As businesses compete for a finite pool of talent, attracting candidates away from your competitors and retaining them can prove to be a significant challenge for HR teams and recruiters.
As the workforce demographic changes, businesses must be able to adapt and consider what the next generation finds attractive about a prospective employer.
Businesses are now faced with the challenge of engaging talent to not only ensure they find their work rewarding but that it also supports a greater purpose. So how can you attract and retain the very best talent?
It goes without saying that the current job market is at its most competitive. With unemployment predicted to double by early 2021 due to the devastating impact of coronavirus on the UK economy; finding and attracting the best talent to your business is no mean feat for even the most seasoned of HR and recruitment professionals.
Live and breathe your culture
Skilled candidates that know their talents, qualifications or experience are in demand can be picky when job-hunting. Often, if they are offered two similar roles from two different businesses, company culture usually comes into play.
Developing a strong culture that people admire and want to be a part of can work wonders for your talent attraction strategies. You want them to land on your website, check out your social channels and visit your offices and leave thinking: “Wow, I wish I worked at company like that.”
Make your employees proud to work for you and your reputation will precede you. For most candidates, their first point of call when job hunting is the internet. The rise of sites like LinkedIn and Glassdoor give potential candidates a transparent snapshot of what it is like to work for you, and what your employees think of you. Does yours paint a positive and accurate picture of your company?
Grow your team from within
Promoting internally and actively encouraging your employees apply for your open positions can not only significantly reduce your hiring costs but rewards your employees: either with a new career path in a different department or a promotion with a rewarding pay rise.
Often, you may find that the new employee you’re looking for has been right under your nose all along. The time and money you save recruiting externally can be used to offer training and assistance to help them develop in their new role, too.
This demonstration of internally promoting provides clear signals to candidates that there is a path for development and progression. As a result, they are less likely to pursue other roles to progress their career with another organisation. Be sure to promote any training you’re offering to prospective employees, too.
If you’ve got your culture and values watertight and your employees are passionate about working for your company; use them as ambassadors! Word of mouth can significantly increase your ability to attract top talent from amongst their networks, peer groups and even friends and family.
There is no better recommendation for prospective candidates than the word of mouth from your existing employees. They are uniquely qualified in that they know your company inside out; from your mission to your culture. As a result, they may have friends or past colleagues that are ideal for an open position with the right skills and personality that would be an ideal ‘fit’ for your business.
To boot, word of mouth is a brilliant way to reduce your hiring costs – they’re free after all. But many businesses choose to incentivise and reward employee referrals with a bonus upon a candidate being offered a position.
The whole package
Our traditional ‘work to live’ attitude dictates that salary should be the number one deciding factor in choosing a job. However, the rise of the millennial has led many job seekers to consider other factors beyond their salaries. What is your company’s culture like? How satisfied are your employees? Is there a clear path of progression?
Think about what your prospective employees might want from working for your company. What matters to your business? What makes your people happy? What makes them tick?
Employee benefits can play an important role in retaining staff by increasing their overall job satisfaction. Offering schemes like flexi-time or the option to work from home have become increasingly important ways of allowing your best staff to work around their hectic schedules.
For example, if you’re based in the centre of a busy city and morning commutes are a pain for your employees, consider offering flexi-time and allowing them to start before or after the morning rush hour.
Getting the right balance of benefits is and is increasingly seen as a crucial part of your employer branding strategy. What pension and health programs do you offer? Top candidates will consider all benefits and remuneration as part of the whole job package. As well as attracting candidates, this will help you retain staff too.