As the market starts to recover, we are seeing the hunt for talent becoming more competitive than ever before. The market is shifting to being very candidate-driven, meaning candidates will now have multiple opportunities readily available.
Candidates now have the upper hand in determining which opportunity is best for them. How do you ensure that you find and acquire the best talent over your competition? During candidate-led times, securing the right people will take more energy and time. This includes greater candidate engagement, proactive pipelining and more aggressive versus passive recruitment. However, many candidates are now looking at what a job opportunity offers on a wider scale than just salary and location. Businesses should view their offerings with a more rounded outlook to increase desirability. Has your business considered the following?
Streamline the Interview Process
To keep talent interested, it is important to get to the point. Instead of prolonging the interview process make sure to keep the time frame short. After the first round of interviews do not wait weeks to conduct the second or third round. Another option is shortening amount of interviews, for example, three rounds of panel interviews instead of 5 rounds with only one interviewer.
Although it is vital to thoroughly get to know each candidate, it is also equally as vital to move quickly. It is realistic to assume that the candidates you are interviewing are receiving multiple offers. By keeping the time frame short, you are more likely to beat out the competition with your offer.
By using an agency like ours, your interview process will be efficient and effective. Use our expertise so your process is handled in a timely manner ensuring candidates stay interested in the position you have to offer.
Make the Best Offer (and don’t forget the perks)
Differentiate your offer from the competition. Do you have a learning program? Can you offer competitive compensation? Do you offer flexible hour options? Figure out what makes you different from other businesses and communicate that with all potential talent.
Offering the best benefits is an obvious way to become the most preferable option. Whether that is through providing a unique counseling service or an enhanced maternity/paternity scheme, find benefits that set your company apart.
Over the past year, flexible work schedules have become the normal. Now, the opportunity to have flexibility can make or break a candidate’s decision. If your company chooses to offer flexible work hours, make sure to clearly explain that to all potential employees to increase the desirability of your company.
The pandemic has also resulted in much of the global workforce becoming remote (and many don’t want this to change). While your talent pool is exponentially expanded if you are open to remote workers, it is also important to consider that salaries are benchmarked globally and should not be regional. Remote candidates will be sought after globally, so don’t offer them a locally appropriate salary.
Some companies have introduced pay scales which are indexed regionally to provide all employees with a fair wage that reflects their cost of living, no matter where they live. Do your research on the position you are looking to fill and make sure that the salary you are offering is at least set at the market rate. Without doing so, your offer becomes the least preferable.
Career progression is also another large factor that plays into a candidate’s final decision. According to a survey conducted by LinkedIn, the number one reason people change jobs is due to career opportunity. Make sure to disclose the fact that career progression can happen within your company and that through working for you, many doors will open.
Prioritize DE&I and Culture
Company culture is now, more than ever, a contributing factor to the final decision a candidate makes. Candidates can tell when a business genuinely cares about their employees. Make sure to consistently reflect on internal processes in your workplace to continually improve and promote a culture of inclusion, belongingness and diversity.
Every touchpoint with a potential employee is a chance to convince them that your company is the best option. According to LinkedIn, 94% of talent worldwide responded to a survey saying that being contacted by their prospective manager can make them accept a job offer faster. Make sure to use every touchpoint to display respect and compassion to all you are interviewing.
Another important factor to consider while on the hunt for talent is transparency. Keep the candidate informed throughout the entire process. Stay transparent and work with them to identify if both of your goals are aligned. When your business is transparent with potential employees, they are more likely to trust your company therefore raising the odds that they choose you.
The job market is full of opportunities right now. Get ahead of the competition and start working toward making your business the best option for candidates.
Monroe Consulting Group understands the market needs and knows how to source and acquire the best talent for you. Our teams have extensive experience and understand the opportunities presented in the current market. We can help you source and obtain the best talent for your business.