How to Attract Talent in a Candidate-Driven Market
In today’s job market, if an employee is not happy with their current position, it isn’t difficult for them to find a new career opportunity — and many are doing just that.
According to a recent survey, 32% of employees plan to change jobs this year. Not only that, 78% say they aren’t actively looking for a new job, but if the right opportunity came along, they would be open to making a move.
Considering these survey results, it’s clear that it’s a candidate-driven market. The challenge for employers is understanding what’s causing employees to leave, and what they can do to attract and retain talent.
Why employees leave:
- Only 32% of employees say they are happy with the opportunities for advancement their company provides
- 58% say their employer doesn’t offer enough opportunities to learn new skills and advance their career
- 50% feel like they have just a job as opposed to a career
- 15% say low compensation or lack of benefits are the main reasons they left their last job
How to attract and retain top talent:
Offer training and continuing education opportunities
Employees want opportunities to learn new skills and advance their careers. When companies offer training and continued education, they are sending the message that they’re invested in their employees’ future.
The good news is, more than half (56%) of employers have paid for employees to get skills-based training or continued education outside the office so they can move up to a higher-skill job within their organization. Unfortunately, only 37% of employees are satisfied with the training and continuing education opportunities their company provides.
To ensure you’re keeping your best and attracting quality employees, bolster your training and continuing education programs, grooming those with potential for advancement.
Simplify your application process
Almost half (42%) of employees say they will abandon an application if it is difficult or confusing, and 31% say they will give up and won’t apply if it takes too long. With abundant career opportunities available, why would a candidate subject themselves to a cumbersome or arduous application process when they can likely find another opportunity that’s easier to apply to?
It makes sense that a candidate would get fed up with a complicated application process. To avoid missing out on these candidates, streamline your application and ensure it’s mobile-friendly.
Offer perks beyond competitive compensation
While salary is important, there are other factors candidates consider before applying to a job. Seventy-five percent say benefits, and 59% say commute time is the most important to them when considering a new role.
Half-day Fridays (42%), an onsite fitness center (23%), and award trips (21%) are other perks that employees said would attract them to a job.
It’s clear that continuing the hiring practices of years past won’t cut it anymore. In this highly competitive hiring market, employers should look use any competitive edge they can to attract and retain talent. From flexible schedules to better benefits to job training, determine what your organization can employ to hire the best people possible.
Need Help Attracting Talent?
Partner with Burchard & Associates. We’ve helped connect countless talented professionals with great companies in St. Louis. Contact us today to learn more about our staffing solutions.