Hiring in a Competitive Environment – How to Nail Recruiting and Retaining Talent

  • April 27, 2020

While finding a job makes headlines regularly, the difficulties incurred in hiring talented individuals are highly underrated. Hiring in a competitive environment like today is tough. Gone are the days when the hiring process was controlled by recruiters and hiring organizations.

The millennial generation, who contribute to around 35% of the global workforce¹, walks in for a job interview with expectations from the organization. The millennials make an informed decisions, weigh choices and are in no rush to settle for a job or an organization that doesn’t resonate with their personal beliefs.

Competitive Hiring
Hiring in a Competitive Environment

And as rare as talent is, engaging talented employees to make them stick with the organization is challenging. Companies have to compete to score a good employee, just like employees have to compete to bag a job they like. Especially for startups and companies who are just gaining a foothold, hiring and retaining are as competitive as they can get.

There isn’t a full-proof formula to recruit and retain talent but a bucket-load of efforts that must be implemented by the HR teams and the organizations as a whole.

Here’s how you can perfect recruiting and retention of talent in a competitive hiring market:

Create and display an attractive culture

As much as we stress the importance of hiring for a cultural fit, building the company culture and living the culture on our end are equally important. Candidates today want to see the culture reflected in every organization process and not just on the business flyers. They want ideals and social messaging that they can support and be a part of. Of course, all this while having a working environment they enjoy and feel excited about daily.

“Job search -love it to the heart.”, said no job-seeker ever! Candidates want the proper organization where they can contribute and grow simultaneously. Organizations can have a competitive advantage by offering an attractive work culture (and not just displaying it) to convince the candidates that this is the best place to be.

Read more: Work Culture at ProMobi: What Sets Apart Best From the Rest

A marvelous candidate experience

More often than not, what repels good candidates is a latent, non-responsive hiring process. A poor experience during the hiring process, both by the HR teams and the hiring managers, displays a lack of respect, responsibility, and seriousness, and good candidates make a long-lasting impression on the organization based on this.

If a job seeker faces the dilemma of choosing between two organizations, one that provides a smooth, well-communicated, and quick process and the other that is a rather ordinary, long, and unwelcoming process, it’s going to be a straightforward decision to take- in competitive hiring, you snooze, you lose!

Photo by Razvan Chisu on Unsplash

The way you market yourself as an organization is an important tool for recruiting

Candidates, especially millennials and Gen Z, want to be associated with a brand. If your organization advertises locally, you will be raising awareness of your region with potential candidates. They can see the ads and identify the brand as a reputed organization. If your organization doesn’t advertise locally, you can still consider publicly promoting the fact that you’re hiring by using the power of social media. See your current career profile on job posting sites and social media. Make sure it corresponds to your brand and the type of people you’re looking for.

Read more: Building a Team at ProMobi: 5 Things We Look for while Choosing our Next Teammate

A blog dedicated to the company culture, frequently updated social media handles, sharing insightful content on behalf of the organization, and highlighting your organization’s infrastructure as well as a culture that makes it a desirable place to work, is an efficient way to establish a brand dedicated to hiring.

Having an overall brilliant recruitment strategy

While tech firms often need to recruit staff quickly to reach their goals, a long-term plan is crucial. Recruiting for engineering vacancies is one of the toughest challenges since the positions often require a lot of diverse and excellent skill sets. Working professionals with solid experience weigh their choices carefully before career changes.

Also, your hiring timelines won’t always align with ideal candidates, but these days, recruiting software can be used to automate the recruitment process. And hence, it is important to proceed with a robust recruitment strategy to ensure that you don’t overhire and, at the same time, you don’t lose out on good candidates just because of the timelines.

Photo by rawpixel.com form PxHere

Retaining talent in a competitive job market

After you’ve made the hire in a competitive job market, retention is the next big challenge. We’ve extensively written about How to Retain Your Top Talent. It is essential to understand that retention is a continuous process.

In a competitive hiring scenario, identify what makes you different from other employers, particularly your rivals. Converse with the staff. Look at exit interviews and onboard reviews to determine what keeps employees at the company happy and motivated and what makes them move away from it. See how you can change and align your employee engagement focus towards the same.

In a competitive hiring environment, you need to act quickly and distinguish your organization, or your competition will beat you to it. After all,

“The greatest asset of a company is its people.”
Jorge Paulo Lemann (Co-founder, Banco Garantia)

Sources:
1. workable.com

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Kevin comes with a diverse experience of research, business development & sales, finally finding that his passion lies in finding the right fits for teams! He works at ProMobi as a Talent Acquisition Specialist & helps in hiring talented folks- from coders to marketers!
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