As reported in a recent Huffington Post article, employers in the nonprofit sector expect to hire at a rate that could surpass their for-profit peers in 2015. What does this mean for your clients? While they may be prepped to hire and excited about the prospect of growing their business, many nonprofits today are unprepared in that they are lacking formal recruitment and retention strategies. In addition, your clients must make sure their insurance for non profit organizations is up to date, especially their Employment Practices Liability coverage.
Nonprofit leaders should be happy to know that in recent years, the economic strength of their sector has dramatically increased, to become the third largest employer in the U.S. In addition to indicating job growth in the industry, the NonprofitHR report found that nonprofits don’t plan on eliminating positions this year either.
According to the NonprofitHR report for 2015, while half of U.S. nonprofits plan to create new positions this year, only 36% of private companies expect an increase in their staff. The challenge this creates, however, is that nonprofit administrators must make sure they are taking the necessary time and effort needed to recruit the best talent possible. The report indicated that 67% of nonprofits don’t have a formal recruitment budget, and 68% don’t have a social media recruitment strategy.
The report found that most nonprofit organizations haven’t engaged in a formal employment branding process, which is vital to attracting the influx of new talent they expect and hope to see. It’s also important to decreasing turnover. Some turnover, such as quitting for new opportunities, is a good indicator that employees are confident in the job market. However high turnover due to employees being fired, laid off, or quitting because their values don’t align with that of the nonprofit organization, could mean that the nonprofit hasn’t worked hard enough at developing a strong recruitment strategy.
At Charity First, we understand the importance of obtaining and retaining talent in the nonprofit sector, which is why we offer comprehensive insurance programs for the nonprofit sector. To learn more about these programs and others, please contact us today at (800) 352-2761.