May 17, 2022
By Taylor Graf
Why There is More Competition For Talent Than Ever Before
Why There is More Competition For Talent Than Ever Before
The current talent market is significantly affecting employers, in fact, nearly 7 in 10 companies reported talent shortages and difficulty hiring. With businesses encountering a talent scarcity, they are also facing a harsh reality: there is more competition for talent than ever before. At Hunter International, our management teams work with employers daily, and see first-hand the struggles they are facing in this market.
Kathy Cali, Account Manager at Hunter International explains, “With the implementation of remote and hybrid work, employers in a certain geography are no longer just trying to compete with other companies in the same city, but they are now competing with companies all over the country.” She continues, “Many candidates are now able to significantly expand their job search that does not restrict them to the city where they reside. For example, a Software Engineer in Cleveland is now able to apply and work for a top firm in Silicon Valley. This would not have been an option a few years ago without relocation or additional benefits.”
With this new reality, businesses will need to implement new hiring tactics to stand out to candidates and present an offer that beats the competition. How can you increase your organization’s chances of offer acceptance? Read our hiring tips below.
1. Ensure a Positive Candidate Experience Throughout the Interview Process
With heightened competition, it is likely that job candidates are at varying stages of the interview process with multiple companies. Throughout this time, they are comparing your organization and interview process, to the others they are engaged with. For this reason, you want to ensure that your interview process is efficient and an overall positive experience for your candidates. A study by SHRM found that 60% of job seekers have quit in the middle of the job application process due to its length or complexity. Do applicants have a specific and accessible contact throughout the interview process? Do they have an understanding of what each step in the hiring process entails? These are some of the questions you should be asking to ensure that the process is smooth for candidates.
2. Put Together a Solid Benefits Package
In addition to comparing the organizations candidates are interviewing with, they also compare any competing offers. Therefore, it is essential to have a strong benefits package, including information about compensation, paid holidays, health benefits and paid time off. Organizations should do industry research to make sure their offer is competitive in these areas. However, beyond the major factors of the offer, candidates want to know about all the perks of working for your company. Seemingly small things such as free coffee and snacks to “summer Fridays” and volunteering opportunities can separate organizations and, could be the deciding factor when comparing offers.
3. Bring in Experts
When you are hiring in a competitive industry, bringing in hiring experts may be your company’s competitive advantage. Staffing and recruiting agencies (like us!) have hiring expertise and proprietary candidate databases. At Hunter, in addition to helping our clients find and hire top scientific and technical talent, we also serve as a staffing partner to them, providing real-time market insights, compensation research, and overall hiring advice to help our clients attract top candidates. Staffing firms also can help provide a clear and succinct hiring process for candidates. For example, our recruiters serve as an extension of the organization’s hiring team, guiding the candidate throughout the interview and offer process – providing one-on-one support to them until they decide on an offer.
4. Showcase Your Culture
While providing a positive interviewing experience is important, the process typically only lasts a few weeks. This is a short window of time to show candidates what it is like to work at your company. An effective way to attract applicants is to incorporate employer branding into your marketing outlets. In fact, a study conducted by Brandon Hall found that organizations that invest in employer branding are 3x more likely to make a quality hire. For example, incorporating testimonials, pictures, etc. on your careers page can give applicants an early idea of what your culture is like. Additionally, consider ways you can weave hints of your culture into the interview process. Having candidates meet with multiple members of the team, giving them a tour of the office and discussing culture in interviews are just a few ways your organization can showcase your culture to candidates.
Need help hiring? Learn more about what it is like to hire with Hunter!
