The pandemic-led effects on the employment world today

The employment world today is highly competitive. At the height of the pandemic, many employees have chosen to stay in their roles due to factors, including but not limited to: state and global border closures, social restrictions, layoffs, hiring freezes, and employee focus on job security and personal/family health. During this time, employees have reevaluated their priorities, found more value in family time, remote work and passionate projects and subsequently, developed job dissatisfaction with their current employment. 

In the United States, both aforementioned external and internal factors have led to the ‘Great Resignation’, a term coined by Dr Anthony Klotz, where significant numbers of employees are leaving their current roles during the pandemic. A record number of 4.4 million Americans quit in September 2021 alone, this is 34% more than in the same month in 2020. These effects does not simply impact employees in the United States, they can be felt by employees all around in the world, including Hong Kong. A global survey by Microsoft concluded that “41% of the global workforce” is “likely to consider leaving their current employer.” It is more crucial than ever to be an employer of choice in order to continue attracting and securing key talent.

What does it mean to be an employer of choice?

An employer of choice is a company jobseekers and employees consciously choose to work for when presented with other employment options. This is a coveted position as workers have plenty of choices when it comes to occupation, employer locale, industry, and work arrangements. Becoming an employer of choice requires understanding of the common issues that influence workers’ decision-making choices. The more employers understand these issues, the more they can take steps to strengthen their position as employer of choice.

The benefits of being an employer of choice

Increased productivity

Employees who feel comfortable and supported in their organisation are much more likely to produce better work. Many studies back this as well—for instance, a study conducted University of Warwick found that employees had a 12% spike in productivity when they were happy.

Positive workplace culture

When employees are happy and have a high level of morale. they do not dread coming to work, instead, they look forward to it and find a sense of fulfillment in their work. As a result, an environment where collaboration and productivity thrive is created. This is beneficial for both employers and employees. 

Better retention rates

Job satisfaction plays a key role in retaining talent. When employees’ expectations of the workplace are met, they are less likely to look for another job. Additionally, companies can save on the costs of recruitment to find new replacements.

Attract top talent

Competitive remunerations and benefits as well as a healthy, thriving workplace are attractive factors for elite professionals. Some of the biggest companies commit time to developing strong employer branding in order to attract top-tier talent.

Ascertain what will attract and retain ideal employees

Employees are seeking roles that offer competitive remuneration with other benefits including flexibility, health, wellbeing, and work-life balance. They desire more from their role and employer to match their new vision in life.

Survey employees and potential hires to find out their thoughts (what they like, feel can be improved) within the framework of the company. Ask them about how they see their future in the organisation to be and what would make them happier, appreciated, more productive and healthier. It may be more effective to find out their needs, wants, motivations and frustrations via third-party surveys, rather than directly, as some anonymity can lead to more honesty. Most importantly, make sure to take visible action in response to key feedback. According to McKinsey, employees are “not tired of you asking them. They’re upset about you not doing anything with it.”

Study your competitors

Some of Hong Kong graduates' top ideal employers include Google, Apple, HSBC, HKSAR Government, L’Oréal Group and Cathay Pacific Airways. Interestingly, L’Oréal Group’s recent popularity correlates strongly with the perception that they are a highly successful organisation that enables talent to work with exciting and interesting products.

Learn from the big competitors as well as your direct competitors. Jobseekers and your current employees are comparing your company to other companies in terms of workplace culture, career progression, benefits and compensation. Understand your standing by networking with managers from other companies, looking at competitors’ webpages and talking to employees and candidates about their observations. Only then can you seek improvement and strive to stand out from the rest.

Build a healthy workplace culture

A healthy workplace is one that is rife with opportunities for growth. Challenge employees with exciting work throughout their employment to keep them engaged. Show them that their work does not go unrewarded and that opportunities for advancement are available. It would be ideal for every employee to have a clear career path in the company, which includes promotions, regular evaluations, skills training and mentoring opportunities. When employees have something to work towards, they will be much more engaged in their roles. 

Create a culture that celebrates and recognises achievements. Recognising employees’ efforts go a long way for the company culture and workplace morale. Health benefits software company, PeopleKeep, recommends rewarding on individual, team and company basis. 

Final Thoughts

Often times, when companies think of appealing to jobseekers and employees, cozy corners and team gatherings come to mind. However, as evident from the points above, what matters more is a company that engages, empowers, develops and rewards its employees. Thriving employees lead to a thriving company, and thriving companies will be able to retain and attract top talent in the competitive employment market today.