The recent crises took a toll on many small and big businesses. Funding ran low and companies had to downsize. But while recovering from the pandemic companies still need to function. And for that, they have to retain the current employees and recruit new ones as needed. So what steps can HR management take to best utilise resources for the recruitment and retention of employees?
One strategy can be to recruit people on a short-term/project basis or first bring back the staff that was furloughed[i]. The primary goal should be the retention of the most valuable employees and the swift onboarding of new talent. Here they are.
3 strategies to retain and recruit staff post-pandemic
Manage Salaries of high-level employees
Cutting the salaries of C-level employees can be a strategy to employ when funds are low[ii]. These employees are in a better position to handle salary cuts as compared to floor workers and other employees. That way you can stretch the funds to retain the current workforce. The company will do better with all hands on deck during the crisis.
Cut down costs
If you have an office space where you can only call 50% of your employees (social distancing) then you might as well cut your losses and shift all your staff to remote work, at least until your net revenue increases[iii]. Cutting down on rent and other expenses by having people work from home will free up some budget so you can retain or hire more employees.
Offer incentives
Incentives are highly useful for both retaining current employees and recruiting new ones. These can be healthcare insurance and performance-based bonus packages amongst other benefits[iv]. It helps encourage your employees to stay with the company during a time when salary raises can’t be expected. You can offer recruits incentives such as further education options or sponsorships. Other perks such as flexible work hours, professional development, and personal mentoring can also help you recruit young professionals[v].
Fun fact: Flex Jobs’ 2018 survey shows that 78% of Millennials prefer flexible work hours over 9-5 jobs[vi].
Want to read more on the topic? Check out these blogs:
Employee retention techniques for HR managers
Organisational Design: Aligning Structure, Culture, and Strategy for Success
Conclusion
No one strategy is the answer to your problems. You need to adjust the above-mentioned approaches to fit your goals. The last few years were hard on businesses, especially the Human Resource Departments that dealt with many employees who lost their jobs. Now as the world is in recovery[vii], you need to be strategic about how you can retain your current workforce and hire new ones to improve your company’s bottom line. If you are in HR management, this is an ideal time for you to polish up your expertise to enhance your knowledge and become an asset to the organisation. For that, you should enrol in an online Masters program, and complete the degree along with your full-time job!
SNATIKA offers prestigious Masters and MBA programs in Human Resources Management to senior HR managers. You can easily earn your dream Masters through our state-of-the-art LMS and flexible learning schedules. Check out our benefits here.