As the economy starts to recover from the pandemic, companies face new opportunities and challenges. Today's hiring landscape is very different, especially when compared to just a year ago. The labor market is more competitive than ever before.
In the early months of 2021, the U.S. recorded the highest quit rate and the highest number of job openings in more than 20 years. With tens of thousands of employees quitting each month, businesses face an extremely challenging hiring landscape.
Not only is competition intensifying, employee turnover rates are growing at an alarming pace, salaries are increasing, and remote work is becoming a standard option. For companies to attract and retain amazing employees, now is the time to stand out and become a unique brand.
So how can you compete in today’s competitive job market? Here are some of the top factors to consider.
Market your company’s strengths
Chances are that there are dozens of companies just like yours, so what makes you so special? To attract top talent, you need to differentiate yourself from your competitors. What do you offer that they don't? Why is your company culture so awesome?
The best place to start to figure out what to market about your business is your workforce. Ask current employees what they love about the company. Your employees are the best brand ambassadors you could ever ask for. They’re also great resources for highlighting what makes the company great.
To put your company’s culture on display, make sure your company has and is active on the top social media sites. This includes LinkedIn, Facebook, and other networks.
Photos, videos, and other media are great ways to give prospective employees a glimpse inside your company, allowing them to experience your culture from afar.
Assess company benefits
If your company’s benefits package hasn’t kept up with industry standards, you’re already well behind your competition. To attract the best and the brightest, you have to offer an attractive benefits package that stands out.
Assess what benefits your competitors offer and find ways to incorporate them into your own benefits package.
Some of the most important benefits to workers include:
- Higher 401(k) matching
- More paid time off
- Flexible schedules/flex time
- Childcare and family benefits
- Mental health care
The more competitive your benefits package, the more likely you are to be successful in hiring top talent in your industry.
Offer and encourage remote work
Before the pandemic, companies offered the ability to work from home as a perk. However, this last year has turned the tide. Remote work has become the norm for most businesses. In fact, by 2025, it's expected that 70% of the workforce will work remotely at least five days each month.
While 2020 was a big year for remote work, the next few years will see the trend grow even more.
So, what does this mean for companies? To stay competitive and relevant, businesses must offer remote work, even if for just a few days out of the month. Giving employees the ability to work from home minimizes commute stress, boosts productivity, and greatly increases morale.
Revamp your hiring process
Companies often lose out on great employees due to cumbersome hiring processes. Does it take days for your HR team to reach out to an applicant? Do you quickly follow up with a potential hire after an interview?
Long, complicated hiring processes are extremely frustrating for candidates. One study found that 70% of applicants lose interest if they don't receive an update within 1 week of their initial interview.
To attract the best, you must keep candidates interested and in the loop. Even if there's no news, check in regularly and maintain frequent contact with each applicant.
This shows that you not only value them, but that you value their time as well.
Offer a robust employee referral program
What better place to find amazing new employees than from your current ones? An employee referral program boosts recruitment and retention. Referred candidates are usually great picks for the company, so the return on investment for this type of program is worthwhile.
An employee referral program is also a direct reflection of employee satisfaction. If employees are referring friends, family members, and others in their network, it shows that they value the company.
To encourage employees to actively refer others, offer a compelling reward. Most businesses offer cash bonuses, ranging anywhere from $500 to $10,000 and beyond.
Other non-monetary options include more paid time off, paid trips, and so on.
Talent acquisition is more competitive than ever before. By making changes to your benefits, hiring process, and workplace flexibility, you’ll be better positioned to attract, engage, and hire the best talent.
This original content is provided to you by Skill Sharp. Follow us at www.skill-sharp.com to get all the info you'll need to empower your career strategies and success!