How to Attract Candidates: Winning the War on Talent in a Changing Market

Daily we hear from our clients' war stories about how they are trying to tackle the present talent shortage. Navigating how to attract leading candidates in today’s market may seem impossible, with hiring leaders experiencing unprecedented events such as employees resigning after several hours or their first week to take a “better job” or hiring managers having to make offers way above market rates. Nearly every industry and function is experiencing similar stories in today’s war for talent. So, how can your company rise above and mitigate lost time and resources by retaining top talent with less attrition?

We are currently in a candidate-driven market, where job seekers have the upper hand, and companies are left with battle scars in their quest to successfully land the best candidate. Never before have employers experienced such unpredictability in the hiring process, with complications ranging from new hires not settling for a salary less than 20 to 30% above market value for their skillset, to new hires better dealing their new employer for a higher offer or something that checks every single box.

In a job market with such high competition for quality talent, it is understandable for employers to make offers over market value to maintain a competitive edge and win over a qualified candidate. The unintended consequence of this lies in competitors outbidding each other and creating a domino effect of inflated compensation which leads job seekers blindly into accepting the company with the highest offer and leaving once a higher one comes along. There will always be a higher offer made outside of your organization, and continuing efforts of trying to outbid the next competitor can feel like beating your head against a wall – repeating the same ineffective behavior while expecting a different result.

Where hiring leaders can make a change in their efforts of winning the war on talent is by creating wins elsewhere in the hiring process, cultivating a more hands on onboarding experience, and getting to know the newly hired employee even if most of the interaction is behind a computer screen. Understanding how to attract candidates in a new market landscape post pandemic, it is important to recognize how the competitive war for talent has changed, and that the methods in which employers competed previously will no longer suffice. Candidates have less patience for an extensive interview process. Therefore, the partnership between human resources and the talent acquisition team with hiring managers to help them develop effective and streamlined interviewing techniques, is imperative.

While the dollar is usually king, truly understanding the candidates’ motivation and drivers of decision making is important as well. Inflating initial salary offerings is impractical and unsustainable long term, however, creating a desirable offer in other regards – such as increasing vacation time, developing a hybrid working environment, or improving benefits offerings, can ensure a more well-rounded offer without increasing the salary to an overinflated amount and could result in a more dedicated, long term employee with more focus than beyond the current trend.

The taxing stressors on today’s workers resulting from pandemic-related fluctuations in the job market have led to a workforce less fearful of quitting a job without having another lined up. They have experienced remote work environments and may even be willing to trade hours working for hours spent at home with family. They are also less cautious of making a career change than ever before, as job seekers are more confident in their ability to find work in an area where they lack experience because of every industry’s high demand for talent – even though lacking previously required qualifications. As an employer, being aware of this increase in potential job seekers looking to switch careers is vital in determining how to attract candidates. It may be worth considering the tradeoff of spending more resources to provide a robust training program in order to capitalize on this flood of underqualified talent that is willing to work for the company providing them the strongest foundation.

For employers who can provide a stable, healthy environment that checks more boxes for the candidate beyond an elevated salary, winning the war on talent is possible as they will be more likely to attract, obtain, and retain workers who value their workplace and find contentment in the benefits aside from salaries temporarily skyrocketed above market value. While employers still may need to compromise with an unreasonably high salary offering in the short term, providing more flexibility or hybrid environments or flexibility in other regards can help create a more appealing offering for potential employees valuing a quality workplace culture and work-life balance.

It is important as a hiring manager to understand the requests of your target candidate beyond salary and make compromises where it makes the most sense. Uninvolved or poor management, lack of flexibility in the work environment, uncompetitive time off benefits, and limited opportunity for career advancement are among the most common factors contributing to the great resignation we face. Even if not long term, employers must create more value to potential candidates beyond chasing the moving goal post of providing the most attractive salary, because this misunderstanding in how to attract candidates is a losing game. Often the best environments to work in involve great company culture, with management who appreciate, value, and develop quality employees, and provide benefits beyond a great salary. The highest paying job which cannot provide these essential qualities will continue to have a revolving door of attrition until those valued needs are to be met elsewhere.

It can often be difficult to identify where changes in your strategy must be made. For more individualized strategies, please reach out to our Dallas Recruiting Firm or 214-501-1040 to discuss your specific needs and begin filling more positions today.