Become a Talent Magnet: How to Attract and Retain High Performers in a Tight Job Market
As the unemployment rate in the U.S. plunges to near-historic lows, companies are ramping up their efforts to attract top talent. Competition is increasing and candidates are becoming more selective when choosing the next stops on their career paths.
With fewer quality candidates on the market and more companies vying to win them over, you will need to do more than simply install a ping-pong table in the breakroom to attract top talent.
The question is:
What can a company to do stand out from the crowd to entice superstar employees – without breaking the bank?
Let’s take a look at four surefire ways to give your company a competitive advantage:
Studies show that—while compensation is an important factor—candidates desire more than just a fair salary from their employers. This is especially true for workers of younger generations who increasingly want to be connected to companies that share their beliefs and ideals.
According to a McKinsey & Company article:
“Employees expect their jobs to bring a significant sense of purpose to their lives. Employers need to help meet this need, or be prepared to lose talent to companies that will.”
Employees often can find a sense of purpose through the mission of their employers. If your company has corporate social responsibility programs in place, you can use them to demonstrate your commitment to giving back to the community. People want to be proud of the work they and their companies are doing, and many candidates can be steered toward companies that provide this sense of purpose.
Do your company policies and culture reflect a commitment to employees’ priorities? From hybrid workforce models to corporate wellness programs, employees have become accustomed to their employers providing an environment and programs that are focused on their needs.
Employees have priorities outside of their jobs, and companies that refuse to recognize this are at peril of losing talent to competitors who are more accommodating. Are your managers respectful of employees’ time? Do they text employees in the evenings or over the weekend, or expect work to be performed outside of business hours? Companies that support employees in maintaining a healthy work-life balance are more likely to attract and retain their talent.
Building an authentic culture that demonstrates respect for a workforce requires more than vague promises and empty words. By implementing employee-centered policies and programs, companies can promote increased engagement, job satisfaction, talent attraction, and retention.
Is your company preparing your workforce for the needs of tomorrow? New technology is rapidly changing the workplace, making many jobs more efficient and threatening the existence of others. Through robust training and development programs, employees can feel more secure that they will remain relevant and valuable to the company in the future. A focus on continuous skill development is key to attracting quality workers and keeping them engaged and productive.
Additionally, employees need to know that if they perform their jobs well then there is a likelihood of advancing in the company. Does your company haver career progression plans in place? Can employees see a map of their future based on the advancement records of other employees? Showing the potential for internal growth is an important selling point for companies during the hiring process.
While many job postings still garner hundreds of responses, finding quality candidates is much like the proverbial needle in a haystack. Because of the one-click ease of applying to jobs, candidates do not think twice about throwing their hats into the ring–despite their lack of qualifications or experience in the field.
Recruiting is about quality, not quantity. If you want to speak with a handful of high-quality, vetted candidates for your job openings, the best strategy is to partner with a recruiter. With more than 60 years of experience, hundreds of professional recruiters, and expertise in 40 specializations, FPC National has the resources and network to ensure you find the perfect match, every time.