3 Pivots To Attract Top Talent In A Tight Labor Market

According to Greenhouse’s 2024 Candidate Experience Report, 42% of job candidates said they would be actively looking for a new job within the next six months, and 71% have a confident outlook on the job market in 2024. The competition for top talent remains strong. Candidates continue to have more power than recruiters and hiring managers, and they are expected to retain that power with unemployment rates remaining below 4% for the foreseeable future.

What Do Candidates Want?

Two-thirds of job seekers say a company’s commitment to diversity, equity and inclusion (DEI) influences their decision to apply, and three-quarters of candidates say that a company’s culture and external brand influence their decision to apply for a job. In addition, the 2024 Edelman Trust Barometer found that people continue to trust businesses more than the government and media, and they expect businesses to lead social change.

In the midst of these strong job-candidate expectations, it's important that organizations pivot now if they are not already focusing on inclusion, culture and social responsibility.

• DEI: Companies should have a clear and intentional DEI strategy that is communicated to employees and candidates.
• Culture: Culture is a long game that requires consistent and intentional effort from all members of the organization, especially leadership.
• Social Responsibility: Companies should prioritize their social responsibility goals and use their voices to promote positive change.

Pivot #1: Get DEI Right

Diversity, equity and inclusion are good for business. Yet, DEI can look very different in different organizations. For organizations that are inherently not diverse, it is critical to start with a broader message about why diversity is important and what DEI means to the organization. Then, having an intentional strategy over the next few years can help people understand where the organization is going with DEI. When organizations don't have solid road maps, it leads to confusion about what DEI is and why they're using some of the tactics like training initiatives or events.

For example, some of our clients use a right-sized DEI approach. They have micro-learning content via videos and newsletter articles, and they host various cultural celebrations throughout the year. Rather than have one big program or one diversity day a year, it's more effective to sprinkle in events and programming throughout the year while also holding leaders accountable to attend the events and implement the tools provided at those events. DEI is an ongoing conversation, and dialing in on the right tools and topics for your organization is crucial to success.?

Pivot #2: Establish a Sustainable Competitive Advantage Through Culture

It is difficult to create or transform an organization's culture in the short-term. Culture is a long game; it's a series of intentional and consistent experiences that create the organizational culture over time. A company’s culture can offer a sustainable competitive advantage when it's prioritized by all members of the organization, especially leadership.

Prioritizing culture means listening to employees about their perceptions of the current culture. Listening sessions, focus groups and assessments can help dial in on the strengths, weaknesses, opportunities and threats of the organization's culture. Even with a continual focus on culture, organizations’ commitment to it can wane; therefore, they should always look to? current data to inform their strategies. It is important to use that data to set clear priorities on what will improve or enhance the existing culture. For example, organizations can ask for and use feedback from employees about accountability for unhelpful behaviors like micro-aggressions or work-life flexibility to improve their cultures over time.?

Pivot #3: Prioritize Your Social Responsibility Goals

Corporate social responsibility has existed for quite some time. With many organizations pivoting to environmental, social governance or ESG , it's clear that if you want to be globally relevant you need to care about society. Gone are the days when people expect companies to simply make money and uphold capitalism. Young people in particular expect organizations to contribute good to the world. That could mean taking a stance on environmental issues like climate change or racial justice or having specific goals and metrics around issues that matter most to your employees and the communities you serve. For example, Ben & Jerry's has been a long-time supporter of racial justice issues and uses their brand platform to promote positive social change for fair trade, refugees and democracy.?

Organizations can't take a stance on all social issues, so it's important to focus on the ones that matter most to your organization internally and externally. Prioritize the top one, two or three issues and be intentional about using the organization's voice for positive change.

To attract top talent in a tight labor market, organizations need to focus on DEI, culture and social responsibility. Companies should have a clear and intentional DEI strategy that is communicated to employees and candidates, and they should treat culture as a long game that requires consistent and intentional effort from all members of the organization—especially leadership—promoting social-responsibility goals and using their voices to promote positive change.

Learn more at NextPivotPoint.com.