Talent Acquisition Follows the Rule of Supply and Demand
At the heart of the matter is something business understands well, the relationship between supply and demand. Back in the 80s when the currently fading business trends set into place, there were more skilled people looking for work than there were available jobs. This put the businesses in power, gave them a wide selection of candidates for every position, and granted businesses with a great deal of influence over the workforce by offering or denying jobs. However, times have changed and now the workforce is in high demand and short supply.
Businesses who acknowledge the current balance of the talent market are the ones getting ahead. If there’s one thing businesses should know how to do, it’s competing for a target audience. Only this time, your targeted audience is potential future employees and the product isn’t something you make, it’s having you as an employer. This means making your positions, facilities, and HR policies more appealing to the kind of professional you want on your team. This can look like anything that makes a work environment more enjoyable from flexible management policies to catered healthy lunches.
The Dangers of High Turnover
Competing for talent who are actively looking for a job is something that every company can get behind, showing off their best HR policies to lure the currently unemployed to their positions. However, problems start to occur when actively employed professionals get ‘poached’. It typically takes thousands of dollars to fill a single mid to high-level position and months of careful seeking and screening. When a skilled employee leaves early for greener pastures because someone offered them a better deal, not only is the money spent finding and onboarding them lost, you also have to start the search all over again.
High turnover is unreasonably costly and in this high-demand situation, the only solution is to make yourself more appealing as an employer in order to retain the valuable talent you find for your job positions.
What the Talent Expects
Like any marketing task, to understand what will draw modern professionals to your positions, close your eyes and put yourself in their shoes. What would tempt you away from your position now to some distant unknown work environment? What would make you pick one company over another when the benefits packages are almost completely identical? Most companies make the mistake of thinking that trendy decor and Friday backrubs are going to do the trick because they forget to think like the talent. Modern professionals know they are in high demand because they see companies competing for their employment everywhere they turn.
Some companies offer flexible and family-friendly hours, some offer remote positions so employees can work from home part or all of the time. There are companies have a corporate wellness plan that can include always having fresh food in the break room, making it comfortable to catch a nap during your lunch break, or encouraging exercise for employees. Some companies allow pets into the home, some have video games, and some are particularly welcoming to post-retirement professionals. Some even fly their recruits to an iconic city for training as part of the perks. In other words, talent today has their pick of whatever about a company makes them happiest so companies that want a variety of talent are best served by implementing a variety of appealing policies.
The other thing you need to understand about talent today is that they know how to use Google products aren’t the only thing about a company that gets reviewed online. When looking into taking a position, you can bet that your candidates look up your company and what previous employees have said about working there. These discussions are most often found in the back pages of job search and networking sites like LinkedIn and Glassdoor. Professionals will judge your company both on your public face and your reputation in the employment market. This means that you’re not just competing with policies on the surface, you’re also competing with your company culture, management policies, and even your relationship with employees who have moved on.
It’s important to make sure that all aspects of your open positions are appealing, including your reputation on job board discussions and from past employees if they are asked what it was like (or is currently like) to work for your company. In many cases, companies with high turnover look fantastic on the surface but don’t follow through by effectively supporting and nurturing talent once they have it. If you want to make sure your talent stays put after you hire them, make sure you’re really thinking about what your employees need, want, and will appreciate. Not just what looks good on paper.
Corporate Wellness Matters
Of course, there are some perks you can offer that benefit every employee universally. These are known as Corporate Wellness policies, a concept you may be vaguely familiar with. The concept of corporate wellness has changed a lot in the last twenty years. Most of us still remember when ‘ergonomic’ was a fad and companies that cared about their employees were few and far between. People stayed employed because jobs were harder to get but now, with the talent crunch, any company that isn’t actively fun and rewarding to work for will pay the price in high turnover rates and empty positions. This means lowering office stress and increasing the physical health of your employees in a way that is easy and beneficial to them.
As study after study has shown that the corporate lifestyle is bad for both your health and mood, companies have kicked it up a notch in the health department. Ergonomic chairs can now be found in almost every office, catered lunches keep the employees away from fast food, and most companies find a way to approach the exercise issue. Modern professionals are much more aware of the health risks of a seated lifestyle than in previous decades but the last thing anyone really wants to do is group calisthenics with their coworkers. Even in-building gyms are a little awkward for people who don’t want to sweat in front of their colleagues. As it turns out, gym memberships are the most effective and well-received way to encourage employees to exercise which is why so many companies are picking up the trend.
Why a Flexible Gym Membership?
Catering to today’s professionals is all about flexibility and freedom. It may sound silly but the ability to look everything in the world up on Google has made us a very independent society very quickly. You can look up directions from your GPS location if you get lost, how to DIY repair the bathroom sink, and the recipe for a dish you’ve never heard of.
As a society, we like to choose and therefore so does your talent. When looking into wellness options, make sure you’re actually offering options. Not all gyms are the same and, in fact, many of them are extremely different. Some focus on strength training machines, some push classes and coaching, some are more yoga and independent workout oriented. Partnering with one gym to give your employees a membership is thoughtful, in it’s way, but is a lot like giving them a gift card to a restaurant they may not like.
Considering that your goal is to entice talent with the side-benefit of encouraging them to stay fit, what you really need to offer is a flexible gym membership that allows your employees to choose from a variety of gyms for a free pass or discount to join. This creates the appealing opportunity to choose the fitness facility that suits them best. Some will choose to pump iron in a traditional gym, some will take yoga classes, and some will adore the chance to join a facility that always has swimming lanes open. By giving your talent options, you can effectively improve their health and wellness without encroaching on their favored lifestyle.
Gympass Has the Corporate Wellness Solution
The problem, of course, that offering this kind of variety would usual be a huge hassle of arranging for individual gym memberships to half a dozen facilities in the region. Fortunately, wherever there is a niche, business finds a way. Gympass is an online service bringing fitness facilities and companies building corporate wellness packages together. Because these gyms and fitness centers have agreed to work together, you can effectively give your employees a pass to all of them and even the ability mix it up if they want to check out options other than their first choice. Your employees can use the app to browse local gyms and classes with a helpful map to show how far away each venue is from their current location.
Gympass helps companies offer the kind of flexible corporate wellness options that today’s talent is looking for. With access to a variety of fitness facilities in the area, you are effectively making it easier for your hired talent to stay fit, healthy, and happy to stay in their new positions.