Social Media is Changing Attraction & Retention of Talent, Yet 76 Percent of Companies Have No Formal Social Media Strategy

Social media is changing the way people find jobs, but according to the latest Emerging Workforce Study by SFN Group, most companies are out of step. In fact, less than one-fourth have a formal social media strategy in place, and of those, only one-third say they've had success.

While successful adoption of social media requires a radical mindset change, the SFN study found many companies continue to apply conventional thinking to attracting, cultivating and retaining workers -- a strategy that may fall short in today's digital world.

Conventional Misfire #1: Attracting Talent Is Most Successful through Traditional Means

According to the study, only four percent of HR executives use social networking to recruit. For many, attracting workers remains a sterile, one-size-fits-all approach, regardless of an onslaught of social media that now offers boundless opportunities to target specific candidate groups and tap into markets which might otherwise have been inaccessible.

Conventional Misfire #2: Providing a Paycheck Alone Ensures an Engaged Workforce

The Emerging Workforce Study found that for 75 percent of workers, their job means more than just a way to earn a living. A full 88 percent want to think of new and creative ways to do things, with most workers naming growth potential as the top reason to stay beyond pay and benefits. One of the most effective venues to engage workers is social media, yet of the 44 percent of businesses using it, only 20 percent use it to motivate existing employees.

Conventional Misfire #3: Social Media Has Little to Do with Retaining Workers

Less than 20 percent of companies leverage social media to retain employees, according to the study. This is not surprising, when only 23 percent of HR executives said they are concerned about retention. However, utilizing social media to reinforce a company's commitment to its mission can deliver tremendous dividends in employee loyalty.

The study found that workers who feel their employer has a clear corporate mission -- and follows through on it -- are nearly twice as likely to stick around, compared to those who work for companies without a clear mission.

Arguably, a compelling reason behind the growth of social media is it allows people to be heard. Giving workers an outlet to speak their minds can dramatically improve employee retention.

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