How to Attract & Retain Employees During the Labor Shortage

Let’s start with attracting employees. It’s important to first attract high performers before we can discuss strategies to retain them.

Attracting High Performers

According to LinkedIn, 70% of the global workforce is passive talent. This means either there are too many hoops to jump through to apply, the employer is misunderstanding the candidates or there is a weak value proposition. Consider removing these barriers when posting a new position opening. An active candidate pipeline matched with effective employment branding can make a drastic difference in attracting high performance employees.

One way to find the right person for the job is through employee referrals. According to an Indeed survey, 74% of employers said candidates sourced from employee referrals were extremely qualified for the role.

Retaining Employees

The flip side of attracting talent is retaining it once you have it. One way to do this is by creating a great place to work culture. We’ve made the un-coolest profession (insurance) a “Best Place to Work” by prioritizing company culture and putting our employees first. What you can learn from our story is:

Engaged employees have a direct correlation to efficiency and profit (ROI)
Building engagement is a strategic endeavor
Having employees embrace the “why” and “how” they contribute is key

The measurable results can lead to:

Lower absenteeism
Faster hire times
Increased employee referrals
Margin increases
Healthcare increases

Here are some tips for where to start on your path to creating an engaged best place to work culture. It is vital this commitment comes from the top.

Internal Assessment
External Assessment
-What are your competitors doing, more importantly, what are they not doing?
Create your “Why”
Hire qualified candidates who match your company culture
Make your employees feel important and engaged
Use industry media, and social media to tout what you’re doing
Appreciation and authenticity are free

For more tips on attracting and retaining talent, be sure to check out How to Win the Race for Talent.

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ABOUT THE AUTHOR

Michael Alberico

Michael Alberico is a Senior Vice President and Construction and Real Estate Practice Leader at Assurance. With over 35 years of experience, Michael’s primary responsibility is to provide comprehensive and integrated risk management programs that fully address risk needs while maintaining price sensitivity. Michael graduated from the University of Illinois at Champaign-Urbana with a Bachelor of Arts degree in History.