More than three-quarters, or 78%, of businesses plan to increase their hiring during 2021’s second half, according to a survey commissioned by Greenhouse. At the same time, 68% expect attrition to increase, and more than half, 53%, agree that the primary cause of turnover is employees wanting to have better work-life balance.
This surge in hiring goes beyond making up for lost headcount and resignations. Over 60% of the C-suite leaders and HR executives surveyed said they plan to increase headcount by 50% or more during the second half. While 33% of new job postings are meant to return staffing to pre-COVID levels, 60% will be for new roles.
The concern about hiring goes all the way to the top. Some 84% of the business leaders believe that hiring is a top priority for their CEO.
That’s all well and good, but any rumors you’ve heard about this being a candidate’s market are true, the survey found. “With demand for talent so high, the power is now in candidates’ hands,” Greenhouse said. That means employers have a new set of demands to address if they want to find people to hire. Of the most popular benefits candidates mention, the survey said, 63% want a flexible work schedule, 57% want the option of hybrid or remote working and only 12% are looking for in-office perks.
To keep themselves afloat, businesses need a structured process that’s also up to date, said Greenhouse CEO Daniel Chait. “Businesses that have a copy and paste strategy are bringing an old playbook to a new game,” he said. “It’s a recipe for disaster, and cuts out many great candidates.”
Meanwhile, as companies lay out plans for the post-pandemic workplace, employees aren’t prepared to stick around if businesses don’t take an approach they consider reasonable. Disagreement with company return-to-office plans could be a leading cause of attrition, with 33% of respondents predicting this will have an impact on employee churn, the survey found.
What steps are businesses taking to combat churn within their ranks? Almost three-quarters, 71%, intend to increase or expand existing benefits, while 59% plan to introduce a new bonus scheme and 56% are considering giving employees more time-off.
“Leaders need to understand that people have more choices [of] where to work than ever before,” said Chait. “Your hiring strategy needs to create a culture of purpose, where people feel they belong and can express their identity. Ultimately, your hiring problems become your retention problems, and vice versa.”
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