The Ongoing Challenge: Employers' Quest for Talent Acquisition and Retention

The world may be ever changing, but the issues surrounding human capital management remain the same. In other words, finding and retaining top talent dominates top HR concerns for 2023.

In a recent study on workforce planning, 46% of human resources professionals responded their top concern was finding qualified workers and 41% said the top issue was retention of talent that was key to moving human resources initiatives forward. Only 21% said engagement of workers was a concern, and that was the third most common response.

So, why are recruitment and retention such an ongoing issue for human resources in organizations? Let’s discuss some of the factors that contribute to this difficulty HR teams continue to face.

The challenges include:

Demographics

There are simply fewer people entering the workforce than ever before. As baby boomers retire, there are fewer younger workers entering the workforce.  Millennials and Gen Z have a different value structure and see work in many cases as a means to the lifestyle they crave.

Virtual Work

During Covid-19 employees moved throughout the country, worked from places that made them happy and stayed there!  Many realized the work-life integration that could achieve with virtual work, and have no intention of going back to an office. 

The Economy

The need for workers has increased. We are creating new jobs every month, and workers are needed to fill those positions.  As things may be slowing down, there is some contraction to the economy and jobs, but the needs still outweigh available talent.

Changing Values

The workforce of today has competing priorities. Work is important for basic needs, but employees are no longer identified by the company they work for. Most employees have demands of a family that did not exist 30 years ago. They may be a dual income household or have both parents and children to care for.

Ease of Movement

Employees can move from one position to another without stigmatism or career stagnation. They may even elect to move into the “gig economy” and take multiple freelance positions that allow them to meet the demands of their life.

There are ways to address each of these concerns, but they take careful planning of HR initiatives.

Posting an ad on the Internet no longer is enough. Marketing to potential employees is as important today as marketing to your customer base. Use of social media, connections in the community and being open to diversity are some key components being used to increase access to qualified applicants.

Retention of great employees will take time and investment, but it’s one of the best investments you can make. Keeping good employees will save your business in the recruiting and training department, and help boost productivity that drives profits to the bottom line. The key is connecting with employees, asking questions, and being the company they want to continue working for.