Between employees reevaluating what they want from their current positions and the number of those eligible for retirement, it seems everyone is looking hard at their options. Add that to a market with more job openings being reported than employees filling those positions, and it’s led to a shortage of staffing for many companies.
The decisions a new hire may need to make between offers in this competitive market could come down to more than just the bottom line of your offer. Here’s a list of five things your company could do now to stand out in your search for new employees:
Create a consistent message.
In a world where Yelp, Google, and Glassdoor are at our fingertips, your reputation management is more important than ever. Make sure you are monitoring what others are sharing about your company and encourage employees with positive feedback to engage in the platforms. In addition, share some behind-the-scenes posts on social media that also show what it’s like to work with your company.
Define your company culture and safety protocols.
Navigating constant changes over the past few years, it’s become more important than ever to be clear with potential new hires about what it will be like to join your team. This can make your company more appealing – making their decision to accept your offer over a competitor easier. Your company culture is made up of many spoken and unspoken norms and boundaries. The clearer you can be with current and new hires about what is expected, the better, especially with the evolving hybrid workplace. Managing expectations can save your company time and money in the long run.
Reevaluate industry standards and compensation trends.
Compensation trends are changing, and what worked pre-pandemic may be irrelevant now. Do your research and adjust what you need to in order to stay competitive. Adjusting benefits is another way you can do this. With creative programs like tuition reimbursement or adding on services you may already have access to, like providing identity security, you can give people various benefits that add value to their normal salary without dramatic cost increases.
Provide flexibility.
According to Upwork, 98% of workers say they want to work remotely at least some of the time, and it is estimated that 32.6 million Americans will work remotely by 2025. With such a large sector of the workforce at home, people are reevaluating what they seek in a company, including better work-life balance. Allowing people to flex-time, work from home (at least partially) and giving PTO as an incentive for performance are some ways to meet the need for flexibility.
Contribute to the community.
Younger generations are more community and mission-focused than retiring baby boomers. Developing company volunteer incentive programs or other ways to give back to the community can help give new employees the opportunity to be a part of something bigger - which has been proven to increase job satisfaction rates.
What are some of the ways that you are engaging with new prospects to remain competitive in this market?
