How Making the Right Offer is Crucial in Finding Talent
Finding talent is one of the most important and challenging tasks for any company. In order to set up solid foundations and open opportunities for growth, companies need to acquire and nurture talented team members. However, as the talent gap grows, finding employees that will help drive business results is becoming much harder than it was before.
Companies today have to invest time and money in the process of finding talent. However, this is probably the best business investment they can make. Having the right employees in the right positions can provide long-term benefits in the form of effectiveness and productivity. Employees with relevant experience and skills can lead the company to success.
But, how can companies find talented people? How can they attract these people to join their team? Recent studies show that the work environment, compensation and benefits, and opportunities for advancement are among the top factors influencing people’s decision for a job position. Making an offer which is focused on these aspects can help a lot in finding talent.
How to make the right offer and ease the process of finding talent
There’s no doubt that compensation plays a huge role in attracting qualified people. However, the compensation itself cannot meet the various needs of today’s employees. Therefore, companies should make efforts to draft a complete, compelling offer and draw the best candidates from the talent pool.
Apply a strategic staffing approach
Strategic staffing is all about being proactive in the process of finding talent, to ensure timely filling of job positions with the right people. To be able to do this, companies need to determine the exact competencies and nature of the employees they need. This approach can help them save on recruiting costs and avoid decrease in productivity.
Not having the right people at the right time can cause serious losses for a company. It is also important to keep an eye on the number of employees in terms of the expected amount of work in the near future. Having too many or too few team members can cause serious harm to a company’s budget and overall success.
Anticipating the number and type of people needed can help companies avoid these risks. As soon as they make these calculations, they can set up an efficient process for finding talent.
Create a strong employer brand
When it comes to finding talent, having a strong employer brand is crucial. Companies need to present their organizational culture and values to attract the right employees. When the company’s and employees’ visions are on the same page, success is inevitable. Having a strong employer brand also refers to showing that the company is a market leader in the particular industry.
Since the work environment is among the top priorities for people when choosing an employer, companies should find ways to communicate it to potential job candidates. Revealing the positive experiences of current employees and presenting a solid team spirit can significantly help in finding talent for future job openings.
Companies also need to present the job positions they are searching talent for as interesting and challenging. Since people spend most of their day at work, they are looking for a job position that can keep them content. They need to know they’ll have the opportunity to use and expand their skills.
Prepare a compensation strategy
Having the proper compensation strategy is essential for both finding and keeping talent. It is also important in terms of costs for the organization. Companies need to determine relevant factors that will help them decide on the salary they will be offering. Trying to decide on a compensation package arbitrarily and subjectively will not bring good results.
If companies fail to determine the right compensation for a particular job position, they can’t expect to find good talent. If they can’t show they know the true worth of their employees, it is going to backfire very quickly.
Some companies try to determine the compensation based on the costs of living. Others believe they can simply offer a 10% higher salary than the previous employer of the candidate. There are also companies that ask candidates about their salary expectations, and then see if they can match those expectations.
In order to stay competitive when finding talent,
companies have to evaluate the market and create clear compensation strategies.
Acquiring and using the latest data related to their industry, companies can get the best people for their job openings. Relevant data can help them make the right decisions and develop good compensation strategies. These strategies bring benefits both to the company and the job candidate.
If companies make low salary offers, they will discourage the more talented candidates. If they make ridiculously high offers, they can lose a lot in the long run. As annual increases are usually determined on the basis of current salaries, companies can find themselves overpaying their employees after a few years.
Offering high salaries brings another risk, too. It will attract candidates which are only interested in money, and those are not the best employees a company can have. The most valuable employees are the ones that are interested in opportunities for growth, aside from the compensation alone.
A good compensation strategy defines compensation packages based on specific skills, experience, and current market demands. What is more important, employers need to be honest with their candidates. They need to be able to explain how compensation is determined. This way, they won’t have to deal with unhappy team members as a result of different compensations for similar job posts.
When employees know they are being paid according to their skills and personal traits, they are motivated to improve. This is how companies can set up a healthy competition within a team. Employees will not be obsessed with job titles, but with opportunities for growth (both for the company and themselves).
The key to finding talent is to prepare an offer that will satisfy a wide range of an employee’s needs. This includes a good salary, bonus plans, health insurance, retirement or tuition reimbursement, and any additional vacation allowances. Any kind of financial or other support for the employee’s personal growth or recognition will just add to the success in finding talent.