Many companies today are struggling to hire and retain talent, but more often than not the problem is self-inflicted: They’re simply not using a broad enough array of tools, sometimes because they don’t even know the tools exist. In this article, the authors list 40 tools — some familiar but underutilized, others unfamiliar and innovative — that can help companies find and keep the people they need to succeed in both the short-term and the long-term.
Despite challenging economic conditions, companies are still finding it difficult to attract and retain the right talent. That’s one of the takeaways from the most recent U.S. Bureau of Labor Statistics reportwhich showed that job vacancies still remain above 10 million as of November 2022. We’ve confirmed that trend in our own work: Last August, when we surveyed 800 senior business leaders, more than 95% of them told us that hiring and retaining talent was one of their top three priorities as they strive to deliver on their strategies. However, those needs are not constrained to the short-term: More than two-thirds of the leaders we surveyed reported that filling positions for lower and higher wage workers is critical for their organization’s ability to compete, both in the next 12 to 18 months and in the next three to five years.
But business leaders are doing very little that’s innovative to tackle the talent challenge. When it comes to higher-wage workers, they’re relying primarily on two basic strategies: increasing compensation (a fairly obvious approach) and implementing remote/hybrid work models (an unsurprising approach, given the effects of Covid-19). They’re doing even less for lower-wage workers: In our survey, fewer than half of respondents reported using even basic levers, such as health care benefits and compensation increases, to attract and retain lower-wage workers.
Much of this is due to a lack of awareness of innovative talent practices. Many of the leaders we surveyed simply did not know what other options were available to them. This, they recognized, was a problem: Less than 20% of them reported their organizations had very mature talent strategies.
So how can you enable more talent innovation and measure its impact? Based on our survey findings, organizations need to use a more expansive portfolio of practices to strengthen their ability to recruit and retain talent. To help, we’ve identified nearly 40 strategies, which we’ve organized into seven categories that either strengthen the hiring process or help enhance a company’s offer. Some of these practices are familiar but underutilized, and others are newer and more innovative.
Many companies rely on traditional recruiting strategies to identify candidates who fulfill a long list of requirements. Finding candidates who tick off every box on the list is not easy — and those few who do are often actually not the right people for the job. By embracing more expansive hiring and selection processes, companies can do a better job of finding the talent that’s right for them. Here are some innovative practices to consider:
When competition for top talent is fierce, as it is today, you need to broaden your methods of sourcing candidates. Here are some practices to consider:
Companies that integrate new and innovative channels into their talent strategy can better recruit critical, in-demand talent for years to come. Consider expanding your repertoire to include the following techniques:
Are you one of the many employers raising salaries to compete for talent? Half of the 800+ respondents in our survey reported increasing compensation for their employees, and nearly 75% of employers cite the talent shortage as the main driver for salary budget increases. But there are other ways to strengthen your compensation and benefits package beyond increasing compensation. Try some of these practices to get started:
The Covid-19 pandemic has fundamentally changed how we think about work. Job flexibility has skyrocketed in importance since the pandemic, with some employees valuing flexibility even more than a 10% pay raise. Rethinking work design can not only better attract and retain workers but also can increase productivity and focus worker capacity on the highest-value tasks. Get started redesigning work with the following strategies:
Providing opportunities for your employees to take on stretch assignments can help you not only develop but also retain your employees. According to the Pew Research Center, more than 60% of US employees cited a lack of career-advancement opportunities as a leading reason for leaving their jobs. To expand your organization’s portfolio of career-advancement opportunities, consider adding some of these innovative practices:
Companies need a compelling culture to maximize the engagement, productivity, and retention of their existing workforces. In recent years, company culture has become the most important driver of job satisfaction, with culture being 10x more predictive of employee retention than compensation. Here are some innovative practices to help build a meaningful culture:
The best talent strategy for your organization involves finding the right portfolio of practices that meet your needs and investing appropriately in their implementation, even during uncertain economic conditions. Many companies across industries have recognized how critical talent is to business success and have kickstarted their innovation journeys based on their target employee needs. For example, IBM removed degree requirements from 50% of their U.S. job postings to widen their talent pools, Walmart provides frontline associates with fully funded college tuition and accelerated career paths after graduation, and some law firms have introduced concierge services to support aging family members.
While you don’t have to do everything on our list to have a successful talent strategy, you should identify where you can do more off to better compete for talent. Take stock of what your organization is already doing, then thoughtfully assess where there are gaps in your talent strategy and how our suggestions can be helpful. Keep in mind that you may need to tailor your talent strategies to different employee segments within your company. By experimenting with new innovations and putting the right feedback systems in place, you can develop a sustainable strategy that can help you create lasting talent advantage.
Acknowledgements: We would like to thank Colleen McDonald, Partner, and Christina Li, Consultant, both with Boston Consulting Group, for their contributions to this piece.
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