2022 Will Continue the Candidate-Driven Market. How Can You Stay Competitive?
In 2022, the labor market is remaining candidate-driven. Along with pre-existing skill gaps, many professionals re-envisioned their careers during the pandemic. One of the major changes was shifting expectations of their employers, leading many to seek out new opportunities with other organizations and some to change fields or industries.
Remaining competitive when candidates are broadly calling the shots is challenging. However, companies can get ahead by using the right approaches. Both recruitment and retention need to take center stage, ensuring organizations can secure the talent they need and keep top performers on board. If you want to know where your company should focus its energies, here’s what it can do to stay competitive in the current candidate-driven market.
How Can You Attract and Retain Top Talent in 2022?
Throughout this year, companies need to make clear communication a priority, both when it comes to recruitment and its existing staff. Transparency is vital in the aftermath of the pandemic. During COVID-19, some companies weren’t open with their workforces, effectively blindsiding them when certain decisions that impacted employees were made. Since professionals are aware those incidents occurred – if they weren’t outright affected by them – candidates are wary of employers that’s aren’t transparent.
During recruitment, clearly communicate the job responsibilities and any expectations associated with the role. Additionally, provide a compelling employer value proposition, outlining key details like salary ranges, benefits packages, and other ways the company supports its workforce. Be open about recruitment timelines as well, all while highlighting your company culture.
Internally, make sure teams are aware of issues or decisions impacting them. While this can mean sharing difficult news, the transparent approach actually breeds trust and loyalty because employees feel well-informed, leading to better retention.
Update Your Benefits
As mentioned above, presenting a compelling employer value proposition is essential. One critical aspect is having a robust benefits package that covers the needs of your workforce along with some wants.
Make sure that your health insurance program is comprehensive. Provide mental health and work-life benefits, including everything from access to counseling to flexible schedules. You also want to have a strong retirement plan option and make sure the company match is significant. Offering tuition reimbursement or student loan assistance could also be wise, as well as generous leave options.
You also want to include career development opportunities. Outline how you help your employees grow and advance. For example, you may want to incorporate mentorship programs, internal training platforms, access to conferences, and similar options into your employer value proposition, ensuring candidates know that you’ll support their growth.
Embrace Personalized Feedback
When you’re recruiting, personalized feedback should be part of the equation. By reaching out to candidates and giving them insights about how the hiring process is progressing while sprinkling in unique details that speak directly to them, you’re boosting the candidate experience. That leads to greater engagement and interest, increasing the odds that they’ll remain connected as you move toward a hiring decision.
Offering feedback to your workforce is also powerful. It’s a chance to recognize achievements and offer guidance. By making it a regular occurrence, you create an ongoing dialog designed to help employees thrive, leaving them feeling heard and supported.
Hiring? Need Help Finding the Right People?
Ultimately, all of the tips above can help your company remain competitive during a candidate-driven market. If you’d like to learn more or are looking for total workforce solutions, the team at Hamilton-Ryker wants to hear from you. Contact us today to start the conversation.