Today, it’s a candidate’s market. Companies are having to compete fiercely for talent, and even when they secure new hires, retention is challenging. There’s far more demand for candidates than there are available job seekers. As a result, employers need to update their strategies if they’re going to win over talent.
Fortunately, there are several key steps that can help companies position themselves as employers of choice. If you want to win over talent, here’s what you must do.
Offer Competitive Compensation
When it comes to winning over talent, you can’t overlook the power of compensation. Ensuring your organization offers a salary and benefits package that meets or exceeds industry standards in your area is generally essential. Otherwise, when employees learn they could earn more elsewhere, many will likely explore those opportunities, leading to retention issues.
Ideally, employers should conduct research to find out what competitors are offering in the way of compensation. While a broad look isn’t a bad idea, if you’re hiring local talent, focus mainly on pay rates and benefits packages in your immediate area to ensure your offering is genuinely competitive based on your region.
Support Work-Life Balance
In the post-pandemic world, professionals are putting an increasing amount of importance on work-life balance. As a result, companies that take action to support it fare better than their counterparts in the current climate.
There are several pathways that can help employers support work-life balance, as well as general wellness. Flexible schedules and remote work are prime examples, as well as limiting the need for mandatory overtime. Consistent schedules – as opposed to fluctuating hours – also make a difference, along with generous paid leave and reasonable leave-related policies and approval processes.
Create Pathways for Advancement
If a professional can’t advance within their current company, they’ll often head toward the door to ensure they can move up in a timely manner. In today’s competitive landscape, preventing those exits makes a significant difference. As a result, it’s best to offer clear pathways for advancement and ensure you support every employee’s journey.
Generally, creating pathways for advancement requires a two-tiered approach. First, there needs to be plans that outline how jobs can lead to higher-level roles. Second, offering training, mentorship, or similar skill and experience-building programs is essential, allowing employees to acquire what’s necessary to move up.
Education-related benefits can also help. For example, tuition reimbursement or student loan payment assistance both allow employees to enhance their capabilities outside of the workplace without some of the cost. Often, these options are excellent for attracting top talent.
Ultimately, winning over candidates and retaining employees is harder today than it was in years past. However, by using the strategies above, it’s easier to meet the needs of job seekers and employees. In turn, you can position your company as an employer of choice, which can work wonders, making recruitment and retention easier to manage.
If you’d like to learn more or want to partner with a recruiter to fill vacant positions, Premier Staffing Inc. wants to hear from you. Contact us today.