5 Factors That Will Help Your Company Win for the Battle Talent
Why competing for talent is crucial in the modern market
The modern labor market is really tough. It’s difficult to find the best talents but it’s not easier to keep them engaged and interested in working for your company. As the Gartner company claims, around 50% of candidates receiving your job offer are currently considering two other proposals. The quit rate is quite high today regardless of the shortage of labor and high unemployment rates. Most gifted talents keep looking for better opportunities.
Finding your skilled and talented hires is not an easy but still, possible task. Being candidate-oriented and using top hr process automation will help you keep up with the progress and win the battle for talent. Being candidate-oriented should be your winning strategy in hiring top candidates that are the most suitable for the mission, values, and goals of your company.
It means realizing the needs and preferences of your talented employees who may be changing too rapidly. The latest years related to the pandemic also contributed to this tendency. The labor force is developing and your task is to understand how exactly. It concerns not only new hires. You should also strive to keep your talents engaged by approaching them the same way.
Here are the main hacks and strategies that will let you do that successfully.
1. Do not let your standards drop
When participating in the competition for talent, you should never lower your quality bar when it comes to hiring employees. When you lack people, you might be tempted to expand your horizons and consider those candidates who do not really possess the qualities necessary for your business.
Of course, it’s normal to have a team of both senior and junior employees. It’s also normal to teach your newbies and arrange courses or training for them. Every company owner should invest his/her time and finances in that. However, if you hire people inconsiderately, you do not think long-term. In the future, you will have even more problems. Such an approach will take you back to the past.
Such businesses will not be able to ensure the high quality of their work in the future. Such an approach to talent hiring will result in a bunch of problems. You will have several people who cannot cope with their work or are not qualified for it. As a rule, such companies lose their customers and are forced to fire such incompetent employees.
2. Interview people from two perspectives
Some businesses do not realize that they should put in the effort to make people want to work for them. This is mostly related to big and popular companies. Your good reputation is great but it’s not enough to rely on it nowadays. Your name solely won’t encourage really talented people to join your team. If you keep putting candidates under pressure, sooner or later, they will feel it and leave you.
It might sound surprising but even small startups can compete with big names for candidates and win the battle talent. If you really see the person you would like to have on your team, you should “sell” yourself. Tell about the reasons for them to come and work for your rapidly growing and dynamic business. Tell about the amazing development opportunities that are waiting for them.
Do not simply interview people from your perspective. Try to do it from their perspective as well. Let them know about your goals, missions, and values. Discuss that on an equal footing.
3. Boost diversity
A wide range of candidates should be interested in your company. And your task is to find ways to make it attractive for them. People with special needs may not be able to be hired for complicated positions even if their schedules would be flexible. In this case, it would be great to offer some other options for them.
When competing in the labor market, you should think about how you promote and advertise your job offers. Your advertisements should be as simple as possible. Very often, companies enlist a vast number of quite insufficient criteria. This only scares good candidates off.
Do not forget that some people working for you can be encouraged to take some higher positions. Some candidates cannot imagine themselves holding such positions but when being encouraged, they can bring some new and interesting perspective to the required role.
You can always attract candidates with different educations and working experience. Most likely, it will make your company stronger and more stable.
4. Offer competitive benefits
Last but not least, paying competitive salaries is crucial for winning the battle for talent in the modern market. No one will put the effort into your company when not being rewarded accordingly. However, insurance and competitive salaries are not the only ways of meeting the needs of your employees.
You should ask yourself what value the work at your company has for potential members of your team. For instance, you can consider an opportunity to cooperate with other companies or invest in a corporate wellness program. To do so, you can conduct surveys and realize what the attitude of your workers to their roles is.
If you cooperate with other companies, create attractive discounts and offers. They should not be big. Although they may seem insignificant, they are better than nothing at all. For example, you can offer discounts on food, auto deals, compensation for their gyms, etc. If their job requires specific equipment, it would be good to initiate cooperating with a company that can supply it at a lower cost.
A wellness program is one of the ways to satisfy current employees and attract new ones. This is a great strategy regardless of whether you are hiring tech talent or someone in the nursing field. The details of such programs may vary depending on who you are hiring to launch them. Those can include attending corporate events, group fit programs, etc. It helps people cope with stress and stay engaged with your company.
Having a successful talent strategy will help you win the big battle in the labor market. Although it looks like the most gifted workers keep looking for something more interesting and beneficial, if you manage to offer something no one else can, they will have no reason to do that. There is no reason to leave a stable and warm place for the sake of something new and unknown.