Top talent is holding the cards in today's job market. Economic growth has spurred businesses growth and given the growing number of vacancies candidates have become more selective when considering job offers.
According to our Salary Survey’s annual Employer/Employee Expectation Survey, 51% of professionals expect to change jobs in 2019. What can you do to attract and retain top talent in a candidate driven market? Here are four tips to help you combat skill shortages.
1. Find-out what drives professionals
While pay remains important, a better work/life balance is the most important factor for many of today’s professionals. 92% of respondents revealed that the ability to work flexible hours is important for them when choosing a new job or assignment. Other factors such as commute time, company culture and a challenging job content have also become increasingly significant. Career progression has also become a primary motivation and 73% of surveyed professionals intend to follow training courses in 2019 to support their career development plans.
“One of the best ways to attract talent is to understand what motivates them”.
2. Keep recruitment processes short
As the economy continues to grow, in-demand professionals increasingly shop around for more desirable opportunities. Short efficient hiring processes and the ability to make a prompt offer are critical to get ahead of your competition and avoid losing the best candidates. A swift hiring process will also provide professionals with insight into the attitude and values of your company, helping to secure their interest from the very beginning.
3. Offer professionals what they are worth
36% of surveyed professionals believe that they are paid below the market value. Make sure the salary you set is high enough to attract and retain top talent but not so high that it is wildly above what your competitors are paying. Many professionals are savvy about researching how much they can earn by using online resources and looking at similar job adverts. It is therefore crucial for you to benchmark salaries to ensure that your offer is fair and attractive.
4. Make your offer competitive
Most professionals will prefer to receive two offers before making their final decision, and chances are one is a counter offer from an existing or competing employer. Sign-on bonuses are also becoming increasingly popular for highly sought-after profiles and 19% of employers revealed that they would consider offering one to attract top talent. If a potential employee indicates they have another offer on the table, do not be afraid to ask what the other employer was able to offer. Take the feedback on board and tweak your future offers to be more competitive and increases your chances of securing your preferred candidate.
Stay up to date on the latest hiring and salary trends by requesting a free copy of the Walters People Salary Survey.