Making Your Company Stand Out in an Employees Market

Earlier this summer, David Macdonald, senior economist with the Canadian Centre for Policy Alternatives declared that 2022 has "the hottest summer job market since 1969." Which puts Canada firmly in 'employee market' territory, meaning that job seekers have lots of options at their disposal and may receive multiple job offers. Which is great for those job seekers. But it can be challenging for the organizations who are looking to fill vacancies and are struggling to do so.

There are many fingers pointing at many root causes for our current employee market. Baby Boomers are retiring in droves, leaving vacancies in their retirement wake. Immigration slowed down substantially during COVID, so that has played a role in slowing our population growth. Birth rates are at a historic low. Several industries are experiencing massive growth. And finally, employees have had a couple of years, thanks to COVID, to really assess what they are looking for in an organization and in a company culture and they are now empowered and willing to make the necessary moves to meet those needs.

So, how can your organization position itself to be a company that people are leaving other jobs to come to…rather than the other way around? It's no longer enough to be good. Employers in these competitive times need to be great.

The Obvious Top Talent Carrots

Offering a competitive salary and a strong suite of employee benefits are always a safe bet when it comes to attracting top talent. Are you in line with what others in the industry are offering? Has your employee benefits package been adjusted to reflect modern times and what is currently in-demand in the marketplace?

Employee benefits should include opportunities for professional development. Prospective team members want to know that they will be able to grow and advance in their careers. By offering training and development programs, you can demonstrate that you are invested in your employees' success.

Providing employees with a meaningful and challenging work experience is also something that will appeal strongly to high performers. Top candidates want to know that they will be working on interesting projects that make a difference. They also want to feel like they are truly part of a team and that their contributions are valued.

The Less Obvious Top Talent Carrots

While salary and benefits definitely matter to an in-demand candidate, there are several other considerations that factor into an employment decision. Take flexibility for example. Once upon a time, working onsite was the norm before COVID hit and a good portion of the workforce transitioned to remote work. And some of these people now prefer remote work and will pass on a job that doesn't accommodate for it.

To really stand out from the employer crowd takes outside of the box thinking. Consider a "Birthday Day Off" – an extra day off in an employee's birthday month to celebrate, gifted by the company. An annual company retreat can also be a big win for a team, giving everyone the opportunity to step back from their day-to-day and engage in some bigger picture thinking, teambuilding, cohesion, and creativity.

The Corporate Culture Carrot

Savvy and well-prepared candidates will be reviewing your website, online reviews, and possibly even your social media presence in advance of an interview and will be starting to already formulate an opinion on whether your organization is the right fit for them. Does your website and your online footprint properly reflect your corporate values and culture? Look at your online presence through the eyes of a potential new employee and be honest about whether your organization is hitting the mark and telling your corporate culture story. And while you are at it, maybe take a look at how your competitors are telling their story.

The interview stage is a really excellent forum for hitting the corporate culture aspect home and sussing out whether it is a fit for prospective candidates. A final culture interview with all prospective hires can help gauge what kind of culture they are looking for, as well as ascertain what their sense of the organization's culture is and what some of their experiences have been in the past relating to corporate cultures. Organizational culture is such a strong differentiator, and deserves sufficient air time during the interview process.

While an employee market can be challenging for employers, it also provides a good opportunity for them to review their suite of benefits, take stock of what their employees appreciate and what they would like to see changed, and just generally take a holistic look at their corporate culture. By taking the time to understand the role that all their various employee offerings play in attracting and retaining top talent, organizations can make informed decisions about how to adjust going forward.