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How Your Company Can Stand Out in a Competitive Job Market

Today's job market remains dynamic, despite industry cutbacks and concerns about a possible recession. Companies are hiring new employees daily. As more opportunities arise and competition intensifies, the power shifts toward job seekers. That’s why we’ve compiled the top five ways to stand out and attract top-tier talent in a competitive job market.

Since the pandemic began, the labor market has been in flux. In an increasingly competitive job market, with more and more positions becoming available, the power has started to shift back to job seekers. As an employer searching for top talent, you must focus on hiring best practices to attract them effectively. 

Ready to draw some qualified candidates into your hiring funnel? Follow along in our latest guide to learn how your company can stand out in a competitive job market. 

Offer Competitive Benefits and Compensation

It’s not a mystery, people are constantly weighing their options and looking for better compensation when job hunting. Of course, many factors go into a job seeker’s search. However, compensation and benefits (especially healthcare and perks such as free meals, tuition assistance, and flexible work policies) remain at the top. Learn more about employee benefits options through MBS here.

If you’re looking to attract better talent to your company, consider boosting your pay range or compensating with benefits that job seekers want. Or, if possible, both!

Emphasize Diversity, Equity, and Inclusion

Today, casting a wide net for your recruitment efforts has become more critical than ever. Why? Consider these three points:

  • Research shows that companies with diverse teams see financial returns that are 35% higher than non-diverse teams. Diversity encompasses various aspects beyond race and gender, including backgrounds, family statuses, sexual orientations, and thinking styles (i.e., neurodivergence). Hiring individuals with these differences can enhance your company by fostering diverse perspectives that lead to innovative ideas. 
  • Searching for candidates of all kinds, especially those who have faced inequality in the workplace or your industry, contributes to a more equitable world.
  • Creating an inclusive environment where your workforce feels celebrated and happy to be there is highly correlated with workplace retention.

Have Organized Processes in Place

This applies to interviews, onboarding, and more. 

Put yourself in the shoes of a candidate looking to get a job at your company to understand their experience and identify any obstacles. Ensure that your automated communications throughout the process (e.g., “thanks for applying” and “let’s schedule an interview” emails) are timely and professional. Walking through your job application process will allow you to identify any areas that need work.

When it comes to your interview process, remember that it is a two-way street. The prospective candidate evaluates your company just as you assess them. Your onboarding is a vital early sign of what it’s like to work with you and is essential to try to get right. HR tech can streamline and enhance the onboarding experience for your team and your new employee. 

Improving your hiring and onboarding processes can attract and retain talent effectively and assure long-term commitment. 

Provide Flexible Work Arrangements

As we mentioned, benefits don’t just mean vision and dental. Consider upending the traditional 9–5 schedule, enabling employees to balance work and personal lives better. Learn more about alternative work schedules here.

Here are a few examples of things you can consider doing to make your workplace more flexible:

  • If possible, switch to a hybrid schedule, allowing workers to work remotely for at least some days of the week.
  • Stick to a traditional schedule, but with a company-wide caveat to allow for flexible working, i.e., no one will be reprimanded for picking up their kids in the afternoon or taking a long lunch sometimes. 
  • Use “rolling hours,” such as allowing employees to opt in for a 7–3 schedule or 10–6 rather than strictly 9–5, to enable people to choose the best schedule. 

Showcase Company Culture

While cultivating an inclusive and fun company culture should always be a goal, it’s also important to show it off! 

Employer branding can make a huge difference in your talent attraction efforts, as prospective employees often search a company’s online presence to confirm that it is a good fit for them before deciding to apply. 

Showcase your company culture on your careers page on your website, social media accounts, hiring platform profiles, and anywhere your employer brand is represented online. Be clear about your company’s values and promote the most enticing perks to job seekers. Want to learn more about boosting your company culture? Check out six tips here.

Attract and Retain Top Talent with Merritt Business Solutions

Ready to boost recruitment and retention for your business? Partner with MBS for an in-depth audit of your current benefits program. First, we’ll learn about your organizational goals. Then we’ll shop for providers and deliver options that meet your needs and budget.

We’re your advocate throughout the process, ensuring that your providers offer the solutions promised. Contact us for a free HR consultation to learn how you can get started offering benefits that attract and retain top talent.

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