Standing out as employer of choice in a competitive market
These really are exceptional times. We’ve emerged from the pandemic to see the jobs market in a state of flux, with the ‘Great Resignation’ creating a highly competitive jobs market. So much so, 45% of employees in UK SMEs are planning to look for a new job in the next 12 months.
The challenge for employers right now is that it’s very much a candidate-led market where people are picking and choosing where and how they want to work. They can choose the type of flexibility they want, not to mention command the salary they want. But, and here’s the rub, not everybody has the big bucks to compete. And even if they did, from a financial perspective, this is just not a sustainable approach in the long term.
So, what do you do if your budget doesn’t stretch to a bidding war? How do you compete to ensure your business is a candidate’s first choice?
The good news is that there are a range of things you can do to be a standout employer that won’t significantly impact finances. Of course, salary is always a consideration but we look at other ways you can compete and standout in this current market.
Go to the root of the problem
Amidst all the panic to attract candidates, many businesses haven’t stopped to think about why the market is the way it is right now. Why are so many people moving jobs? Why do candidates have the ring seat?
Flexible working is one element, but let’s be clear here, it’s not the whole picture. Extensive research from Personio has shown that the top three reasons for employees leaving their current employer are due to:
- A stressful working environment
- A lack of appreciation in they work they do
- A lack of career progression opportunities
This is the heart of the matter and a key point when it comes to talent attraction. Sometimes a simple well done or a thank you is all that’s needed, not grand gestures or big salary hikes.
It’s not about weekly fruit deliveries, fresh cut flowers on a Wednesday or table tennis, it’s about meaningful rewards that recognise employee performance.
People like to feel rewarded, respected and know they have opportunities to progress in their role and it’s an approach that can catch a candidate’s eye.
Be a great place to work
Unfortunately, we’re not all mind readers and although your organisation may be inclusive with strong employee values, candidates aren’t going to know this if you don’t show it. That’s why it’s important to ensure your employer brand is strong and clear in its purpose.
Candidates shop around, they like to get a ‘feel’ for an organisation and do a lot of research online and through social media. It’s important to think about where they’ll look to learn more about your organisation. Will they use Instagram or LinkedIn? Is it worth using TikTok to attract younger candidates? Think about the platform that works best for your business and ensure it’s in great shape.
When that’s in place, it’s key to communicate your values and purpose. Showcasing how much you value your people can go a long way to catching that candidate’s eye. It’s also important to highlight how you reward your employees.
We don’t mean weekly fruit deliveries, fresh cut flowers on a Wednesday or table tennis, it’s about meaningful rewards that recognise employee performance.
It’s not just about employees either, it’s also important to ensure your leadership team are visible too. Ultimately, you really want candidates to say; ‘this looks like a great place to work.’
Another thing to note – it’s a small point but could have a big impact – is that it’s really important to ensure your branding, links and contacts are all on point. A joined-up organisation shows clear thinking and purpose. A broken link could be the difference between capturing a great candidate or losing them out of frustration.
Invest in your people
Going back to the core of the issue, career development is a key driver for today’s candidates. However, Personio’s research also found that, of the 500 HR decision-makers surveyed, only 28% were offering more learning and development opportunities. Improving benefits and salaries were top of the list.
The dichotomy here is that 61% of 2,000 candidates that were surveyed stated lack of appreciation and progression were reasons for moving jobs. So why are decision-makers focusing on salary and benefits?
It’s this ‘disconnect’ that could be the difference as to whether a candidate accepts your offer over financial gain. By showing how great you are as a business, as well as opportunities for progression, has the potential to mean a lot more than an inflated salary.
Candidates shop around, they like to get a ‘feel’ for an organisation and do a lot of research through social media.
Of course, there will always be candidates whose main driver is salary, but they may not share the same values as your business and might not be a great fit, which is ok. On the flipside, the risk with competing on salary is that there will be a need for ROI, therefore putting candidates under more pressure to deliver…the one thing they wanted to escape from their previous role.
When we’re getting under the bonnet of an organisation, we support and advise on a range of areas, but when it comes to retention and attraction, we focus on getting the best, growing the best and being the best.
And we think that this approach has never been more important. Organisations that focus on learning and development see far higher retention rates, not only that, but candidates and employees see development as a key priority.
Do what’s right for your business
Essentially, it’s crucial to do what’s right for your business. Yes, it may take longer if you’re not competing on salary, but we’re all here to play the long game and getting the best candidate for your business.
At Cajun, we support organisations across all aspects of the HR function. From employer branding, learning and development to recruitment, we can help you stand out from the crowd.
Why not drop us a line to find out more? We’re always happy to chat over a cuppa.