Recruitment and Retention Strategies: Insights from the Albany Business Review Executive Forum

Did you miss this year’s Executive Forum Panel Discussion on Recruiting and Retaining Talent in 2023? Ryan Thomas, Executive Vice President of Business Development at redShift Recruiting, was pleased to join fellow panelists Martin Patrick, Senior HR Consultant Manager at GTM Payroll & HR, and Renee Walrath, President & CEO of Walrath Recruiting. This virtual event brought together top local industry experts to discuss employment trends, business hiring concerns, and the current job market in the New York Capital Region.

During the discussion, the panelists covered a wide range of topics, such as the importance of building a well-known brand, targeting the right talent, and having a well-structured recruitment process to find the best candidates. They stressed the importance of offering competitive benefits to attract and retain top talent, such as tuition reimbursement, paid time off, and health insurance. Flexibility as well as remote or hybrid work options are also still highly desired by candidates, although there has been a noticeable drop in these job postings as more employers begin asking remote employees to return to the office.

Recruitment and Retention Strategies

One of the major topics discussed during the panel was recruitment and retention strategies, including the challenges local companies are facing in finding qualified candidates, especially for hard-to-fill positions. The panelists emphasized that finding the right talent is critical for the success of any organization and that companies need to look beyond traditional job board postings to find the best candidates. They suggested that companies should focus on building a strong employer brand, which can be achieved by highlighting their unique culture, values, and mission. They also emphasized the importance of offering a competitive compensation package and employee benefits, such as flexible work arrangements, wellness programs, and professional development opportunities.

The panelists spent some time talking about the importance of a smooth and efficient hiring process, including having strong and regular communication with employees from the start of the interview process through their first few weeks on the job. Poor candidate experiences can damage employer brands, and candidates who feel “ghosted” because of the employer’s lack of communication may turn down a job even if one is offered. Moving quickly through the hiring process is essential to avoid losing candidates to competitors.

Company culture was another key aspect of retaining employees that was discussed. The panelists recommended holding “stay interviews” to gather feedback from employees and address any issues or concerns that could lead to turnover. Listening to employees, understanding their career goals, resolving issues, and communicating plans and expectations are essential to retaining talented employees, who may start looking for another position if they feel burnt out, unappreciated, or concerned about the future of the company.

Interviewing Best Practices

The panelists also discussed interviewing best practices, which are essential for identifying the best candidates and ensuring a positive candidate experience. They recommended that companies clearly understand the job description and ask questions that will help them identify candidates with the skills and experience they need. Other suggestions included using behavioral interviewing techniques in addition to having the candidate meet with other employees to get their feedback and see if they are a good fit for the team.

Additionally, the panelists suggested companies consider using personality and skill tests to evaluate candidates' strengths and abilities. They stressed the importance of providing timely feedback to candidates and being transparent about the recruitment process.

Challenges and Opportunities

The panelists acknowledged the challenges of finding the best talent in a competitive job market and emphasized the importance of companies actively engaging with candidates and employees to create a positive and productive work environment. They discussed the need for employers to speed up the recruiting process, make their jobs attractive, and convey their company values effectively to potential candidates.

The panelists pointed out that the last quarter of 2022 and early 2023 saw many national companies lay off large numbers of employees, particularly in the tech sector, but suggested that this may actually provide an opportunity for companies in the Capital Region to hire new talent. They discussed the trends emerging in recruitment and the challenges companies are facing in finding and retaining qualified candidates, emphasizing the need for companies to adapt and change in response to the rapidly evolving employment landscape. Recruiters and staffing agencies can be valuable partners to employers as they navigate these changing demands, providing critical insights and expertise as well as access to an extensive candidate network.

Conclusion

In conclusion, the Albany Business Review’s Executive Forum on Recruitment and Retention in 2023 provided valuable insights into the challenges and opportunities that local companies face in the current employment market. It is essential for businesses to adapt to the changing employment landscape and create a positive and productive work environment for both current and prospective employees. The panelists emphasized the importance of building a strong employer brand, offering competitive compensation and benefits, investing in talent development, and conducting effective interviews. By following these strategies, companies can attract and retain the best talent and achieve their business objectives.