Over the last year, the market for qualified candidates has been extremely competitive. With the national unemployment rate at a 50-year low point, candidates have the luxury of many choices.
What should you do if you have open positions to fill? Although the advantage currently lies with job seekers, companies can still adapt their approach and land top talent.
Due to tight competition for talent, many employers have increased wages to attract talent. That can be a good method, but many candidates are looking for more than high pay. Taking stock of what you offer to employees in the form of benefits and perks can be just as important, and cost less.
The benefits employees are looking for go beyond the traditional 401k and paid vacation. Partnering with new fintech companies to help employees with student debt has become very popular. Other employers are offering college savings plans for their staff to help them save for education.
Looking at what your company offers and what your ideal candidates are looking for can help you pivot to attract more talent.
One of the key methods for attracting talent is by bolstering your employer brand. Your workplace culture, mission, and benefits are all key parts of your employer brand and need to be updated frequently.
A strong employer brand can overcome many of the hurdles caused by a tight labor market. For companies in “unattractive” industries, such as banking, employer brand is key to convincing candidates to come onboard. It is more than ping pong tables and amenities though, now more than ever, employees want to feel a connection to your mission and know that they are making an impact.
Your digital presence is often the first impression a prospective candidate sees. If you aren’t telling your company’s story, how will candidates know about the culture you’ve built or your values? Control the narrative and give your employer brand a strong digital presence.
If fewer people are looking for new jobs, your company needs to motivate passive candidates to leave their current job. Employees are comfortable staying with their current employer. The stability is very attractive, especially for those who were in the workforce for the 2008 recession. What will it take for your ideal candidate to leave that stability and join your organization?
Many companies are offering employee buyouts to candidates. These buyouts encourage people to leave their current job without worrying about staying long enough to receive bonuses they have earned. By giving them their bonus earlier through a buyout when they join your company, they are still rewarded for the work they did.
Learning what it takes for a passive candidate to jump ship can be difficult. The surest way to learn is to focus on them, and simply ask. Every candidate will have different requirements. Take the time to get to know what motivates them and listen to their needs and concerns. Use what you’ve learned to make personalized offerings catered to them.
Applying these methods can help your company reach the limited pool of talent available. Get in touch today to learn how we can give you the upper hand during your talent search.
Matthew J. Schwartz is the Founder, President and CEO of MJS Executive Search with nearly two decades of experience in retained executive search. Matt’s expertise lies in bringing together key executives that exhibit passion and creativity with leading organizations in a wide range of functional areas such as Marketing, Sales, Digital, Interactive and more. From Digital and Social media to Machine Learning and AI, Matt is passionate about cutting edge technologies and is dedicated using his knowledge to help his clients remain or become leaders in their realm.
Founded in 2003, MJS Executive Search has established itself as a top retained executive search firm that identifies and places unique, hard to find executives in highly specialized roles.
If you are interested in learning more about our Transformational Talent™ solutions, contact MJS Executive Search today to learn more about how we can help your organization.