Are you using the right levers to attract top talent to your business in 2022 / 2023?
Are you using the right levers to attract top talent to your business in 2022 / 2023?
In this article we discuss how to ensure you are using the right tools to attract top talent to your organisation.
Whilst there is talk of global recession and inflation continues to rise in Australia, employers are still hiring for key professional positions. For the roles that require strong technical skill, a depth of experience or significant Australian networks, competition for top talent is still fierce.
Australia was relatively successful in managing Covid-19 and the economy bounced back and life returned to something resembling normality. Unemployment is still low in Australia, and whilst it has increased slightly (from 3.4 to 3.5% in the month of August 2022), demand is still strong with most job seekers having plenty of roles to choose from. We are seeing particular demand across Treasury, Human Resources, Sales and Collections.
Here are some ways you can check that your organisation is offering top talent the best reasons to join your business.
- Increase the Salary Offered
Our recruiters are constantly having the same conversation with clients and Job Seekers. The client describes what they are looking for, usually many years of product and industry experience, plus a good cultural fit who is also prepared to accept the salary on offer. A unicorn – a mythical creature not often seen or found. But the salary offered for this rare beast is the same as that being offered by their competitors, so the recruiter spends hours hunting for Job Seekers who might be enticed from their current roles but instead say that the salary is not enough to justify a move.
The financial services industry over recent years has made significant progress in culture and employee benefits, and many of them are award-winning workplaces. So often there isn’t much difference between one corporate culture and another – not enough to attract someone away from a comfortable job. It’s becoming difficult for employers to stand out from the competition for talent attraction, and as a result we are getting to an impasse.
Job Seekers should take time to understand in today’s job market they hold a lot of power, do research to understand how much they are worth, and negotiate market value rates. Employers should be updating their salary benchmarking information as this data is often out of date quickly.
Alternatively, they will continue to experience hard to fill roles and shorter than usual short lists.
- Culture and flexibility are key
Job seekers tell us more and more that the culture of an organisation they will consider moving to, is one of the key drivers in terms of how they decide what makes an employer attractive. A positive, innovative workplace culture is top of mind when professionals consider starting their job search. Alongside this, many job seekers are looking for more flexibility. Not everyone wants to work from home, but many job seekers come to us looking for a hybrid working model with some work from home and some work from the office. Is your organisation able to clearly articulate its market offering for these 2 key things?
- Move Quickly
Talented and job ready Job Seekers are fielding multiple offers. Those employers that move too slowly to short-list, interview or make an offer are missing out on their first preference when they are snapped up quickly by the competition.
These applicants have generally sat tight in 2021 in the face of economic uncertainty and are now ready to make a move to get away from flat wage growth, a boss that they do not get along with or a company culture that no longer suits their lifestyle, but employers need to act fast.
- Invest in Training
When roles are advertised on job websites, we are seeing far less Job Seekers than usual applying. Head hunting is becoming the norm for almost all roles to even begin to fill out a short list. Organisations that cannot afford to increase salaries on offer will need to invest the time and money to train less experienced Job Seekers to fill their available roles. It is unrealistic to expect a new recruit to hit the ground running unless they are supported, supervised and trained appropriately.
Organisations may need to look to graduate intake programs, internships, and detailed talent succession planning to ensure they have the experience and resources they need for any intended company growth.
In short, it is a mix of the above pressure points and corresponding attraction strategies, that will appeal to job seekers. Make sure you’ve got your mix right and put your best foot forward to attract top talent.
To talk to us about your next recruitment campaign and how you can access our network of talented financial services Job Seekers then get in touch with our Sydney based team here. We can help you find your next high performer.