How to Attract Employees in a Competitive Market

Advertising a job opening is no longer enough to attract new talents to your company – in today’s competitive market, taking strategic steps to attract your ideal employees is a necessity. 

In the current job market, many employers are hiring simultaneously and looking for new talent to fill roles emptied due to change in wages, lifestyles, and personal demand changes. Company beliefs, reputation, and benefits play larger roles than ever before in deciding which company an employee will commit to.

Luckily, the way to attract employees can also lead to a stronger and longer relationship between them and your company. Employees who understand what is expected of them and what to expect from their employer are more likely to apply for a job, and stay with that job once hired. Here are some of the strategies we recommend at ModVentures to attract employees in today’s competitive market:

What Can You Change to Attract New Employees?

It’s completely possible that there is not much for you to change when trying to attract new employees or it could be something as simple as clarifying your job opportunities and requirements. Many employers have noticed that clearly stating their needs while offering the benefits of being a team member has increased the amount of qualified applicants. 

Otherwise, we recommend auditing your hiring process and your offers to potential employees in comparison to others in search of similar talent. Finding where you stand in competition from the view of a potential applicant can narrow down where your company can improve. 

Consider these aspects when attracting potential employees:

01. Company Culture

Your company culture is what signifies the values, beliefs, and attitudes that you want in your workplace and represented by your employees. A positive company culture, or work culture, is extremely desirable when looking for highly qualified potential employees. Company culture is shaped by your company’s policies, management style, and leadership.

To attract employees, create a plan for your company culture instead of allowing it to develop naturally. Aim for a company culture that treats employees with respect and fosters a sense of camaraderie between team members. 

02. Embrace a Flexible Work Environment

The popularity and the necessity of a flexible work environment is steadily increasing and is becoming a heavily weighed aspect of job satisfaction. It’s shown that 77% of employees consider flexible work arrangements a major consideration when evaluating future job opportunities [Source]. 

Working from home or having a hybrid work schedule reduces time spent on commuting to and from an office or taking time off to care for sick relatives. It also allows employees to enjoy an environment they thrive in vs. an environment where they are forced to conform.

03. Stay Competitive

Pay, benefits, opportunities for growth, furthering of education, and more are all aspects that attract (or dissuad) potential employees. Wages and benefits are also what could be the final weigh in on where a talent may apply to an open position. 

It’s important to stay competitive when considering wages and benefits in your area, your state, and even in states near you to ensure you’re attracting your ideal employees in today’s competitive market. A great way to do this is to re-evaluate your benefits and wages every six months. While changes are not always necessary, it’ll give you a good insight on where you stand next to the competition.

How to Find New Employees for Your Positions 

In times where the market is competitive, it’s important to treat your current employees well and encourage referrals. Talking with HR and finance to determine which strategies will work best for you based on what your company can afford to offer as incentives. 

If you’re still unsure or don’t have a department to discuss with, schedule a consultation with ModVentures today.