2021 Is An Employee’s Market Place
If you are an employer looking to hire in this “new normal” marketplace there are some key things you need to consider. Today can certainly be labeled an employee’s marketplace. With the country opening up more after last year’s lockdown, it’s crucial to have a plan going forward if you want to attract the best talent. According to Insurance Journal,
As for hiring expectations, 56 percent of insurers surveyed in January 2021 said they expect to increase staffing levels over the next 12 months, and two-thirds expect revenue growth
Let’s look at what employers need to do to hire top talent in today’s employment market place.
Realize it’s an employee’s market for top talent
It is important to understand that potential employees hold the cards in today’s employment market. When you find the right talent, they will be in high demand. Counter offers from a candidate’s current employer are something that materializes often in this kind of environment. So be prepared for counter offers. Having a plan ahead of time will help you keep a candidate’s interest in your position more easily.
Offer a salary above average
If you want to be competitive as an employer, paying above average is to be expected. It’s much more expensive to keep looking to fill a current opening or potentially have the perfect candidate in your company’s hiring process who then gets lured away by a better offer from a competitor than it is to offer a competitive salary initially. So be prepared to offer above the average.
Speed up the interview process
Compare the employment market to the current housing market. When you find the person you want, you need to move quickly. Have a plan for quick communication among the people in your firm who have a hand in making the final hiring decision.
Retain current employees
Thinking about creating a culture where employees can learn and thrive will help the future of your business.
The costs of employee turnover are increasingly high — as much as 2.5 times an employee’s salary depending on the role. And there are other “soft costs”: lowered productivity, decreased engagement, training costs and cultural impact.
Investing in your current employees will help retain them. And promoting within your company is an obvious advantage in this kind of market. It makes better sense to keep your current employees happy and productive.
Flexibility on partial remote working
Because working from home last year was the norm, many employees have become accustomed to remote working and it is at the top of many employees’ wish list.
In case you were wondering if remote work was a passing pandemic fad, consider that the top keyword search from candidates on Monster over the last few months continues to be “work from home.”
Being able to compromise on this front can give you an edge over other competing businesses who are looking to hire.
In conclusion, during an employee’s market, it is important to consider how to streamline your process to insure you win the bid for the top talent on the market. Considering these tips will help you be competitive in this employee market. Because we deal with these details daily, call Jeff Nixon to help you find and retain top talent.