Round Table: Insights into the Tight Labor Market

Batenborch International frequently organizes events that allow professionals to learn with and from each other. Last week, we invited various HR Directors, Commercial Directors and General Managers to a Round Table in collaboration with Hovingh & Partners to provide their insights and knowledge on coping with the tight labor market.

During the Round Table on the tight labor market, three main topics were discussed: Acquiring talent, keeping talent within the organization and the personal development of talent.

Recruitment and Selection

Do you know how your potential employees are approached and what effect this could have on your company’s image? By approaching talent more personally, you are in control of your brand and name in the market. Additionally, over the past years priorities for potential employees have been shifting. For example, core values of the company and its manager are becoming more important than factors such as working for a well-known company. This is next to salary, which is still as important as ever. In the tight labor market it is difficult to attract new talent, which might lead to a larger focus on attitude and cultural fit instead of looking for the perfect experience. Cultural fit and attitude are crucial for attracting talent and for long-term success. Lastly, more companies are looking for an interim solution in the tight labor market, as this is a bridge before acquiring a more permanent solution.

Retain your Employees

As mentioned before, the right cultural fit is crucial in the recruitment and selection phase and increases the chances of a strong connection with your company. Family owned companies, or at least the sense of operating within a family, increases loyalty. Another important aspect for retaining employees is communication. When management is communicating clearly and transparently to its employees and allowing them to provide input (for example by facilitating inspiration sessions), employees feel heard and appreciated.

In this way personal and company goals can be interconnected, which leads to a win-win situation. To keep your employees happy and motivated on the long-term you should focus on the right training and continuously challenge them on various aspects. On the contrary, a salary increase results only in a short-term commitment. Finally, as a manager you should be genuinely interested in your employees and improve your personal bond with them. A manager should be open and genuine when it comes to bonding; your employees intuitively can feel when you are faking it.

“People don’t leave the company, they quit the boss.”

Training and Development

To keep your employees happy, the implementation of training and development is key. Each employee should have a personal development plan in which both personal and business goals are defined. The manager has a fundamental role in the success of a team, but eventually the individual needs to perform and achieve its own goals. The collaboration of senior and more junior employees can be a great option as both the junior and senior professionals grow, learn and develop themselves.