations to communicate stances on relevant issues while avoiding direct partisan pandering.

2. Improve Interview Process to Reduce Candidate Ghosting

With one-third of employees avoiding responding to potential employers after poor interview experiences, organizations should evaluate and amend their hiring practices. Discriminatory questions about age, race, or gender prompt some candidates to cut off communication.

According to talent acquisition experts, an open line of communication with candidates can help mitigate negative interview experiences. Streamlining processes to be more equitable and transparent is also advised.

3. Prioritize Family-Friendly Benefits as a Recruitment Tool

Experts note that family-friendly policies are no longer exclusive to big business. Data show small businesses lead in family-friendly benefits like paid leave and childcare stipends that support employee retention and talent attraction.

Offering progressive benefits allows small companies to get ahead when retaining and attracting talent.

4. Create Intentional Return-to-Office Transition

With ongoing debates around remote and hybrid work, managers should intentionally facilitate return-to-office transitions that consider diverse employee viewpoints.

Experts advise facilitating thoughtful discussions to uncover potential gaps in return-to-work plans. Creating hybrid schedules, decentralized office spaces, and clearly communicating policy changes can ease difficult transitions.

5. Spotlight Health Care Coverage and Wellness Initiatives

Given rising premiums and health care costs, employers should evaluate medical plan offerings with an eye towards affordability and comprehensive coverage. With approximately half of U.S. workers stressed about their finances, organizations providing robust and fairly-priced health insurance gain a recruiting edge.

Wellness stipends for fitness equipment, gym memberships, meditation apps, nutrition counseling, and preventative care access also support talent retention and engagement.

6. Beef up Retirement Savings Opportunities

Saving enough for retirement ranks among employees’ top financial concerns today, with many worried current employer-match rates won’t cut it long-term. Expanding retirement plan offerings can help attract top talent by:

  • Increasing 401(k) match percentages
  • Adding both Roth and traditional 401(k) options
  • Allowing after-tax non-Roth contributions
  • Offering access to fiduciary financial planners.

With Social Security funds facing depletion, strengthening retirement readiness must become an integral recruitment and retention strategy.

7. Offer Competitive and Equitable Paid Time off Policies

The average U.S. worker receives roughly 11 paid vacation days and eight paid sick days annually. Yet cultural attitudes and outdated corporate policies result in many employees not utilizing all their allotted time, contributing to burnout and turnover.

Experts advise reevaluating existing paid time off policies with an eye toward work-life balance. While competitive PTO policies are expanding, many companies still lag behind in offering adequate days that support health and wellbeing. Ensuring generous carryover allowances and parental leave spanning several weeks also aids in attracting and retaining working parents.

Equitable PTO distribution also factors greatly. Salaried employees often enjoy more flexible and generous time off compared to hourly teams. Ensuring paid time is distributed fairly across all employees is key.

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In this issue:

This Just In ... The Shocking High Cost of Covering Obesity Drugs

Six Healthcare Trends Employers Can't Afford to Ignore in 2024

How to Attract and Retain Top Talent in 2024

What the Transformation of PBMs Could Mean for Employers

How Tailored Benefits Can Support Women in Today's Workforce

 

 


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