The High Cost of Ignoring Employees

Let’s Talk Employer Branding

Ever stumbled upon LinkedIn posts highlighting the stark realities of ignoring employee satisfaction?

Take this one, for instance: A skilled employee was earning $100k. When they left, the cost to replace them skyrocketed to over $135k.

What led to this?

  • A modest raise might have prevented their departure.

  • The position remained unfilled for over three months.

  • The exhaustive cycle of interviewing, hiring, onboarding, and training ensued.

  • It took over a year for the new hire to reach the efficiency level of the departed employee.

Gregg said it best.

Listen to your employees, treat them fairly, and always weigh the cost of replacement.

As we dive deeper into the current job market dynamics and employer branding strategies, keep this in mind.

Breaking Down Today’s Job Market

We did the research for you.

Here's a simplified breakdown of recent insights from Forbes, The New York Times, and JP Morgan:

ECONOMIC TRENDS

Strong Start to 2024: 2024 started off strong with a surprising boost in jobs—353,000 were added in January, showing that the economy is still robust (NY Times).Growth Moderation: By April, job growth slowed down a little, indicating that the job market is starting to stabilize (JP Morgan).

INDUSTRY INSIGHTS & WAGE TRENDS

Industry Shifts: Hospitality is thriving, but finance and IT are experiencing layoffs and less hiring (Forbes).Wage Trends: Wage growth is slightly decreasing, which impacts buying power if not adjusted for inflation (Forbes). However, strong wage increases in January show economic confidence, though they also bring up concerns about future inflation (NY Times).

LOOKING AHEAD:

Workforce ChangesGenZ workers and increased use of AI are changing jobs and creating new opportunities (Forbes).

Wage AdjustmentsAs wage growth begins to normalize, companies may need to adjust salaries to maintain employee purchasing power and stay competitive (Forbes).

Economic UncertaintyDespite current strength, the job market faces potential challenges from global economic pressures, which could affect job stability and growth (Forbes).

What now? A Word From Our Partners and the Best in Recruiting: Right Choice Resources

In today's dynamic job market, we face challenges from two essential perspectives.

From an organizational standpoint, the focus is on maintaining desirability and streamlining the hiring process. For candidates, the question becomes: How do I distinguish myself in such a competitive environment?

FOR CANDIDATES: SMART MOVES TO MAKE

  • Do Your Homework: Impress your potential employers by asking detailed questions. For instance, you might say, "I saw on PitchBook that your company secured $25 million in Series B funding. Could you share how this will be used and the expected impact on your company’s growth?"

  • Follow Up Thoughtfully: Send a thank-you email within 24 hours post-interview. Ensure it's error-free and reiterate how you can contribute to the company, citing specifics from your conversation to show you were engaged and listening.

  • Close Confidently: At the interview's end, express your eagerness to proceed and inquire directly if there are any hesitations about your fit, providing you a chance to address any doubts immediately.

FOR HIRING MANAGERS: BEST PRACTICES

  • Mutual Evaluation: Remember, strong candidates are likely evaluating you as much as you are evaluating them. Setting a welcoming tone, perhaps through a pre-interview note expressing your anticipation to meet, can make a powerful positive impression.

  • Discuss Compensation Early: Bring up salary early in the conversation. This transparency saves time for both parties and shows that you respect the candidate's needs and expectations.

  • Encourage Questions: Allocate time for candidates to ask their questions. This not only helps them assess if they’re truly interested but also demonstrates that you value their consideration.

Personal- & Employer-Branding Takeaways

For employers, consider each step of the hiring process as part of your brand campaign. From the initial job posting to the final interview, every touchpoint is an opportunity to showcase your company’s values and culture. This alone is a powerful brand statement, especially coupled with employee advocacy.

For candidates, think of your engagement with potential employers as your personal brand pitch. The questions you ask, the follow-up emails you send, and your interview all contribute to the narrative you’re building about yourself and fit for the company.

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That’s it from us today. Hope you got something out of it.

See you next week,
The Shield team

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Disclaimer: Shield is provided as a third-party application and is not endorsed by LinkedIn. Shield does not scrape or automate user behaviour.

Shield is trusted by creators and brands in +50 countries and process millions of LinkedIn posts from thousands of accounts. Get yours today.

© 2023 SHIELD INTELLIGENCE
(DK-39484358)

Disclaimer: Shield is provided as a third-party application and is not endorsed by LinkedIn. Shield does not scrape or automate user behaviour.

Shield is trusted by creators and brands in +50 countries and process millions of LinkedIn posts from thousands of accounts. Get yours today.

© 2023 SHIELD INTELLIGENCE
(DK-39484358)

Disclaimer: Shield is provided as a third-party application and is not endorsed by LinkedIn. Shield does not scrape or automate user behaviour.

Shield is trusted by creators and brands in +50 countries and process millions of LinkedIn posts from thousands of accounts. Get yours today.

© 2023 SHIELD INTELLIGENCE
(DK-39484358)

Disclaimer: Shield is provided as a third-party application and is not endorsed by LinkedIn. Shield does not scrape or automate user behaviour.