How employers can stay competitive in the current job market

Oh, How Hiring Has Changed…

I don’t think I need to list out all the ways life has changed since 2020, so I will just say that things are definitely different now. That goes for recruiting and hiring, as well. In March of 2020, a majority of us got sent home from the office, not knowing when we would return to our desks, and ever since then, the job market has changed. At first, many companies paused their hiring because they weren’t sure how the COVID-19 pandemic was going to affect their business. Then many companies had to halt their business operations, millions of people were laid off, and those lucky enough to keep their jobs likely had to take cuts of some kind. But mid- 2021, a shift happened, and suddenly businesses were back up and running, but they no longer had the staff they needed to support operations. Hiring began to soar and companies were finding themselves in a war for talent. Candidates were actively interviewing with multiple organizations, receiving multiple offers at a time and the competition become fierce. Now if your company isn’t offering the best of anything, you are going to find yourself in a troubling situation. Here’s how to stay competitive in the current job market:

1. Manage your (or your hiring manager's) expectations.

   The overall timeline of hiring has changed significantly. While it used to be easy and quick to find candidates and take longer to get them through the interview process, it is now harder and takes longer to find candidates and should be quicker to get them through the interview process. Which brings me to my next point…

2. Short & sweet interview process.

   These days if your interview process is too long, you run the risk of losing a great candidate to a competitor who managed to expedite their process. Long gone are the days of having 5+ steps in your interview process. I think a general rule of thumb in this market is to do your best to keep it at a 3 step process and consolidate interviews when possible. If you have 5 key stakeholders who all need to be in the interview process, consider conducting a panel interview to keep the process short & sweet.

3. The candidate experience.

   Candidates are interviewing companies just as much as companies are interviewing candidates, so now, more than ever, the candidate experience is so incredibly important. Consider the candidate when creating your talent acquisition strategy - how would you want to be treated during an interview process? Would you want to fill out a lengthy application when you are already interviewing with 5 other organizations? Would you be excited about an organization that made you wait weeks for feedback? Strong communication and keeping the process running quickly and smoothly should be the pillars of your recruitment process.

4. Salary expectations and offer negotiation.

   Not only does the competitive market play a factor in rising salary expectations, but so does inflation. Candidates are asking for more money, and for good reason. Be prepared to raise salary ranges for your open roles and don’t be surprised if more candidates are coming back with counteroffers. Now is the time to do salary surveys and market analysis to ensure you are staying competitive in an increasingly difficult hiring market. If you aren’t flexible with your range, expect to lose out on top talent.

5. Perks & Benefits.

   I think most hiring managers know that these days it’s not just about the opportunity anymore, candidates are looking for the overall best package, and that includes company perks and benefits, too. Companies are really starting to get creative with their benefits offerings, so if your organization is lacking in this area, it is time to re-evaluate. Some interesting perks I have see recently: 1 mental health day per month, or 1 mental health week per quarter, student loan repayment, increased 401k matches, profit-sharing bonuses, flexible benefits offerings (check out Lluna), unlimited PTO, flexible working hours, legal services, home buying assistance, etc.

6. Hybrid flexibility.

   This probably falls in line with the perks & benefits, but it deserves its own paragraph. I cannot stress enough how valuable flexibility is in this day and age. Many people got sent to work from home in March of 2020, and their lives were forever changed. Suddenly they were able to spend more time with their children, catch up on laundry during their breaks, save money on commuting costs, and the list goes on. If a role can be effectively done from home, why require it to be onsite? An onsite requirement when it is not necessary is going to narrow your already slim candidate pool. Even hybrid flexibility - 2 days onsite, and 3 days at home, for example, will expand your candidate pool significantly.

7. Ditch some requirements.

   Last, but not least, ditch those unnecessary job requirements. Is a Bachelor’s Degree really necessary for the role, or is it just nice to have? Is being experienced in a specific CRM required, or are you willing to train someone who is technically savvy? Rethink your job requirements and get creative to open the applicant pool to candidates with diverse backgrounds - not only will it make hiring easier, diverse teams have proven to be more productive.

Meet the Author

Tori Mitchell
President, Search & Staffing

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