When attracting candidates, salary isn't the only thing you should be taking into account...
In such a competitive market, it can be hard for firms that are hiring to stand out from competitors and attract high-quality, high-impact candidates. When it comes to work, a competitive salary isn’t the only thing that prospective new hires are looking for: regardless of the industry they operate in, company culture, working environment, the role’s responsibilities and hidden benefits all play a part in convincing candidates that your firm is the best place to work.
Indeed given that76% of applicants want details on what makes a company an attractive place to work, rather than the salary details, it’s clear that it’s worth putting effort into your employer branding if you want to attract the perfect candidate, especially as 90% of recruiters believe that the recruitment landscape is currently candidate-driven.
Here’s what you should be thinking about.
What benefits are you offering?
In the world of job hunting, offering an attractive salary will only take you so far. Though 47% of correspondents cite monetary compensation as a major reason for leaving their current role, 37% of those job seekers take another job to better their skills, or because the new company is a better fit.
Indeed, job applicants around the world are becoming more savvy about what they expect from their employers. It pays to be thoughtful: introducing flexible working schemes, and focusing more upon work-life balance in the workplace can pay dividends when it comes to recruiting for roles that require employees to travel extensively, or those who balance a job with looking after a family. Not only does this boost your employer brand, but it also improves productivity levels, especially as people who work from home tend to be 13% more efficient than those who work exclusively in the office. A better work-life balance also makes for a happier workforce- and companies with happier employees outperform their competition by an average of 20%.
You should also take into consideration the demands of the job when looking to attract high-level employees: do you offer a company car for people who travel, or bonuses for employees- especially those in sales? With many companies taking advantage of the freedom and flexibility that technology gives their employees, it’s time to think about these extra benefits.
Are you offering employees the chance to grow and develop?
56% of job seekers will remain with their current employers if they’re challenged at work, or given the opportunity to improve their skills. If you want to attract a high quality of employee, and create a healthy pipeline of talented workers who will be able to move up within the ranks of your company, then you should also put some thought into upskilling your workforce.
Though it can be expensive, training and development has multiple benefits. In addition to making your company a more attractive prospect for job seekers who want a company they can stay at, and stay engaged in, it also creates a more productive workforce who will be able to contribute more to the business, and even help to grow it over time. If your staff are more engaged, they’ll be happier, which will in turn improve office morale and decrease staff turnover.
Do you have a good company culture?
All the benefits you put in place for your employees will have a hugely positive effect on your company culture- and, by extension, your employer brand. Everybody wants to work in an environment where they feel appreciated, supported and can take advantage of a host of benefits designed to make their job easier, more enjoyable and more productive. Other incentives like an open and honest workforce, a good onboarding process and strong leadership all play a role in improving your company culture, and should be reflected by news, articles and videos on your website.
Taking the time to develop a good company culture can be as important as salary when it comes to attracting job seekers: indeed, 69% of candidates would not take a job with a company with a bad reputation. So it’s of paramount importance that you manage your employer brand, both through offering a range of incentives and ‘hidden’ benefits to prospective applicants, and building a rapport with candidates online, on social media and sites like Glassdoor.
After all, if you want to attract candidates and outperform the competition, you need to offer them an incentive to do so.
At IDEX, we work with clients and companies from around the UK, helping them to connect with and hire high-quality candidates. Browse our jobs here.