Are you frustrated by how difficult it is for your business to recruit and retain good employees and managers?
Your competition is most probably struggling with the same, at least according to a study that shows that 85% of HR executives state that the biggest challenge they face in managing the workforce, is their organisations’ inability to hire and retain good and talented employees and managers.
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67% of employers believe that retention rates would be higher if candidates had a clearer picture of what to expect working for the company, before taking the job.
5 Things Job Seekers Take Into Account Before Accepting A Job Offer
An analytical candidate will always check whether the salary and compensation are commensurate with his level of experience, job description, and how demanding the job is.
Don’t get it twisted though. Some job seekers would settle for less when other needs are met. For example, according to a Glassdoor 2014 survey, as much as 94% of sales professionals , 78% of them would accept less money to work for a company selling something compelling.
- Career Growth Opportunities
Talented professionals are keen on mastering their art and growing in their profession. This trait makes career growth opportunities a vital aspect in attracting and maintaining top talent, especially after research reveals that 60% of Millennials consider the most attractive perk to be career growth opportunities.
- Work-Life Balance
For employees, a great work-life balance enables them to attend to their duties and personal lives, contributing to great relationships, as well as physical and mental health. Given the direct effect on their lifestyles and life values, most job seekers will consider a job that doesn’t have work-life balance to be toxic.
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- Employee Diversity
Company reputations suffer a nosedive when they undervalue and under-invest in workforce diversity since 67% of both passive and active job seekers say that they consider workforce diversity when evaluating a company.
- Company Culture And Values
For some employees, company culture and values are greater than a high pay scale. This explains why 66% of health care professionals would accept lower pay, to work with a company with great culture.
In addition to taking into account what job seekers need, you should understand the role of company branding in the recruitment process.
Does Branding Have An Effect On Your Recruitment Success?
Yes, it does.
Here are a few statistics to show you how:
- 84% of candidates would consider leaving their current job if another company, with a better reputation, offered them a job.
- Using your current employees for branding and marketing purposes is crucial, especially as 52% of the content they share is trusted by candidates (This is even better when your employee is a personal friend to your candidate).
- Your company will attract 69% more resumes if you actively manage your brand.
Branding has a significant effect on the recruitment process. But, how do you successfully do it, without seeming that you are trying too hard, especially in this candidate-driven process?
How A Business Should Brand Itself, For Recruitment
Actively Manage Your Brand
A forward-thinking company knows too well that measuring, monitoring and improving company reputation significantly boosts your talent acquisition strategies.
It is therefore imperative for such a company to respond to reviews and queries, update profiles and share useful updates on social platforms, as well as display their work and culture on online platforms, such as website and social media. This way, they will attract 69% more candidates.
Consider the monetary and non-monetary benefits
What more should you offer, than the usual basic salary and commuter allowance? For example, retirement benefits are an important factor for 76% of Millennials. Contributing a higher level toward pension benefits is an easy win.
Additionally, do you have a reward program or incentives for work done? Corporate gifts, for example, have been a great motivational tool for employees. In fact, employees respond better to gifts than bonuses. So, why not invest in high-quality promotional gifts to show your employees that they are valued?
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As earlier discussed, your employees affect your branding, by building trust with your candidates. Remember to be very wise in how you manage your reputation though, for, 95% of people suspect censorship or faked reviews when they don't see bad scores, and 68% will trust your business more when they read both bad and good reviews.
Attracting and maintaining top talent is a challenging task, but is easier managed when you understand the needs of both job seekers and your employees. This means that candidates need to be briefed beforehand on what to expect, before signing that employment letter.
Also, ensure that your company offers great packages, work-life balance, has workforce diversity, career opportunities, and also values its employees. This way, you will spend less on recruitment, thanks to increased loyalty, consequently focusing more on making employee lives better.