Since March 2020, the way people work has changed dramatically and in a permanent manner, not to mention the significant impact on the job market. While some industries have experienced a downturn, others have seen so much growth that there has been a matched demand for talent, resulting in a surge in companies losing a large percentage of employees all the while scrambling and vying to hire top talent across many sectors, a phenomenon later coined the “Great Resignation.”
With this work culture shift, it’s important to recognize the impact of these trends on the recruitment process and how they continue to influence the workforce. With so many companies competing for top talent, attracting and retaining the best candidates can be challenging.
In this article we offer three strategies that companies can use to increase their pool of top talent for their executive search efforts, and create a compelling employer brand that resonates with prospects. Creating and maintaining a competitive compensation and benefits package, showcasing a positive company culture and really prioritizing DEI in recruitment efforts. These three are great strategies that companies can implement to their recruitment strategy to improve their candidate pool. By taking these steps, businesses can increase their chances of attracting top talent and building a strong team for the future.
Competitive Compensation & Benefits Packages
Having comprehensive compensation and benefits packages can be considered essential in attracting and retaining top talent in today’s job market. Job seekers, particularly those with in-demand skills, have more options than ever before and will choose what’s best for them and their professional/personal goals.
Just like employees, employers should research industry standards and consider factors like cost of living and local job market conditions when determining compensation levels. Conducting this research can help prepare to offer a salary and benefits package that is at or above the market rate that can help stand out from competitors and increase its chances of attracting top talent. A solid package typically includes a combination of base salary, bonuses, and benefits, but the actual benefits can be the deal breaker on whether a prospective candidate will join an organization.
Benefits can and will be the key factor in attracting and retaining employees since today’s job seekers are looking for benefits that go beyond just health insurance and retirement plans. If your company doesn’t have it already, consider flexible work arrangements, paid time off, wellness programs, and professional development opportunities. Some of these benefits can make a difference in a candidate’s decision to accept a job offer.
In having a comprehensive benefits package that meets employees’ needs and preferences, businesses are able to present themselves as a more attractive employment proposition and increase their chances of hiring top talent.
Showing a Positive Company Culture
The second strategy, showcasing a positive company culture, can be effective in attracting and retaining top talent. The reality is that job-seekers are not only looking for a competitive salary and benefits package but also a company culture that aligns with their values and work style. But what does a positive company culture look like?
A positive company culture is one that fosters a sense of community, collaboration, and inclusivity, where companies communicate their culture through different channels, such as social media, career websites, and employee testimonials. This helps job seekers gain insight into what it’s like to work for the company and determine if it’s a good fit for them.
How can your company showcase its efforts to create or maintain a positive work culture?
One strategy that can be used to highlight positive company culture is emphasizing employee engagement and development opportunities. Provide opportunities for career growth, offer training and development, and feedback and recognition can help employees feel valued and invested in their work, further leading to higher levels of job satisfaction and loyalty, which in turn can help attract and retain top talent.
Promoting a work-life balance is an extension to this strategy, geared to building a collaborative and positive work culture founded on trust. Flexible work arrangements, such as remote work options or flexible schedules, help employees better manage their personal and professional responsibilities. Creating a positive culture may also include promoting a culture of wellness, such as offering health and wellness programs or encouraging regular breaks and exercise, which can help employees feel supported and empowered to take care of their overall well-being.
Prioritizing DEI Efforts in Your Executive Search
Prioritizing diversity, equity, and inclusion (DEI) in executive search can be influential in accessing top talent as job seekers are looking for employers who prioritize diversity and create an inclusive workplace culture. Ensure your search process is data-driven, bias-free, and inclusive at all levels – yes even job descriptions to make sure it does not contain biased language. If you continually struggle with having a diverse candidate pool, hiring an external executive search firm may help aid that problem, along with partnering with diverse organizations to increase the pool of diversity in your candidate pool. Training your team, either through your HR department or hiring HR consultants, can offer a better understanding of the importance of DEI and how to identify and eliminate bias in the search.
Social media, your company’s website and using job descriptions are great channels where companies can communicate and highlight their commitment to DEI. This will offer social proof and may help candidates feel more confident in applying for the role and demonstrate the company’s values around DEI.
Prioritize DEI and essentially your organization can build a strong team that is reflective of their employees and customers, which in turn, can lead to increased innovation, creativity, and productivity, not to mention a positive company culture and ultimately a successful organization.
At Newland Associates, we focus on executive search and talent management. If you would like to know more, read about us, or contact us at info@newland-associates.com.
