You may have noticed the increase in news coverage on the job seeker’s market. There is a talent shortage, an increased amount of job options, and a job perks arms race. It’s understandable to feel intimidated when attempting to recruit in this type of market. But this concoction of circumstances shouldn’t create fear. Instead of seeing it as a challenge, view it as a recruitment opportunity and use it as your time to shine.
Let’s go into a little more detail.
Talent shortage: “Unemployment is down, hiring requests are up” and employers are finding it harder to fill the positions with adequate and desirable talent.
Increased amount of job options: The U.S. economy and labor markets are doing well, which means job candidates have more options to choose from than before.
Job perks arms race: With more available to candidates, it’s getting more and more imperative to find ways to win the best talent.
Put it all together and what does it mean? You, as the employer, need to find a way to stand out to the shrinking pool of talent who are surrounded by an abundance of options from other companies, all of which are trying to do the same thing by providing better offerings than you.
Don’t panic! This is the time to get your game face on and put your best foot forward.
The top 5 benefits are:
- Healthcare insurance
- Vacation/paid time off
- Performance bonus
- Paid sick days
Salary, job stability and a pleasant work atmosphere are also very important to employees.
And while external surveys and studies do yield telling results, it’s also a good idea to ask your current leaders and employees what they value most and what you could be doing better. It can only help you in the long run.
Internal surveys can pinpoint your specific staff’s priorities, which may be different than what an external survey says. Hearing from all of the employee classes allows you to understand values from several different points of view. And if you’re already thinking about implementing a change, ask what your workforce thinks. You may find they don’t agree or that there may be a better way to go about the same change.
It’s time to do your homework, make a game plan and build a powerful and valuable recruitment package that will give you a competitive edge in today’s competitive job market.