Accounting For Talent Risks In A Competitive Hiring Market

As the COVID-19 pandemic and health regulations start to finally ease up, organizations are feeling a great sense of normalcy returning. In terms of jobs, many federal entities like the U.S. Federal Reserve point to plenty of new positions being created across the country. However, many companies are still having trouble hiring and retaining talent amidst everything. A great shift in employment is happening due to the wants and needs of candidates increasing beyond higher pay. Risk management professionals need to manage the talent risks that come along with that and understand what candidates want from their employers. Here are perks that most people are valuing higher than wages. 

Company Culture  

Company culture is becoming more and more valuable every day. Not to say it hasn’t been valuable before, but now, we are seeing potential candidates willing to take less monetary benefits in favor of a company with strong company culture. What does a strong company culture look like? 

A strong company culture consists of many different things. Usually, it includes various degrees of employee flexibility that promote health and wellness. For example, the remote work industry is booming because of the flexibility it offers for employees to spend more time at home alongside their families. On top of this, there is an emphasis on upward mobility within organizations, social events, and a focus on comfort rather than wages. The idea of company culture shouldn’t be scoffed at by organizations. Strong company culture will help retain and attract new talent that when comfortable, will deliver their best work. 

Health Concerns 

Health benefits are a benefit that employees have always been looking for. After the COVID-19 pandemic began, health concerns rose to extreme heights. The nation has gone back and forth with what to do in terms of optimizing the public’s health. Many employees place health regulations and benefits of a company at the highest priority. Organizations should prioritize medical benefits to ensure their organization looks attractive when hiring candidates. 

Aside from medical benefits, the freedom and understanding of everyone’s own personal health matters. With a lot of information being passed around, it is important to respect everyone’s decision regarding their own health. A lot of companies that mandated testing and vaccinations saw a lot of valuable talent walk away. It is important to have a stance, but don’t force it upon your workforce. Everyone’s idea of good health is different. The thing that is certain is, employees, want to know that organizations are supporting their efforts in functioning at 100% no matter what. 

I hope this helps!