Today’s job market is tumultuous, to say the least. While employers around the country have plenty of work, the workers aren’t there to get it done. In the wake of the COVID-19 pandemic and the economic side effects that came with it, employers are ready to start producing before they have the workforce needed.
According to Curtis Dubay, Chief Economist for the U.S. Chamber of Commerce, employers listed a record high 10.6 million job openings at the end of November 2021. In addition, 94% of state and local chambers of commerce reported businesses are having a difficult time hiring new employees, resulting in lost capital and increased competition for candidates. Unfortunately, a significant and positive change would require either a massive influx of talent into the workforce or a slowdown in production — neither of which seem to be on the horizon. Furthermore, local trends have shown companies that do manage to add a worker end up losing another soon after, putting them right back in the same spot.
So, how can employers hope to stand out to prospective hires during this challenging time? You may not be able to change economic trends, but you can try any of these strategies to stand out above the fray as an employer of choice.
Offer competitive compensation.
What are you paying your employees? Often, companies promote their work culture as fun and laid back. But the truth is no amount of Casual Fridays or ping-pong tables can compete with a competitive salary. While work culture and benefits are important, workers who took a pay cut for such perks are few and far between and often eventually look elsewhere. Competing on work culture will only get you so far — ensure your organization can offer wages that compete with market leaders, or you’ll be relegated to the bottom of the market.
Dedicate resources toward recruiting.
How quickly can your organization identify and respond to prospective hires? In today’s hiring market, candidates move very quickly — your company must match that urgency, or you’ll be left in the dust. Dedicate resources toward sourcing, screening, and hiring candidates. Don’t sit and wait for candidates to be scooped up by someone else. Have someone ready to respond quickly and get out in front of the competition.
Engage new candidates.
How welcoming is your organization? New hires often come into a company feeling like an outsider. Make them feel welcome right out of the gate. Design an onboarding program that engages new candidates in a way that immediately helps them better understand your organization’s mission, values, and culture, making them feel like a part of your team.
Take a close look at retention.
Finally, what story does your turnover rate tell? While you devote resources and energy to attracting new hires, cutting down your turnover rate can save your organization the trouble. Make sure you’re listening to your existing workforce and develop a strategy to maintain their loyalty.
From sourcing and screening to hiring and onboarding, HR Fit can help your organization attract — and keep — top talent. For more information on how we can make an impact on your hiring practices, visit our Generalist HR Service page or call 309-635-3745.