Is There Still a War for Talent?

Clients are always asking, “How is the talent market right now?” and “How can we compete?”. Recruiting agencies are busier than ever due to the huge skills gap and shortage of qualified candidates, and that’s not going to change any time soon. But how we need to approach recruiting and retaining the best talent is very different from when Steven Hankin, of McKinsey & Company, coined the phrase “war for talent” back in 1997. We’re squarely in a candidate’s market where hiring the right talent means implementing more than new recruiting tactics—we have to change the way we work.

What Should Employers Do?

For over 12 years, The Shoy Group has honed the best practices companies should put into action to attract and keep today’s most effective professionals.

1. Create a candidate-driven experience

It’s a candidate’s world—we’re just recruiting in it. In addition to making space in the process for candidates to ask questions and offer feedback, it’s important to anticipate their real-life needs and desires while hiring and interviewing. Some of the best candidates are not actively looking, so recruiters need to think strategically about ways to draw these professionals into the interview process in the first place and Companies need to help create a great candidate experience. This involves making sure the recruiter and candidate understand the client’s core business, value proposition, and culture. Fostering consistent communication and feedback with candidates allows for momentum and transparency during the process. As a result, the candidates get a positive view of your company as a prospective employer and are more likely to accept the offer when the time comes.  

2. Always be recruiting

We live by the advice of former talent guru from Netflix, Patty McCord: “Always be recruiting.” For any dynamic company, recruiting should be part of the culture. Think of recruiting as one path toward reaching business goals, not just filling positions. Treat your recruiting agency as a true business partner and not just someone to fill the pipeline, and they will help you reach your hiring goals. 

We are able to hire candidates who send a positive ripple effect throughout a company by becoming true partners with hiring managers and executive leadership. We succeed by getting to know what makes that company “tick” and leveraging our experience in growth-stage tech companies. 

3. Develop and stick to an employment brand

You need an employment brand just like your sales and marketing teams create branding and a GTM strategy to attract customers. When you’re developing an employment brand, define your ideal candidate and create value propositions and media that invite both current and prospective employees into your story. 

Educate your entire company on this employment brand and make it part of the company culture and interview process. A team that stands by your hiring goals and is well trained in interview skills is your best recruiting tool, after all. Everyone in your organization should be a talent maker.

4. Work with technology, not against it

Technology changes quickly, and that affects how we connect with great talent. Emails, phone conversations, video chats, and face to face meetings will teach you more about a candidate than their resume or portfolio can reveal. On the flipside, VR and video technology is being used more readily to give candidates an inside look at your company. Ask Me Anything (AMA) forums can facilitate thought leadership and large-scale conversations about what it’s like to work for your company.

Artificial intelligence is also a useful tool for streamlining the recruiting process, but it shouldn’t drive your candidate selection. AI can filter resumes, but it doesn’t replace the insights you gather from human interaction. 

Leverage all of these tools on platforms where your ideal talent gathers to attract passive and active candidates.

What Does Top Talent Want From an Employer?

Becoming an attractive employer for top talent runs deeper than paying a decent salary. According to LinkedIn’s Global Talent Trends 2020, 96% of HR professionals report employee experience is becoming increasingly important to recruit and retain a great team. The pillars of a satisfying employee experience include compensation and benefits, easy internal processes and communication, technology and tools to do their best work, and ongoing career training opportunities. 

We’ve talked with over 25,000 candidates in the last 12 years, and they consistently ask these three questions:

1. Can I work from home some days?

Opportunities to work remotely have grown by 44% in the last five years, and candidates know that they have options. This one perk can raise employees’ quality of life in very practical ways. It saves time by eliminating a commute, reduces some types of stress, saves $ on gas, and improves work/life balance—just to name a few. Offering a work-from-home option at least some days will give your company a leading edge.  

2. What are the career development opportunities?

Productive candidates have a growth mindset. Millennials now comprise the majority of the workforce, and 40% of this generation say career growth opportunities is one of their top priorities while considering a prospective employer. They want to know how a company will support their career development for the immediate and distant future. 

Career mapping is essential and offers a clear picture of what candidates will learn and how they can advance in your company. Cultivating a culture of career development can include company workshops, conferences, new technology tutorials, and education reimbursements—anything that fosters curiosity and learning.

3. What is included in the total compensation?

Competitive salaries are important, but they aren’t everything. Candidates want to know how an employer will take care of them as a whole person. Do the benefits package cover enough of their healthcare costs? Are there stock options? When and how can they earn bonuses? 

Bottom Line

Be a workplace where the best talent wants to work. Your company needs to offer a transparent candidate-driven experience that leads to a satisfying employee experience. As you look to the future of your company, the right candidates do too. They’ll drive your company culture forward and bring value as they grow as individuals. At The Shoy Group, we’ll partner with you to become the ideal employer for your ideal candidates. The talent market is competitive, but we have the experience and expertise to help you win the war for talent. Partner with us today!