How to Recruit Top Talent in a Competitive Market
The economy is stronger than it has been in over seven years. Wages are rising, stock markets are setting record highs, and the unemployment rate is at 4.1%, the lowest since 2000. With a booming business environment and more job openings, companies now need to stand out if they want to attract the right talent.
Especially in highly competitive markets, such as the tech industry, companies are growing at such a fast pace that the labor pool cannot seem to withstand the increasing demand. In fact, up to 68% of HR managers reported experiencing difficulties in recruiting and retaining employees.
As such, acquiring and securing top talent in a competitive market has become something of a challenge, with organizations of all sizes going above and beyond to appeal to potential candidates and attract them to their companies.
So, how can you appeal to top talents among your competitors? While there is no one-size-fits-all formula, here are a few things that you can do to stand out and lure top-notch employees.
Build Your Brand
Let’s face it, employment branding has become an overused buzzword. Almost every article you read elaborates on the importance of selling prospective candidates the value of choosing your company over your competitors. But, as cliché as it may sound, ensuring your organization establishes a positive brand image within your industry is more important now than ever.
Why?
One study found that 88% of Millennials no longer wait to see a listing for the job they are interested in; instead, they will apply directly to the company they think can help them achieve their professional goals. Building your brand will direct top candidates to your company without a clever job listing.
With Millennials accounting for than 35% of the global labor force, it makes perfect sense to promote your nurturing organizational culture and the benefits of coming to work for you.
Leverage Your Size
Of course, working for giant corporations like Amazon, Google or Facebook comes with plenty perks, but
that does not necessarily mean small or medium-sized businesses are out of the game. In fact, you can use your modest size to your advantage and emphasize the fact that there are more opportunities for growth and making a significant impact in the industry within a small company.
Keep the Pipeline Open
Even if you are not currently looking for new employees, always keep the pipeline open and ensure you consistently are generating interest among prospective candidates. To achieve this, you can leverage your existing employees’ network and involve them in the recruiting process.
Think about it this way: your employees understand your internal culture and your needs better than anyone else. As such, they can bring in referrals that fit your business profile and could help you scale for future growth. By tapping into your employees’ networks, you can find the right candidate faster than if you were to go through the standard recruiting process and the challenges it brings in finding top-notch talent.
Go Beyond the Standard Employee Benefits
In addition to a motivating salary and health benefits, most companies also offer their employees a variety of perks, such as professional development opportunities, company outings, and wellness programs. Instead of implementing the newest trend, try to go beyond the standard and entice candidates with opportunities for community engagement and philanthropic initiatives.
According to a recent study, 90% of business school graduates prefer working for companies explicitly committed to social responsibility. With the abundance of companies opting for creative benefit offerings, you will stand out among the rest by establishing and promoting a commitment to the whole person.
Hire Remotely When Necessary
One of the advantages of the overly connected world we live in today is the ease of looking beyond the local market to hire employees from all corners of the world, at competitive costs.
If you have a difficult time finding local talent, think about tapping into other markets with talent pools of a similar caliber when necessary. Ensure that you give your remote workers the tools they need to perform at their best capacity and enable them to communicate and contribute with local teams
If your company’s leadership is thoughtful in approaching the recruitment of top talent in today’s fiercely competitive market with a sound strategy, your business can successful build a pipeline of qualified candidates from a variety of sources. Your competitors are targeting the same candidates, with a similar set of tools, yet by standing out and leveraging your company’s strengths, you will have a chance at winning over prospective employees and building an even stronger team.
