Five ways (other than money) to attract top talent
They say money makes the world go round, but for many candidates salary isn’t the one and only factor considered when accepting a job offer.
While incentives used to be limited to popular perks such as stock options and mortgage allowances, candidates are now looking for a wider range of benefits. We asked our experts for their advice on how you can ensure your hiring processes are meeting expectations.
1. Company reputation
“To attract the best talent on the market, it’s essential companies create a reputation as somewhere candidates want to work,” says Martin Fox, Managing Director at Robert Walters Toronto. As he explains, companies well known for their products and working practices will be able to attract the strongest candidates simply on their reputation within a particular sector or industry.
“When it comes to the actual hiring procedure, invest time and effort on creating an efficient recruitment process that promotes and reflects this reputation,” he adds. “Everything from a well-crafted job description to the way the successful candidate is offered the position should reflect the company in a positive light.”
Takeaway: Are you telling the world about how great your company is? Invest in marketing that shows prospective employees just how great you are, then back it up with a stand-out recruitment process.
2. Company culture
“Having the right company culture in a workplace can make all the difference when it comes to making a position more marketable for potential employees,” says Eduardo Utiyama, Senior Manager at Robert Walters Toronto. He explains that having the right culture for the right talent could include opportunities for flexible working, the level of autonomy given to employees or even providing a team lunch on a daily or weekly basis.
As Eduardo notes introducing smaller, softer perks like giving employees the day off for their birthday is a great way to gradually change a company culture. “These changes can often be hard to accept in workplaces with an engrained culture, but they can make a role significantly more attractive to candidates.”
Takeaway: Introducing small, incremental changes to your workplace culture can make a big impression on potential employees. Add employee testimonials to your careers site to provide candidates with a better insight into day-to-day working life.
3. Personal relationships
Line managers should view interviews as opportunities to develop good interpersonal relationships with candidates,” suggests Martin. He argues that relationships formed through the interview process can often make the difference as to whether a candidate accepts an offer or not, as it provides them with an idea of what working relationships they can expect within the role.
“Provide relevant training for line managers before the interview process to ensure they can successfully present both themselves and the company to candidates,” he says.
Takeaway: Are your hiring managers building up strong relationships with potential employees? Invest in interview-focused training and install a structured interview process that allows hiring managers time to develop these relationships.
4. Personal fulfilment
“Employees don’t want to feel like they’re simply a cog in a large machine, they want to know that they matter and that their work is making an impact,” explains Eduardo. He notes that this sense of fulfilment is increasingly important when it comes to attracting the best talent. “These candidates will want to make a tangible difference and be able to see how their particular work affects their department, their company, and even wider society.”
One way companies can make this sense of fulfilment central to the recruitment process is by setting out how candidates can interact with the decision-making process in the role. “Candidates will want to know their overall decision-making capacity and that their ideas matter.”
Takeaway: Explain the importance of the role within both the immediate team and the wider company, highlighting the opportunities available for employees to make their voices heard.
5. Career progression
“The prospect of career progression is often fundamental in a candidate’s decision to accept a job offer, so it’s essential companies look to signpost all available opportunities for professional development,” advises Martin. As he explains, establishing training schemes that focus on increasing the hard and soft skillsets of employees is a great way to attract those candidates thinking about longer-term career development.
“Companies should consider introducing a job rotation program that provides employees with a good overview of the different skills needed in the company, ensuring details of this program are fully laid out within their recruitment process.”
Takeaway: Are you doing enough to develop your existing employees? Establish a tailored professional development scheme and make sure these opportunities are discussed with candidates during the recruitment process.
For more hiring advice, read our article on how to avoid bad hires.