(Originally published on the Nashville Area Chamber of Commerce blog here)
The Current War for Talent
While 2020 was marked by a total transformation of the job market created by the pandemic, 2021 saw an incredible hiring boom and quite possibly the most competitive hunt for top talent in years! As a result, attracting and retaining top talent has become a real challenge for companies, with candidates demanding more flexibility, an inclusive environment, higher salaries, and a defined career progression. Having a robust talent strategy has never been so important, as this trend is expected to continue.
Therefore, in addition to collecting robust salary data for 150+ professional positions, we have also compiled expert market insights and best practices for hiring across industries into one comprehensive guide to help you navigate this competitive market. Built for both employers and job seekers, the 2022 Professional Division Salary Guide provides data and insights from both sides of the hiring process, fully preparing you for the 2022 Job Market.
How Can Companies Stand Out?
So, how can companies stand out among candidates, besides offering higher salaries and financial benefits?
- Have a clear, quick, hiring process in place. “In this market, if you’re able to truncate your hiring process by even a couple days, you’re at an advantage,” said Tim Gibbons, a founder and the Vice President of Delivery for BGSF’s Professional Division. “That’s how hot this market is.” Gibbons continues, “What I mean by truncating (the hiring process), I mean, it’s going in with a plan,” he said. “That there will be a process: These are going to be the three individuals who are going to be part of the interview panel. These are the questions or the areas that they’re going to be focusing on, in talking with the candidate. And share feedback quickly.” The quicker you can make an offer, the better.
- Open your search up to a nationwide market. “If you’re looking to hire in your local market, the competition isn’t just the organization across the street from you, or down the road,” said Gibbons. “Your competition for talent is nationwide at this point. Organizations that have accepted that are well ahead of those that are sticking to their guns, seeking people who are within a 50-mile radius of the office.”
- A company can really stand out based on its strong culture and online reputation. Having a positive online reputation, including five-star Google reviews and social media channels that accurately represent one’s culture, can have a significant impact on whether or not a candidate will accept a position with you. Therefore, it’s important to not only track, but try to manage one’s online reputation, in addition to cultivating your company culture.
- Understand what is motivating candidates and build an offer that truly speaks to them, beyond compensation. Eric Peters, President of the Professional Division, notes that not all companies will be able to keep up with the higher demand in compensation. Therefore, they need to consider other benefits that are important to candidates. “You might not be making the most money within an organization, but you see the most potential … to grow within the organization, and you’ll get your money there,” he said. In addition to growth potential, some of the top things current candidates are looking for include a clear company mission and values, diversity, equity, and inclusion, transparent communication, recognition, encouragement to take PTO, and a fun workplace.
It’s clear that this steep competition for talent will continue throughout 2022, and possibly beyond. And, as compensation continues to rise throughout a variety of industries, successful organizations will look to other benefits to attract, hire, and retain top talent. To learn more about our services and how we can assist you in developing and implementing new hiring strategies, visit www.bgsf.com/professional.