As an employer, are you bedeviled with employee attrition or job offer rejection? If you’re a hiring manager or company leader, this statistic should scare you: Right now, the labor force participation rate is 62.7% according the US Chamber of Commerce. That number is down from 62.7% in February 2020 and 67.2% from January 2001. What’s even scarier? That rate is predicted to continue falling. With fewer people entering the workforce, it is imperative for companies to understand why employees or potential hires seemingly vanish into thin air. Based on actual candidate conversations, we’ve compiled a list of five main reasons for attrition and rejected job offers.
The Ghost of Salary Past
One of the spookiest reasons candidates turn down offers or leave their roles is the pay. In today’s competitive job market, top talent knows their worth. A recent Pew Research Center study found that 63% of employees who left their jobs cited low salaries as their reason. If your compensation package is below industry standards, you may be unknowingly scaring off the best and brightest. What’s even scarier? If candidates receive better offers from other companies, they might disappear without warning.
A Horrifying Lack of Work-Life Balance
Candidates today crave flexibility. When the expectation is for them to be tethered to their desks 24/7, they’ll often turn down the job or leave after feeling burned out. Companies offering hybrid work options, flexible schedules, and paid time off are winning over talent. In their recent Workplace Flexibility Survey, Deloitte found that while most employees do value regular, in-office attendance, 94 percent of respondents say they would benefit from work flexibility. In particular, many felt that flexibility led to less stress/improved mental health, and better integration of work and personal life. Employers who fail to take note of this risk seeming stuck in the past may see their candidates vanish like vampires at sunrise.
Creepy Company Culture
A toxic work environment can make employees flee faster than you can say “trick or treat.” Whether it’s poor leadership, lack of diversity, or a focus on outdated processes, candidates will pick up on bad vibes during interviews or shortly after they start. And they won’t stick around for long in a company that values profits over people.
The Curse of Slow Hiring Processes
Beware the dangers of a drawn-out hiring process! In a world where candidates have multiple job offers on the table, a sluggish response time can lead them to accept another opportunity. No one likes to be left waiting for weeks after an interview, and many candidates say that ghosting employers is their way of moving on when the process drags.
Monster-Level Micromanagement
If candidates sense they’ll be micromanaged, they’ll steer clear. Talented professionals value trust and autonomy in their roles, and the shadow of micromanagement can send them running before they even accept the job.
How You Can Avoid These Hiring Horrors
Here’s the good news: this haunted hiring landscape doesn’t have to be your reality. We specialize in helping companies avoid the mistakes that send candidates running in the opposite direction – and here are our biggest suggestions for making sure you aren’t spooking employee and candidates away.
- Conduct a Total Rewards Assessment: To stay competitive, benchmark your salaries and benefits against industry standards. You’ll want to ensure that your offerings aren’t the reason you lose out on top talent.
- Flexible Work Solutions: Make sure to highlight your company’s unique work-life balance perks during the hiring process. By knowing what today’s candidates want, you can enhance you position and your company as an attractive employer.
- Culture Fit: Look for talent that aligns with your company’s values and goals, helping you create a team that’s invested in your success. Be sure you know both the hard skills and the intangibles it takes to both “fit in” and succeed in your environment.
- Efficient Hiring Process: Time is of the essence, so working quickly and efficiently to engage qualified candidates is essential. If you meet candidates who fit the bill and match your culture – don’t drag out an offer. Work to ensure that your hiring process doesn’t scare away top talent with unnecessary delays.
- Management Support: If micromanagement has been an issue in your organization, consider leadership development and training resources to create a more empowering workplace. If you hire great people and don’t empower them, they won’t stick around long.
Don’t Let Great Talent Slip Away!
As the spooky season approaches, don’t let your hiring processes become a nightmare! At Sherpa, we’re experts in preventing hiring horrors and helping you build a strong, engaged team. If you’ve been haunted by disappearing candidates or frustrated by retention issues, let’s talk. Our talent acquisition experts are here to help you take your hiring process from frightful to delightful.
