Supercharged Labor Market

With hiring and retention becoming more challenging each year, and a growing labor shortage across most industries, employers must prioritize competitive hiring. In the midst of a rapidly recovering global economy, firms have very little leeway to waste resources.

Ineffective hiring efforts are not likely to help businesses hit milestones or build sustainable growth; instead, businesses would do better to maintain competitive hiring processes that contribute to both long-term and short-term successes.

Here are five general approaches that employers should consider:

Offer Competitive Compensation & Benefits Plans

Compensation packages and benefits plans have conventionally been a key factor when it comes to attracting the right talent. Compensation has only expanded as a talking point over the past few years, especially in the aftermath of the pandemic. Generally speaking, the first step employers must take to make their hiring efforts more effective is to offer competitive compensation plans.

An employer who understands the importance of employee motivation likewise understands how significant compensation plans are to ensuring workplace satisfaction.

Likewise, many employers would find it prudent to understand the types of benefits that appeal the most to modern workers. Health insurance plans, for example, must include coverage of both mental and diagnostic needs.

Moreover, the coverage that extends to spouses and dependents is another great example of what modern employees look for in a benefits plan. Employers must balance an appealing compensation and benefits structure without threatening payroll sustainability.

Build a Culture that Appeals to Top Talent

Workplace culture is (and will always remain) a crucial part of any employer-employee relationship. Workers are often predisposed to work at “fun” places, but that is not the only standard to meet. As a matter of example, workplace cultures that offer opportunities for skill development are also extremely appealing to professionals.

Younger professionals seek out environments that encourage innovation and growth. If employers want to attract the right talent, they must also aim to offer a workplace culture that their desired employees would value.

Showcase Commitment to Workplace Safety

Employers are morally (and legally) responsible to offer a workplace that is free of the risk of injury or undue distress. Physical injuries are the most obvious danger to avoid, but there are other aspects that businesses must mitigate. At the very least, employers should consider eliminating any elements in their culture or workplace that could impair their ability to attract talent.

Workplace bullying, for example, is a toxic manifestation that can accelerate employee attrition while harming the employer’s reputation. Outdated workplace investigation policies to identify harassment, intimidation, and bias are another aspect of the work environment that may necessitate a review.

Identify and Correct Any Instances of Biased Hiring

Biased hiring practices can be a very significant threat to modern businesses. Aside from the obviously undesirable reputation of being a biased employer, businesses can actually limit their ability to hire innovative employees or future workplace leaders. Eliminating hiring bias, however, can be challenging, especially where the bias is unconscious.

One way to address this issue is for employers to set diversity and inclusivity targets, review compensation plans within the context of fairness, and make the workplace more accessible for a multitude of various individuals.

Know When to Hire Internally vs Externally

Too many recruiters make the mistake of hiring externally for a role as soon as it appears. Conversely, many also make the mistake of thinking they can hire internally to meet significant skill gaps. For businesses that follow centralized recruitment models, understanding when to hire externally and when to promote someone from within the workforce is essential.

Employees that have been upskilled or reskilled may often have everything needed to contribute to a larger role. In such cases, promoting them internally may prove far more efficient than sourcing an external candidate.

However, internal hiring is not the most effective approach every single time a new role opens up. Even re-skilled workers may find it difficult to work in a specialized technical role, or they might simply lack the leadership experience necessary for a much senior role. In such cases, hiring internally could prove ineffective, compared to sourcing an external candidate through, say, a staffing agency in Pennsylvania.

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