Unemployment has recently hit an all-time low falling below 4%. While this is great news, an unemployment rate this low also significantly shrinks a candidate pool.
So what are companies doing to attract employees in this tight labor market? With fewer candidates to pick from, companies have to stand out to prospective employees while working to retain their current talent. Companies that do often get described these days as best in class or destination employer. Are you one of them? If not, how do you become one?
An employer of choice is one that goes above and beyond its peers to recruit, retain, and reward its employees by providing the best work experience possible. Some of the crucial factors that drive such strategy are outlined below.
Payment. How does your pay align with your competitors? When was the last time you did a salary comparison?
Benefits. How do your plans compare to those you are competing against? Have you benchmarked your plans recently for benefit level and affordability through your employees’ eyes?
PTO/Vacation. Have you researched what other firms are offering their employees?
Culture. What’s the culture of your company? Are you a company that is fostering a culture of inclusivity?
Advancement Opportunities. Are your employees able to grow their careers and take on more responsibility?
Leadership. Does your company project strong leadership and direction that your employees can appreciate? Have you engaged your employees with surveys to determine what’s important to them?
Perks. What other benefits differentiate your company? Do you offer free beverages or maybe even lunch? As companies are becoming more and more creative regarding such additional benefits/perks, you have to think outside the box.
A Word of Caution
While employers are highly motivated to fill their open positions, they also need to move cautiously as hiring the wrong candidate can be a step in the wrong direction. Like anything in life, finding the right balance in the market is critical to achieving long-term success.
We are working with our clients to help them become destination employers. We have a host of tools to assist in this process. Should you have any questions about how to become an employer of choice or how to evaluate your current environment, please contact us today.