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Three steps to standing out in a crowded talent market

· 5 minute read

· 5 minute read

There is an ongoing hiring dilemma. It is hard to find enough people to fill the ample opportunities we have available. In all the chaos, how can your firm stand out? How can you hire star talent and retain them? Here are three simple tips to get you started. 

  1. Compensation

Offering competitive compensation is almost a no-brainer. Your candidates want to be valued for their work, and their salary and benefits are a tangible way for them to see the value of their work. As younger generations are entering the workforce, we are seeing an increase in the education level of candidates. Firms are also shifting to offer more professional and educational growth opportunities. This means that your candidates and employees are more qualified for their work. Do your compensations packages match their qualification levels? Are you compensating your employees in a way that makes them feel valued? 

2. Reimbursements 

Compensation is not the only way your employees can feel valued. Provide your employees with the structure they need to be successful and balance their work and life. Reimbursing work from home equipment is a great first step. It allows you to acknowledge the unique challenges that come with working from home. Offering gym membership reimbursements or even time off specifically for volunteering will help your employees to take care of themselves and contribute to their communities. How can you offer small reimbursements that let your employees know you care about their well-being? These are not just small details. They are ways to connect your workers with their work, and with you. An engaged employee is going to be a happy employee. Help them feel engaged by offering them the structure to be successful in their environments.  

3. Leading New Generations 

Younger generations like millennials and gen z are entering the workforce. They bring a youthful spirit as well as a whole new perspective on working. Is your leadership team aware of the unique needs of the younger workers? If you want to avoid a hiring crisis, you will need to ensure that your younger generational workers are engaged. Gen Z and Millennials are more likely to be focused on social justice issues, company culture, and technology. They all grew up with the internet and are used to the rapidly changing pace of technology. This might mean they speak with new slang and have different social behaviors, but it is also a tool that should not go unutilized. Engage these digital natives in your digital innovations! Offering projects in their areas of interest like technology or company culture initiatives.  

There are a lot of opportunities for top talent to choose from. It is up to you to engage those candidates and employees. Leading new generations well, offering reimbursements, and competitive compensation are immediate and relatively easy ways you can stand out.  

Want to learn more about talent retention? Learn more with this whitepaper: Stop Treading Water, Start Thriving.

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