Today’s companies are competing for talent in a unique way. Changes in the economy, advancements in technology and new workforce priorities are making companies more competitive and more uncertain about how to best recruit the right new employees. The truth is that the way companies need to strategically approach recruiting is simply different today than it has been in the past.
So, how can your business not only begin to identify its staffing needs and meet them for today, but how can you anticipate how your business can retain and attract the right team members for years to come? Much of it begins with understanding the job market, identifying your needs and asking the right questions in order to formulate a strategy that will work for your company and for your goals.
Here, I’ve outlined the most important questions that companies should be asking in order to evaluate or establish effective employee strategies, as well as answers that may surprise you.
In today’s economy, what should be top of mind for my company when it comes to recruiting new employees?
Companies should understand how to strategically attract the right talent for their specific needs, but they should also prioritize retaining the employees who are already part of their organizations.
As the economy has improved in recent years, many companies are experiencing difficulty in finding the right employees for their open positions. It’s important for companies to remember that when it comes to acquiring new talent and bringing on new employees, this pressure is being applied across the board, and companies nationwide are becoming more and more competitive to attract many of the same candidates. Unemployment rates are low, which means that fewer people are actively looking for a new job, and a business’s job candidates are more than likely already employed at another organization. Factoring this element into the equation is essential for formulating a recruiting strategy that will position your company to be competitive when it comes to getting the attention of the candidates you desire.
This also means that, even though companies may be looking to hire new people, retaining their current employees could be more important now than ever before. Other companies that are experiencing the same talent pains may be looking to recruit the employees who are already at your business.
How should my company begin creating a strategy to recruit and retain employees?
If your business has never created a hiring or retention strategy, a good place to start is to conduct an analysis of your current situation. Regardless of what a given economy looks like, creating an effective hiring strategy begins with evaluating your team in light of your company’s objectives. Start by considering your current team members, their skills, how they align with your company’s culture and if the right people are in the right spots to accomplish your business’s goals to identify what your company’s needs truly are when it comes to talent.
Once you’ve identified your current situation, determine what adjustments you need to make within your team today, but also consider what the future may look like for your company. It’s important to orchestrate your team in a way that will meet your goals now, but scaling that hiring strategy to anticipate future needs can create success for the long term.
Once my company determines that a new hire should be recruited, how can I find that person in today’s tight job market?
Be proactive. Because unemployment rate is so low, it’s less likely that candidates will be reaching out to your business about a job opening. Most candidates are already in jobs, and you’ll have to work not only to spend time to find them, but to be intentional in convincing them to make a change. Attracting talent to your company is all about personal communication, demonstrating your company’s value and how making a change to your organization can benefit a person’s career.
Many business leaders invest in posting job openings at online sources, but the truth is that investing the time and resources in actively searching for the right fit for your company in the marketplace is a more effective approach because many of the right candidates for a business are likely already in a job and aren’t actively looking for another. Effective recruiting today requires a time investment to look in the marketplace, find a candidate who is already engaged in a similar role and convince him or her to leave that role for your open position.
How much more competitive is my company if I offer candidates more money than other organizations?
In order to be competitive, the salary that your business offers to employees does need to at least be equal with the position’s market salary, but to really know how you stack up to others who are competing for the same people, you’ll want to consult an impartial advisor. It’s important to gather the right data in your area and let that guide your decisions when it comes to determining how your company’s compensation offerings compare to others.
However, it is important to note that, in this unique environment, salary and compensation are only a baseline for attracting employees. Employees are increasingly attracted to jobs that provide a sense of purpose and fulfillment, and your company can be very competitive in attracting talent if you can show that the position you are hiring for can make an impact on your company, your team or your community.
It’s important to think through and communicate these additional benefits that your business provides to your employees. Prove to candidates that your company can provide the experience and the opportunities that can benefit their interests, and you become much more competitive in attracting the people who will make a difference at your organization.
Moving Forward with Creating a Recruiting and Hiring Strategy for Your Business
In today’s recruiting and hiring landscape, it’s essential that businesses are aware of the current market and intentional to form a strategy that works today, but that can also anticipate future needs for the company.
The reality is that most businesses don’t have the massive amounts of time or resources to commit to optimally identify those candidates who can make a positive and lasting impact on your company, and vice versa, which is why Warren Averett Staffing & Recruiting specializes in identifying hiring needs, finding talent and making connections between employers and the people they need.
Click here to learn more about Warren Averett Staffing & Recruiting or to connect with one of our recruiting experts.