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 a Compusearch survey 50% of professionals expect to change jobs in 2020. The war far talent continues. What can you do to attract and retain top talent in such a battlefield?
"According to Sun Tzu victorious companies win first and then go to war while defeated companies go to war first and then try to win. So how to win before entering the war?"
1. When one treats people with benevolence, justice an righteousness and reposes confidence in them, the army will be untitled in mind and all will be happy to serve their leader.
Find-out what drives professionals. While salary and benefits remain important, a better work/life balance is the most important factor for many of today’s professionals. 75% of applicants we meet at Compusearch tell us that the ability to work flexible hours is a key factor 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 and personal development are also a primary motivation.
2. Keep the battle short.
There is no instance of a country having benefited from prolonged warfare. 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 the enemy 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. Treat your soldiers as they were your own beloved son and they will follow you into the deepest valley.
Offer professionals what they are worth. At Compusearch, half of the applicants we meet 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. If you know the enemy and you know yourself, you need not fear the results of a hundred battles.
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. 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 increase your chances of securing your preferred candidate.