The unemployment rate in the United States hit 3.7% in July of 2019. About 164,000 jobs were created, in a variety of industries. For 2019 so far, we have been hovering at or under 4% unemployment, and we have been around that number since early 2018. The US Bureau of Labor Statistics paints a pretty clear picture.
The job market has been good – for candidates, with significant growth in jobs for months on end. Voluntary turnover, meaning people leaving their jobs on their own initiative, is also rising. That, in a tight job market, can make it difficult for companies to quickly find their ideal candidate when someone leaves. For companies that don’t have their ’employer brand’ in order, it is even harder.
The situation we’re in makes it more and more important to ensure that future candidates find you and understand what you stand for, and you’re able to retain your current employees. You can ask yourself a few questions to see if your situation is in order. There is an extensive list, but focusing on the below already makes a significant difference.
- Is your employer brand clear enough? Candidates that look for a role, also look for the type of company you are, what you stand for and what your culture is. A culture that resonates with your targeted candidate resource is crucial. Listing your vision, mission and values on your job board will already create clarity on the background of your company.
- Is your compensation and benefits philosophy in order? We believe that money is only a part of the total equation, but it is an important one. Your salary structure needs to be attractive, affordable and fair. Your benefits need to make sense for your employees and the candidates you target.
- Does your team know you appreciate them? Recognizing a job well done is important. This goes beyond just money or a bonus, but also include heartfelt and sincere compliments and thank-you’s.
- Is your employee development program effective? A solid program will help make sure that your employees have the possibility to develop themselves in their current roles, in broader roles and leadership.
- How about your employee performance management program? A smart performance management philosophy and system will recognize good performers and have ways to reward them, and also provides means to identify employees that do not -yet- perform on the level you have set, and this creates the opportunity to intervene.
Soaring + Company can assist with finding and designing the answers for these questions, and any other that may apply to your business. Leave us a message or give us a call to discuss. We are looking forward to talking to you, and ensuring you and your team reach new heights!
