Finding quality candidates
A decade after the recession, power in the recruitment market has shifted from employer-driven to candidate driven. This means that candidates can be more selective about the positions they take and employers must compete in order to capture quality candidates.
So how exactly are employers supposed to compete? The best way to attract quality candidates is by addressing three key factors: compensation, employee benefits and hiring regimen.
Be realistic about compensation
Supply and demand are basic business principles that can be applied to employee recruitment. In today’s recruitment market, there are more available jobs than there are quality candidates. This means that the supply for skilled talent is low and the demand is high—which, as your economics professors told you, results in a higher price.
In order to attract and maintain quality candidates, it is important to understand the market value for a position and to be realistic about what compensation you will have to offer the candidate. By researching industry averages, you can gain greater insight in the proper amount to offer for each open position.
Invest in strategic employee benefits
Just like compensation, robust benefits are essential in attracting quality candidates. While benefits in general are desired by most potential employees, benefits preferences may vary depending on demographic and industry.
First take into account the dominant ideals of the current workforce. Millennials are becoming the dominant demographic in the working world and therefore have significant influence on the workplace culture. Because of this presence, an employer must create a benefits package that a millennial will find useful.
Second, take into consideration the unique needs of your company and industry. The workforce is becoming increasingly focused on personalization, so well-thought-out benefits speak volumes to potential hires. For instance, if your staff base typically falls between 25 and 30 years old, it would make sense to offer childcare benefits. However, for a company predominately composed of baby boomers, childcare will probably not have the same appeal. Likewise, it would be prudent to offer tuition assistance benefits for when your target demographic is younger.
Find the right tools
Because of the competition for skilled labor, time is of the essence. In fact, the best candidates are off the market in 10 days. For most employers—specifically those in small to mid-sized businesses—10 days is an unrealistic. As a result, employers hire sub-par candidates or keep the position open for a prolonged period of time. Each of these options are costly.
In order to keep pace with the hiring market, it’s important to invest in a hiring system that will streamline your hiring experience. At minimum, this system should consolidate and organize all communication both internal and external. This will eliminate time spent checking email threads, keep your whole hiring team on the same page and allow you to better manage your leads.
Of course, you’re probably thinking, “Those systems are too expensive.” In many cases, this is true, but it doesn’t always have to be. As a small to mid-sized employer, you don’t necessarily want the enterprise grade system with all the bells and whistles. Bernard Health clients have access to BerniePortal, a system that has been designed specifically for the needs of a small to mid-sized employer. This way you can actively enhance your hiring process without the massive price tag.
To learn more about adopting HR technology, download “The Employer’s Guide to Adopting HR Software” here. To learn more about BerniePortal, click here, or schedule a consultation with a Bernard Health advisor by clicking below.