The cost of hiring is always high. Generally, it’s estimated at around 1.4 times the salary of the employee. This high cost doesn’t include onboarding, loss of productivity, and recruiting fees. Unfortunately, in 2021, the best ways to recruit employees will be even more costly. With a true “Candidates’ Market” and a staggering statistic of millions of open job postings to compete with, employers face unprecedented talent recruitment challenges. Talent acquisition and retention strategies must be updated for an employer to be competitive. MP’s HR services team shares the second installment in a two-part series of best practices for hiring talent in 2021’s job market. This part will focus on attracting talent.
4 Strategies for Attracting Talent in 2021
1. Engage candidates proactively.
In a “candidates’ market,” hiring managers or recruiting staff should put extra effort into connecting with job seekers. This will be achieved with regular, targeted emails to talent pools. Another method is to increase the frequency of check-ins with candidates– even if the purpose is to share that currently, there is no update. Internal recruiters or hiring managers might also want to implement a chatbot on their company careers page. Candidates who make it further along the hiring process should have the opportunity to meet members of the team they’d be working with, perhaps in an informal lunch or coffee meeting.
2. Develop and fine-tune the employer brand.
This tactic will be notably impactful online. Whether remote or in person, a positive, comfortable work environment is a top priority for candidates now. Beyond cultivating a robust corporate culture, best practices for finding top talent require employers to share this culture with candidates online. This will be achieved by building out comprehensive careers pages on the organization’s website. Employers should articulate why people love coming to work every day. Perks, corporate events, core values, opportunities for job training and advancement, and links to sites with employer reviews (like Glassdoor) should all be included. Some employers film short videos for this section of their website, especially videos of employees discussing why they like working for this business. Beyond the website, employers should develop a strong presence on sites like Glassdoor, Indeed, and LinkedIn. Employers should do so when it’s possible to add pictures, videos, or text about the workplace culture. Lastly, it’s a best practice to cultivate positive reviews from employees. Employers can share the links for their Glassdoor, Indeed, and Vault. They should regularly check for negative reviews and respond. Employers should also take relevant criteria into account for improving the workplace.
3. Update the employee benefits package:
In this job market, candidates often choose from multiple job offers, even simultaneously. While high salaries are essential, so are benefits packages. Employers gain a substantial advantage in winning top talent (and retaining them) when they offer excellent benefits, including:
- Gym memberships
- Comprehensive healthcare
- Free lunch, breakfast, etc.
One type of benefit that talent acquisition professionals find especially in demand is a care-oriented benefit. Late Baby Boomers and Generation X need this kind of benefit more than ever, as they are frequently obligated to care for both young children and older parents. These kinds of benefits include:
- Childcare subsidies
- Access to online platforms for childcare or senior care
- Gender-neutral paid family and medical leave
- Flexible childcare spending accounts
- Discounts at childcare and senior care centers
- Flexible work schedules for more manageable work-life balance
- Unlimited paid time off
- Expanded PTO for caring for children or family members
4. Use the right tools and services.
Hiring internally is costly and time-consuming. Some small businesses may not have the capacity to dedicate time or labor to this task. A full-time internal recruiter’s salary is often well above entry-level pay, which may be out of the budget. Working with MP’s Recruitment Process Outsourcing team saves significant time and money. MP’s experienced, trained team uses cutting-edge technology and an up-to-date understanding of the job market to locate the ideal candidate for open positions. Investing in RPO services is a sound investment because it will pay dividends long term. Finding the right talent propels a business towards its goals and success.
Want to know more about recruiting in 2021? Check out part one.
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