| | MAY 2022MANAGEHRMAGAZINE.COM8In MyOpinionBy Bridget Quinn Kirshner, VP of Client Experience, WorkMarket an ADP CompanyHOW TO WIN IN THE WAR FOR TALENTAs the labor market continues to shift and people reassess their ideal work experience, estimates expect the gig economy to grow to 86 million people by the year 2027. In fact, 4 million Americans quit their jobs this last July, according to the U.S. Bureau of Labor Statistics, after a peak in April. Studies by the Morning Consult for Prudential also found as recently as this past October that 46 percent of full-time employed U.S. adults are planning to, or are actively engaging in, looking for a new job. As this movement creates changes across all industries, employers need to prepare for a competitive talent market.Why are workers leaving?To understand how to attract and retain top talent, we first need to know why they are leaving. Studies indicate that high burnout rates, especially in mid-level workers, healthcare and IT industries, were the leading contributor to the number of resignations seen in those sectors. Many workers are starting to realize that they are living to work, instead of working to live. The impacts of living through a major pandemic, and dealing with the vast fallouts, have caused many to rethink their priorities. The Atlantic has stated that many workers "have had to reconsider the boundaries between boss and worker, family time and work time, home and office." During this reconsideration, many have realized that this boundary has been blurred for far too long. More focus is now being put on developing a distinct work-life balance, where the worker has more control over the when, where and how they work.As a result, these talented workers are increasingly deciding to go out on their own as freelancers, especially those with specific knowledge-based roles. With this rising shift to the workforce, how can you attract this new division of workers? How do you make your brand and your projects more appealing to them? And how do you ensure they continue to come back and continuously work with you? Tips to Attract and Retain Contingent Workers1. Pay special attention to how you pay gig workers­Most gig workers prefer electronic payment over paper checks.Furthermore, workers overwhelmingly prefer ACH (automated clearing house) to withdraw funds ­with nearly 80 percent of workers on ADP's freelance management software, WorkMarket, selecting ACH compared to other electronic methods. How you pay your contingent workers, and how quickly you pay them, can have a significant impact on their overall retention when working with gig workers.2. Improve your employer brand - Whether candidates are seeking a full-time position or a freelance gig, company culture ranks very high on the list of factors that go into the decision process. Having a strong employer brand can directly impact your ability to hire on-demand talent. Share your company's history, mission, and values, while emphasizing the special role contingent workers play in your organization's future. Be sure to highlight what sets you apart from other companies within your industry and don't be shy about touting employer brand awards, such as "Best Places to Work." 3. Build strong relationships - Just because a contingent worker By building a holistic workforce, employers can successfully flex to meet the unique demands of the modern business environment and better position themselves to achieve future growth
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