The American job market is at a crossroads. According to the Washington Post, there are currently more than 10 million job openings across the United States but only 8 million active job seekers. For the first time in decades, power is in the hands of the applicants, and they can afford to be choosy. While autonomy in the hands of our prospective labor pool is a positive thing, the situation employers now find themselves in begs the question: how do you find —and keep— high-quality employees in such a competitive market? Outlined below are five key strategies that every employer should take note of for retaining top talent given the job market’s current temperament.

1. Screen in Candidates Instead of Screening Them Out

It is time we take a long, hard look at traditional interviewing practices. The average interview has a strange power dynamic built into it. Too often, hiring managers look at the candidate’s current skill set as a static quality. They assume that the resume on their desk provides a comprehensive picture of the applicant. Traditionally speaking, if the skill set doesn’t match the job requirements completely, the employer hard passes on that candidate.

The process of screening in flips that paradigm on its head. Instead of looking for reasons to exclude a candidate, hiring managers need to read between the lines and consider the person behind the application. Are they eager and driven? Can they learn new skills quickly and adapt to the role? Don’t look for candidates that fill every checkbox; imperfectness can become perfect with time, training, and trust.

2. Respect the Applicant’s Time During the Interview Process

There is nothing worse than a long, drawn-out hiring process. Candidates become easily frustrated in the face of multiple interviews or when an employer takes an exorbitantly long time to make their decision. Remember, in the current job market, the job seeker has choices. If you want to find top-tier talent, respect their time with an expedient interview and hiring process.

3. Offer a Competitive Salary for Retaining Top Talent

“Money talks,” as the old saying goes. While an applicant should be passionate about their chosen field, employers are no longer in a position to pretend that money doesn’t matter. It’s the primary reason that people work, regardless of their personal passions. Offering better pay and benefits than your competition is a surefire way to attract a talented pool of job seekers.

4. Offer Flextime

According to Forbes, a staggering 74% of all professionals expect remote work scenarios to become an industry-standard going forward. On top of that, 97% of employees who worked remotely during the pandemic don’t want to return to the old way of doing things.

Remote work represents a path forward for the American economy. Offering a remote work option —or some type of flextime hybrid— is a proven way to attract and retain top talent.

5. Focus on Long-Term Retention Strategies

Finding good employees is one thing; keeping them is another thing altogether. Once you’ve managed to attract an employee of the proper caliber, the next step is implementing long-term retention strategies to ensure that they remain loyal to your company.

There are literally dozens of employee retention methods that have been used for decades. Today’s workforce, however, is looking for solutions with a more creative bent, solutions that speak to their humanity. In our opinion, some of the more creative (and effective) retention strategies include:

  • Rewarding efforts rather than results
  • Focusing on policies that promote positive employee mental health
  • Implementing a program of peer-to-peer recognition to foster teamwork and trust
Learn More About Retaining Top Talent

There are many ways to build the kind of company culture that makes employees want to stay for the long haul. The key is thinking outside the box, employing professional creativity, and reaching out to your workforce on a personal level.

For more staffing tips and strategies, or for help fulfilling your own staffing needs, make sure to follow Bishop and Company today.