According to the U.S. Bureau of Labor Statistics, there were 6.3 million unemployed persons in February 2022. There were 11.3 million job openings in the same month. There’s no denying it, this data shows we’re in a competitive hiring market. It’s great for workers. But as an employer, brace yourself for stiff competition anytime you need to hire top talent to fill a position in your business.
For this reason, rewrite your hiring rule book. Just as you present your value proposition to leads, work on showing applicants what sets you apart as an employer by establishing a positive employer brand.
How to Get Top Talent in a Competitive Hiring Market
Here are 4 strategies to draw potential candidates to your brand in a competitive hiring market.
1. Give Yourself a Competitive Edge
To hire top talent despite the competitive hiring market, toss in some perks. They’ll sway the right candidates’ decisions in your favor. Engage your most persuasive and charismatic executives and directors to discuss the offer with the candidates and show them what they stand to gain. Here are some persuasion techniques you can use:
Offer Competitive Compensation
If you want to win in a competitive hiring market, consider increasing your hourly wage or salary. You can also offer attractive benefits, such as:
- Bonuses like hiring, signing, year-end, and holiday bonuses
- Insurance, such as medical, dental, and disability insurance
- Retirement benefits
- Stock options
Share Your Culture and Company Values
Employees are not looking for a place to utilize their skills and get paid. They want a community. A place they’ll feel connected and build relationships. Don’t just share your culture and company values with stakeholders using your newsletter. Share them in the job post to naturally attract candidates that are a cultural fit. It’ll inspire them to apply.
Giving employees the flexibility to work when it’s best for them and from any location will help you win in a competitive hiring market. It creates an environment where they can have a better work-life balance. According to Statista, 72% of employees view work-life balance as “very important” when choosing a job.
Offer Skills Development
Skills development is also important for succeeding in a competitive hiring market. This can involve investing in their professional development through upskilling or reskilling. Upskilling is where you teach employees additional skills on top of the skills they already have for a role. Reskilling is where you teach employees new skills to do a completely different job. Developing an employee professionally lays the foundation for a long-term relationship. It guarantees the applying candidates that they’ll stay employed even as the business and industry evolve. And you’re sure of retaining these new hires, which reduces your future hiring costs.
2. Put Growth Potential Ahead of Direct Experience
In a competitive hiring market, candidates who are available for work may not have all the skills and experience you’re looking for. Don’t lose hope. Instead, look for someone with growth potential who is teachable. It’ll give you plenty of options to choose from. Choose a strong candidate with indirect experience in the field. Such candidates could end up performing extraordinarily well after some employee development training and coaching. As for skills, differentiate between attributes that are a “must-have” and a “nice-to-have”. If the candidate has the “must-haves” the rest is a bonus.
A few “must-haves” in this case are:
- Coachability – How does the candidate take feedback?
- Versatility – Are they open to handling unfamiliar tasks?
- Resourcefulness – Can they find creative ways to complete a task?
- Confidence – Do they believe in their own abilities?
- Work Ethic – Are they dedicated to their work?
- Loyalty – Are they in it for the long run? You don’t want to invest your resources in training only for them to leave.
3. Simplify the Application Process
Looking to triumph in a competitive hiring market? Then don’t frustrate talented candidates with a lengthy and complex application process. Complex hiring processes can result in interview fatigue. This is where having too many stages in your interviews, for the same role, results in the interviewees feeling stressed out and drained.
Also, ensure the application page has a responsive web design. You can add live chat function to do real-time communication. This means the application page will adjust to the screen size and orientation of the device the applicant is using. It gives the candidate the flexibility to apply from their mobile phones.
You can also use LinkedIn and popular employment websites to post your jobs. It makes it easy for applicants to autofill the application forms from their profiles. Do the same with the interview process. Be on time, provide feedback quickly, and make hassle-free travel arrangements when it’s needed.
4. Be Swift
Move fast if you want to get the best in a competitive hiring market. Start by using email list management software to manage your candidates’ contacts better. It’ll help you respond promptly to applications. If you interview a strong candidate and assess that they have what is needed for the position, chances are high that they’ll be interviewing with multiple companies. You can be sure your competitors will not hesitate to make them an offer. Be faster than them by starting the hiring process immediately.
Ready to Win in a Competitive Hiring Market?
Getting great candidates in a competitive hiring market is not easy. But you can succeed by showing applicants the value you provide your employees. Make the application process straightforward. And remember to analyze a candidate’s growth potential before dismissing them. And once you find a good candidate, act faster than your competition.
About the Author: Gaurav Sharma is the founder and CEO of Attrock, a results-driven digital marketing company. Grew an agency from 5-figure to 7-figure revenue in just two years | 10X leads | 2.8X conversions | 300K organic monthly traffic. He also contributes to top publications like HuffPost, Adweek, Business 2 Community, TechCrunch, and more.