3 Ways to Beat the Competition When Attracting Talent
Since the pandemic, it's clear we're in a market dominated by candidates.
The candidate-driven market means there are more quality candidates than positions, putting companies in a difficult position because they’re constantly trying to stand out. But with plenty of other companies in the same industry, the saturated hiring market can mean that your company gets left on the sidelines because candidates are choosing to work elsewhere.
Gone are the days when employers could get away with not having a recruitment strategy. If you want to get ahead of the competition, certain things need to change. Here are three key strategies to help you attract top talent and beat the competition.
Find Out What Candidates Want
Candidates know what they're after in a new job, and with the market the way it is right now, they can be more demanding and picky about it.
Just because you've secured them into an interview process, can you secure them when you get to offering the job? It sometimes all depends on what’s in it for them. This means if a company comes along that ticks their boxes, they can be easily swayed away.
But what are their boxes? If you don’t know, this could be a clear reason why you’re struggling to attract them.
Find out what candidates want, what they’re looking for, and what things make them want to stay at a company long-term. This will vary based on the role, seniority, and industry they’re in, but if you want to start somewhere, find out why they’re looking to leave their jobs in the first place.
The top reasons candidates are looking to leave are:
Salary: 51% of job seekers say that money is their main reason for switching jobs.
Management: 42% state that having a bad boss was their primary reason for leaving their job.
Career progression: 33% of UK employees said they wanted to leave their jobs due to a lack of opportunity for career progression.
Think about how you can make a change to showcase these things in an interview process, as well as make your offering more attractive.
For salary, are you offering a salary that are in line or better than your competitors (hence the phrase competitive salary)? For management, do you manage and train in a way that mentors employees and builds a foundation of trust with regular 121 catchups and training? For career progression, do you have a clear progression plan with a performance management strategy that helps employees at all levels succeed?
Addressing these things head on will help you not only be able to claim how you're a great company that listens to candidate needs, but you can back it up.
Be Clear in What Makes You Different
The candidate-driven market has forced employers to think outside the box when it comes to hiring and retaining, which is a good thing for employees but a challenge for employers trying to stand out.
Regular company socials? Everyone does that.
Work from home? Where have you been?
Cool benefits? The norm.
Ping pong table? Duh.
And don't get me wrong, the material things do hold value, and showing yourself to be a fun, flexible company is great. But what about a fun, flexible company that truly values its employees? That’s a bit more rare.
Find out what sets your company apart. Is it the culture? The progression? The training or study support? The incentives? The management? Identify those unique aspects that you can genuinely talk about in an interview process and through your employer branding. Not only be vocal but be authentic.
Competitive companies are marketing themselves aggressively, but authenticity and true differentiation are what will set you apart. Make sure your unique selling points are evident in every candidate interaction.
Practice What You Preach
Your reputation is something that will speak for itself when candidates are looking at your company. And no, this doesn't just mean your Glassdoor reviews, but word of mouth. What do people say about your company? Past employees and candidates, who have interviewed with you—what was their experience like?
It’s all well and good to have a great interview process, but don’t forget current employees. One of the best ways to showcase your culture is by introducing candidates to your employees. Is this something you’re comfortable with? Will your employees truly vouch for the company being a great place to work? Will they be enthusiastic? Does the employer brand reflect the day-to-day life of an employee?
Working to improve the experience of your current employees is a longer process but it has a longer impact than simply working on the aesthetics. People talk, and even if they don’t yet, many candidates will be able to tell if what you’re selling them in an interview is truly reflective of what they see.
In a market where top talent has many options, companies that deliver on their promises and maintain a positive internal culture will stand out. Competitive companies may have shiny exteriors, but those with authentic, well-practised values will attract and retain the best candidates.
- Written by Oliver Howson
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