Employee Hiring and Retention – 2022 Is a Whole New Ball Game
According to a new Gallup study (conducted in October of 2021) of more than 13,000 US employees, it may or may not be surprising to you just how motivating better pay and work-life balance are.
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Employers are currently engaged in a battle for talent of epic proportions. To succeed in attracting - and retaining- great employees, they must satisfy the wants and needs of an increasingly picky talent pool.
In order of importance, here’s what employees said they prioritize when looking for a job:
Compensation: In 2015, the last time Gallup conducted this survey, compensation (aka income and benefits) ranked 4th on the priority list. In 2021 the study found this was the number one priority, rising significantly from 41% in 2015 to 64% in 2021.
Work-life balance: This category has also grown in importance, with 61% of respondents saying work-life balance is very important, versus 53% in 2015. The value of flexibility has been raised in awareness due to remote work done during the pandemic.
Work focused on their strengths: 58% of respondents said it was important for them to find a position that allows them to use their strengths. Ensuring a great job fit is something you need to work through if you're recruiting for new positions.
Job security: 53% of respondents (the same number in 2015 as in 2021) said they would prioritize job security and stability in seeking a new job. Given that we have just come through the most disruptive time in employment history, how job seekers define stability is unclear.
Diversity and Inclusiveness: While not analyzed in 2015, 42% of people who responded cited this as very important. Employees want sincerity and real change, not lip-service when it comes to a company's ongoing commitment to diversify its workforce.
While these factors are generally important to all US job seekers these days, some may be more important than others depending on a job seeker's industry, skills, location, or protected class. You should also look within your organization and consider the question of retention; what is your employee value proposition (EVP)? Are you successfully combining rewards and compensation, opportunities for development and advancement, and an attractive culture that values the employee’s day-to-day experience?