Attracting top talent has always been a tough challenge and companies are constantly competing for top performers. From performance based bonuses to paying for chefs to taking care of their employees’ laundry, hiring the best of the best can incur a lot of extra expenses. Luckily, this investment almost always pays off as it brings motivated and skilled employees to your company.
So can you attract top talent without having the budgets of Google and Apple’s HR departments?
I think so. Smart companies are asking employees what they want and utilizing that feedback to plan for how they will invest in their people.
Although a short blog post like this one will not give you a magic formula to turn your company into a talent magnet overnight, you can make use of the tips listed here to improve your chances of attracting top candidates.
#1 Know Who You’re Looking For
First and foremost, you need to have a clear vision of the types of employees you want to attract. Know what problems they are facing, what do they want to achieve, and what their priorities are. Nothing puts off prospective employees more than using a different language when communicating with them (e.g., offering cash bonuses, which appeals to many people, but not potential employees who are more interested in fulfillment more than getting rich fast).
Having such a vision will impact your strategy from the job announcement to the selection of perks you provide to potential candidates.
#2 Design a Compelling Employee Value Proposition
Start by writing down all the perks and benefits you currently offer to your employees (or plan to offer in the near future), then continue by identifying the benefits your competitors offer and write them down opposite to you offerings. Are there any points of significant differentiation? Are these differences sufficient enough to give you a competitive edge? Is there anything you can do to make your employee value proposition more attractive?
Be careful and thoughtful when identifying your competitors, as they may not necessarily be the same companies that want to take your market share. Make sure to compare your employee value proposition to that of companies that are after the same type of employees (e.g., MBA graduates, creative designers).
#3 Iterate your Employee Value Proposition
You should constantly keep your eyes open to determine your company’s employee value proposition stacks up against the propositions of your competitors, and how well it matches up with the expectations of the employees you are seeking.
Maintaining a competitive edge while attracting your ideal employees is absolutely critical.
#4 Invest in Technology
A lack of proper tools decreases the productivity of the hiring team and adds to frustrations of your prospective employees. There are convenient tools for practically all areas of HR needs from those that help with payroll management to those that help determine the best employee perks. Take advantage of these tools.
#5 Adopt New Tools
Keep an eye open for new tools that can help you automate other parts of your HR routine or add extra benefits that can give you the competitive edge.
Being the first to offer a new benefit matters. Have you checked Peanut Butter?
More to Come
Check back later this week, or subscribe for email updates, to see another 5 tips for attracting talent.