How Can Companies Thrive in One of the Most Competitive Talent Markets Ever?

Year after year, trend reports are released to the HR industry with outlooks on the immediate future. Many have repeated one piece of advice in recent years:

A war for talent is coming.

What recent reports have seemed to miss, however, is that many organizations can’t prepare for a talent war. They are already in the thick of it.

Why is there so much competition for talent?

Many factors have influenced the current talent market, but these are some of the major underlying forces at work:

  • The lowest unemployment in a decade – With unemployment low, there is more freedom for employees to pick and choose opportunities or entertain “grass is greener” notions while in their current roles.
  • A generational shift in the workplace – Millennials are now the largest generation in the workforce, and they have no qualms about job hopping for more impactful work or organizations that match their values.
  • The Glassdoor effect is real – You no longer control the story when it comes to your employer brand. If your organization is not investing in the employee experience, sites like Glassdoor will let job candidates know, adding another wrinkle to recruiting efforts.

Try these best practices in 2018

Entrepreneur recently recommended a focus on the overall employee experience for your company’s efforts, not just the engagement of existing employees. To take on this holistic approach and attract and retain top performers, your organization will need to rethink its recruiting efforts and adopt new best practices within existing programs.

By revamping three programs nearly every company invests in — learning and development, employee rewards, and employee recognition — your organization can turn these into heavy hitters in your war for talent:

  • Learning and Development – According to recent studies, “training and development” is one of the most coveted job benefits for today’s workforce, even scoring higher than cash bonuses. Mix in mentorship or leadership shadowing. These opportunities provide employees direct access to the career development they crave.
  • Employee Rewards – The days of flashy perks serving as company differentiators are over. In 2018, organizations will get the most bang for the buck by tailoring employee rewards to the exact mix of monetary, charity-based, or customized experiences that match employees’ motivations and values.
  • Recognition – Get used to the phrase “culture of feedback.” Today’s workforce is not in constant need of praise; rather, it thrives on frequent, real-time feedback to help develop skills. If your employee recognition solution does not enable this, now is the time to upgrade.

Want more best practices?

If you want to take a proactive approach to other trends in 2018, Kazoo has analyzed this year’s trend reports, industry influencer interviews, and market research to bring you Five Best Practices for an Engaged Workforce in 2018. You can download it here:

engage your workforce in a competitive talent market

Download now
About Kazoo
Kazoo is the employee experience platform powered by the science of motivation and the mission of improving the lives of employees everywhere, one company at a time. Founded in 2013, Kazoo grows company culture and improves bottom-line performance metrics through its robust engagement platform that delivers recognition, rewards, incentives, and team insights. Named to Entrepreneur Magazine’s list of Best Company Cultures in 2017, the Austin-based SaaS company and its technology platform are built on the four pillars of employee experience: connection, meaning, impact, and appreciation. To request a demo, visit info.kazoohr.com/demo-request