The business I'm in is always about talent. Whether it's talent for our development projects or for our clients', it's all about finding the right talent.
Like I mentioned in my previous article, Are you trying to hire a Robot or a Human, hiring practices need to change with the times and you need to know the current market and job situation to do so.
If a company has a strong candidate flow of quality candidates, then they're able to be extremely narrow in their search and be picky about hiring. But, when you're in a market like today, you need to change how you hire in order to attract top talent.
When there are a lot of quality candidates on the market, then you're in a buyer's market. You can pick and choose candidates and even offer a low-ball salary and likely do well. Of course, once the market turns, those people will leave you for more money or more challenge.
When the market is like it is today, you're in a seller's market. Top candidates can find a job just about anywhere in a week. We've had many candidates with two or three job offers on the table while we're trying to hire them. Many times we're not quick enough and they accept another offer.
So, in this market, what must you do to hire top talent? Remember, you're competing against other companies for a limited resource.
- You must be competitive in salary. As a matter of fact, you'll likely need to pay more than you really want. But, what is the cost to you if it takes months to fill the position because you're not willing to pay a few thousand more? It's worth calculating because you may be saving money by paying more for the position.
- You must be competitive in benefits. If your benefits are minimal, consider beefing them up. If a candidate is considering two companies and the salaries are the same, benefits and perks add up. Things such as catered lunches, free drinks, snacks, monthly giveaways, paid training, etc. all add up and entice a candidate into accepting your offer over another.
- Move quickly. If you find a candidate that you like, chances are one or more companies feel the same way. Dragging your feet and delaying a decision will likely result in the loss of the candidate.
- Sell your company to potential candidates. Don't think that a candidate should want to work for you because of your name or reputation. Name and reputation may help, but you need a message that resonates with the candidate. Why should he or she want to work for you? You need a good answer to this question because candidates are asking it.
Let's suppose you do all of these things and you hire great people. Now, you need to worry about retaining them. That's the subject of my next article.
Next Artice: How to keep the talent you have.
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From LinkedIn: https://www.linkedin.com/pulse/article/20141006204101-7506493-trying-to-hire-it-talent-in-a-seller-s-market