How To Hire In A Hot Economy
As CEO of a firm that specializes in recruiting and outsourced human resource services, one of the most frequent questions I hear is how to attract top-quality talent in a tight labor market. “How do you do it?” they often ask me.
With one of the lowest unemployment rates in New England, this is the top issue for many New Hampshire businesses.
The answer to this challenge is simple: before making the pitch for why a candidate should consider our client’s company, we ask already-employed professionals what they value most in their job and what’s lacking. We then look for ways our clients can demonstrate to candidates how their company meets their criteria.
Once a candidate is interested, we work with employers to make sure that they are ready to quickly respond to questions and make a decision, because top candidates will not wait. If you want to attract strong candidates, you had better look like it.
Put Yourself in Candidates’ Shoes
Being ready to attract top talent does not always mean what employers think. Ask yourself: are you just “talking the talk,” or are you demonstrating what your company has to offer?
What’s your value proposition?
Simply claiming that “we have a better culture” or better benefits isn’t enough. These claims need to be backed up by evidence on your website, in the news, and in online reviews where candidates can find it, because you can bet the best candidates are doing their homework on you.
How easy is your application process?
Perform an audit of what’s out there about your company and your application process to experience what your asking candidates to do. Is your site mobile-friendly? Can someone apply in 5 minutes or less?
How quickly are you responding?
Top-quality candidates expect the personal touch. Even a simple personalized email confirmation from a recruiter with information about next steps can go a long way over the automated “reply to all that apply message.”
Is your company embracing technology and if so, are you demonstrating so?
I recently interviewed a savvy manager, in her 30’s, for a mid-level managerial role and she was very clear that she only wanted to work for a company that was on the cutting edge with technology. This is increasingly becoming the norm. If your company is not keeping up with technology, you may struggle to attract top talent, especially younger candidates because they don’t find it technologically appealing.
Compensation is Key
Compensation expectations are among the key concerns for employers, especially non-profits and small business.
The fact is, candidates demand fair wages, and rightly so. Employers need to find the balance between costs and competitive salaries to retain and attract top talent. Many employers are already making changes to ensure that equal pay for equal work is mandatory. Some states are even taking legislative action around employee compensation.
The best way to do this is to develop a competitive Compensation & Salary Administration Program. In my experience of creating them, the most effective programs:
- Evaluate fairness, competitiveness and effectiveness of your pay programs, including surveying employees on reward program effectiveness.
- Conduct job evaluation and job analyses and make sure the job description is up-to-date.
- Study internal equity analyses, including adverse impact analysis by race and gender for each job family. This should include an external equity market examination.
- Develop flexible and effective salary management programs that ensure external completeness and internal equity. However, be aware of expected 2019 Federal Exempt change that may be coming).
- Include base pay plans with pay grade and range structures.
- Provide market reference guides.
- Incorporate evidence supporting your base and total compensation offer so you can justify your pay practices.
Simply put, recruiting in a red-hot economy is hard work. Employers need to have a realistic view of what candidates want, how candidates see them in the marketplace, and how candidates are interpreting their value proposition- if one is discernible at all. To achieve the best outcomes, consider seeking professional outsourced HR consultants and executive recruiting services.
David Ciullo is the CEO of Career Management Associates, a 27+ year New England HR services company. He is also a HR thought leader, speaker and emcee as well as the talk show host of the HR Power Hour national radio show.
David currently serves as a Member of the Maine State Civil Service Appeals Board, President of HRASM (Human Resource Association of Southern Maine), and serves as Vice President and on the Board of Directors of NNEAPS (Northern New England Association of Personnel Services). He also serves as current Past Chairman on the Board of Directors for the IFOB (Maine Institute for Family-Owned Business). He can be reached at dciullo@cmacareer.com.
