In the current candidate-driven market, companies have less leverage than ever before. Improve your chances of hiring by improving benefits and employee recognition.
Ten years ago the global economy was in turmoil and companies held complete leverage over candidates for open positions.
Now the script has flipped.
An influx of elite talent, businesses boasting modern workplaces and free reign over working hours has spawned a candidate-driven job market. Salaries aren't the only consideration applicants take into account; staff incentives, a laundry list of benefits and comprehensive employee rewards programmes top their list of needs, not wants.
Organisations that are slow to adapt have been left in the dust, and have likely lost out on their first, second and third choices in the hiring process, time and time again. With MRI Network reporting that 90 per cent of respondents in a Recruiter Sentiment Study feel the professional job market is candidate-driven, it's time to evaluate how businesses can adapt.
"Companies only get one chance to impress in this highly competitive candidate-driven market."
Lacklustre benefits packages are extinct
Highly specialised skill sets, combined with an average time-to-hire of about 50 days, mean job seekers hold all the power. It simply isn't enough to offer a candidate their own office or parking space. They understand that the waiting game provides them with far more leverage than their experience in a job.
With this in mind, organisations can gain an advantage over competitors by improving the potential value on the table, including not just an enticing salary, but comprehensive employee benefits as well.
"Employee rewards and recognition programmes provide unique value."
The goal, though, isn't just to match the other proposals on the table - your company needs to beat it. Health care and a 401K don't put an offer on a pedestal; an employee rewards and recognition programme is a unique value proposition and workplace cultural innovation that can sway a candidate. Everything from salaries to remote work is now being matched on offer sheets. These types of programmes serve as an alternative benefit that not only makes a job look more attractive, but gives more insight as to just how much your organisation cares about its employees.
Consider adopting an employee rewards programme that awards staff based on performance-based accolades, like meeting lead-referrals or sales quotas. The compensation should be sizable, like travel discounts, concert tickets or new technology, if you want the system to have a meaningful impact.
Give a glimpse of loyalty
Not all value is monetary. Candidates also take stock of the company brand; if your current employees aren't loyal to your organisation, how can you expect future staff to be?
Employee engagement is a complex ecosystem built in large part on rewards for professional contribution, but the end result is an intangible asset that can be used to strengthen an offer to an applicant. Companies that reward loyal employees for their years of service in a public fashion - through a portal that allows peers and management to view and comment on anniversaries - develop a brand identity, one that shows they're committed to retaining high-value staff.
"Employee recognition programmes build a brand of loyalty, which is enticing to candidates."
The job market isn't changing anytime soon, and candidates will continue to have their choice among suitors. But this shift doesn't necessarily require an adjustment in recruiting methods. The most powerful transformation is developed internally.
On the one hand, an employee rewards and recognition programme can boost the perceived value of an open position in the eyes of candidates. Furthermore, companies must demonstrate excellent employee engagement in the workplace. This can be done by publicly appreciating staff for not only their professional achievements, but also loyalty to the company.
We work in a new age, and companies need to offer more than ever to attract and retain top talent. If your business is ready to adapt to the new job market, contact a Power2Motivate UK representative today.