It’s no secret that attracting and retaining talent is difficult in today’s labour market. It’s a key issue for businesses across the country, with employers struggling to find the right people for the job. The competition for workers is unmistakable, and the first step employers need to take is to look at their own recruitment strategy.
How do businesses appeal to both potential and existing workers when there are so many jobs available? Employers should look at where the business sits in relation to the following questions, for insight into how best to tackle the tough labour market.
Is the remuneration competitive?
Benchmarking is key! Business owners have to remain competitive when setting a fair and effective remuneration package. Not only is it important that businesses examine the market to know what the ‘going rate’ is, but new and existing employees need to feel that they are important and that the skills and experience they bring to the table are valued. Simply put, employers who undertake salary benchmarking are more likely to stand out against competitors in attracting and retaining workers.
How attractive are the employee perks and benefits?
Employee perks and benefits go a long way to retaining existing workers and attracting new ones. It’s a broad category and can include items such as free parking, discounted health insurance or providing food and coffees at team meetings; and can be a real draw card when appealing to potential new employees in a tough labour market.
Businesses may look at offering their own products at little or no cost, or provide discounted rates for other products, both of which are practical approaches in showing appreciation to workers. Social perks such as organised events and social gatherings are another effective way to appeal to new talent by creating a positive work environment in which potential employees can see themselves becoming part of.
Do they fit into the company values and vision?
Skills, qualifications and experience are crucial during the recruitment process, but just as important is company fit. Looking at the values and vision of the business, if a potential employee ticks all of the boxes in relation to the hard skill requirements of the job, but whose personal values and beliefs do not align with that of the business, then it’s unlikely that the employee will find a sense of belonging and is more likely to leave.
Employees who find a connection to the vision and mission of a business, will have a better understanding of the role they play in achieving business targets, and are likely to feel appreciated and an important member of the team. When trying at attract potential employees, business owners should look at the vision and mission statements of the company, as they often play an important factor in attracting talent.
Is there opportunity for learning and career development?
During the recruitment stage, businesses should highlight the types of learning and career develop opportunities that are available at the company. On top of remuneration and benefits, employees are interested in furthering their own career progression, and will respond positively to the chance to develop important skills that bolster employability. Ensure that any pathways for career progression are clearly indicated, and it’s also worth implementing a training plan with goals and timelines, to encourage employee participation.
If you’re looking for assistance in recruiting in a very tight labour market, don’t hesitate to get in touch with our team, via the chat box here or calling us on 08 6150 0043.
Find our articles helpful? Remember to follow us on facebook, Instagram or LinkedIn to keep up to date with our practical tips and information for business owners and managers.