Please ensure Javascript is enabled for purposes of website accessibility

Navigating the ‘Big Stay’: How Businesses Can Attract and Retain Top Talent Amidst Evolving Job Market Dynamics

Unveiling effective strategies for small businesses to attract top talent during the 'Big Stay' era.

Niki Jorgensen //May 21, 2024//

The big Stay Concept: Attract Leads And Customers. Capture Business Candidate With Magnet
The big Stay Concept: Attract Leads And Customers. Capture Business Candidate With Magnet

Navigating the ‘Big Stay’: How Businesses Can Attract and Retain Top Talent Amidst Evolving Job Market Dynamics

Unveiling effective strategies for small businesses to attract top talent during the 'Big Stay' era.

Niki Jorgensen //May 21, 2024//

The Great Resignation, once a hot topic and large concern for employers across the nation, has since evolved into a new era of the ‘Big Stay.’

After the pandemic, employers became increasingly concerned about employee retention and its effect on their overall organization. The Great Resignation encouraged dissatisfied employees to search elsewhere for a job that met their ideal work environment and set forth new work-life standards for more purpose-driven careers.

The pendulum swings back the opposite direction resulting in the Big Stay, a movement where fewer employees quit, is fueled by the overall job market leveling out within some industries and becoming more volatile in others. Exponential wage growth has also waned amidst ongoing talks of economic uncertainty and slowing job growth. 

READ: Colorado’s Labor Market Paradox — Plentiful Jobs, Mismatched Talent

However, businesses of all sizes are vying for top-notch candidates who may be content in their current position. But the Big Stay is particularly relevant for small businesses competing with larger corporations for top talent.

Luring candidates away from a sure and steady position can seem like a monumental task. To appeal to these candidates, small businesses should strategically position themselves as attractive and viable alternatives to big corporations.

This involves highlighting the unique advantages they can offer. By emphasizing these benefits, small businesses can effectively showcase their unique value proposition, making them a compelling choice for top talent seeking a fulfilling and dynamic career path.

To remain steadfast in their mission to lure the ideal candidate, companies should focus their efforts on their employer branding.

Employer branding showcases the culture, benefits and employee experience of a business to potential candidates. This strategic effort helps attract, engage and retain top talent by presenting the company as an employer of choice. To effectively evaluate and enhance their employer branding, companies should start by addressing the following key areas.

READ: How to Prevent Loud Quitting — Strategies to Boost Employee Engagement

Evaluate the candidate experience

Evaluating the candidates’ experiences is a great start to engaging ideal applicants.

Companies should begin this process with a digital brand assessment. Companies can use this exercise to determine if their current branding aligns with their goals, mission and company culture. This entails pulling together testimonials from current employees who can share their positive employee experience and provide realistic insights into the company’s culture.

In addition to storytelling, hiring managers can use career pages to showcase a day in the life section so candidates can gain valuable insights into the company.

In combination with the efforts above, thoughtfully responding to reviews and addressing concerns on job sites or career community platforms can help prospective employees build trust. This action is essential as it mitigates a negative impact or perception from potential job seekers. 

READ: How to Craft an Ideal Employee Experience Strategy — 6 Easy Steps

Align compensation and benefits

Employers aiming to attract top talent and encourage them to transition to a new role at their company should ensure their compensation and benefit packages are competitive.

Talented candidates come at a price, so aligning offerings with the caliber of talent they wish to attract is essential to successfully bringing them on board. Companies looking to set themselves apart can offer competitive salaries that are at or above the market rate for positions.

If choosing this approach, this should be part of an overall compensation philosophy versus a one-off decision.

In addition to higher salaries, businesses can offer benefits like performance bonuses and retirement plans that reward employees for their hard work and ensure employees can fully invest in their retirement.

Providing extensive policies that allow for adequate paid time off and work-life balance are large selling points for candidates. Lastly, setting clear career advancement opportunities lets talent know they have a future and set career path with their new role. 

Invest in your people

Showcasing how an organization’s employees are being invested in lets candidates know they are valued. To fully invest in employees, businesses should implement programs and opportunities that will further help their employees excel in their career. 

Similar to evaluating the employee experience, it is important to reflect on how a company is investing in its people. Prioritizing programs that encourage growth, retention and culture can ensure current employees feel valued and incoming employees are assured they made the right decision.

Investing in people can be achieved in several ways:

  • Implement training programs that help employees grow both personally and professionally.
  • Cultivate a culture that engages and enables employees to effectively and efficiently communicate with one another.
  • Establish reward programs that recognize hardworking individuals for their contributions. 

The bottom line

While employers continue to navigate the Big Stay and the effects it has on the job market, companies can stay ahead of the curve by evaluating their current employer branding.

Regularly assessing and benchmarking competitors can provide insights into industry standards and highlight opportunities for differentiation. Additionally, identifying areas of improvement, updating current policies and programs and investing in employees are proactive ways to encourage top talent to consider making the transition. 

 

Niki Jorgensen is a Managing Director of Client Implementation with Insperity, a leading provider of human resources offering the most comprehensive suite of scalable HR solutions available in the marketplace. For more information about Insperity, call 800-465-3800 or visit www.insperity.com.   

l