How to Attract and Retain Talent in Tight European Labor Markets

Despite the challenges brought on by the COVID-19 pandemic, European economies have flourished and are poised for continued growth in the coming years. The overall economic outlook forecasts small increases in GDP and recessions for many European countries, which is forcing corporations to adjust their expectations accordingly. This White Paper in collaboration with Fosway will look at the ways organizations can build a dynamic reputation to attract, grow and retain talent, as well as the HR tools that can support these activities. 

Find a brief summary of the topics below:

Talent Acquisition

As a result of the aging European population, many organizations are rethinking traditional hiring methods and looking to implement new HR strategies focused on talent retention. These unexpected difficulties are persuading corporations to reconsider their current HR systems and identify which methods can support new ways to approach talent management. In a poll, Fosway posed the question, “What are your priorities to improve your organization’s talent acquisition experience?” Respondents answered: 

  • 75% Improved quality of recruitment
  • 58% Improved candidate experience
  • 54% Faster time to hire
  • 52% More hiring diversity

Due to restricted European labor markets, corporations are seeking to increase their outreach to potential candidates and implement new talent acquisition strategies.

Talent Retention

According to Fosway’s research, European companies are facing the stark realization of reevaluating how talent retention works within their organization. Alongside strategies on how to attract talent, your organization must also consider how to retain and develop your existing workforce. Many workers are looking for better opportunities to help cope with the rising costs of living. Financial well-being is a leading retention strategy that is driving corporate change. Effective approaches such as catering to different segments and active listening are becoming key starting points for many organizations.

Flexibility, upskilling and employee referral programs

To attract and retain talent, organizations should leverage their ability to create a pleasant and motivating work environment that offers equal opportunities to the entire team. These companies often produce increased rates of hiring success when resources such as employee referral programs, working flexibility, benefits, pay raises and opportunities to upskill are promoted.

Next-gen tools

Traditional “post-and-pray” based strategies have been showing limited success in recent years. In the age of digitalization, there is a wide range of next-gen tools to help companies modernize their HR and Talent Acquisition (TA) software. It is a good practice to assess and review your company’s technology ecosystem periodically to plan and develop a roadmap for the future in the fast-moving world of Talent Acquisition and Retention. HCM and TA vendors have been working to improve their technology to support new methods to not only attract and hire employees, but also to retain and inspire their existing teams.

For more than 25 years, the Fosway Group has been analyzing market realities and providing in-depth insights on the future of talent, HR and learning. Talentia is an international leader in Human Resource solutions providing you with the latest updates and HR-focused research. 

For further analysis by Fosway regarding this topic, download the white paper.

Download the White Paper