How to attract and retain top talent in a competitive market.
In the current market, attracting and retaining top talent is more critical than ever. The right person in a particular role can genuinely make a difference.
Since the pandemic, there’s been a significant increase in initiatives supporting businesses to attract talent, with dedicated task forces, like the Global Business and Talent Attraction Taskforce, in place from the Australian Government to drive talent to businesses. So, it’s important for businesses to take tangible steps to attract and retain talent in their market.
We look into why the market is so competitive and the tips to attract and how to retain talent.
How competitive is the current employment market?
The current employment market in Australia is working in favour of those looking for jobs, with many industries competing for certain candidates in a much smaller pool of potential hires.
Professionals and recent graduates now have more employment opportunities than in previous years. This means businesses must hone their recruitment process in order to attract the right candidates and stand out against competing businesses.
Why is the market so competitive right now?
The leading cause of a competitive market is business demand for talent outpacing what’s available in the market. This is indicative of a country with a low unemployment rate at the moment. According to the Australian Bureau of Statistics, unemployment in Australia is the lowest it’s been in a while.
While this is good news for the country as it’s a sign of a strong economy, it can lead to businesses struggling to attract and retain talent.
When there are more job vacancies than those ready to fill them, this leads to a skills shortage, meaning businesses may struggle to find qualified professionals more than in previous years.
When it comes to attracting diverse talent in industries such as mining, engineering, renewable energy and more, Recruitmark understands the importance of the relationship between businesses and candidates.
How can businesses attract diverse talent and retain top employees?
The need to attract and retain top talent is more crucial now than ever before, with candidates having so many opportunities to choose from. But how can businesses do this?
There are a number of strategies to improve the recruitment process that yields real results. Here’s how to attract new talent and retain current employees:
Hone their recruitment strategy with clear titles, descriptions and job profiling.
Accurate job titles and descriptions are always important. When a job posting is detailed correctly and clearly, it can attract exactly who you’re looking for.
In cases when titles or descriptions aren’t clear, businesses run the risk of missing candidates with the right experience. The three questions to ask when uploading a job posting are:
does the title explain clearly what the role is?
does the description go into further detail that’s easy to understand?
is the posting in the best place to attract the right candidates?
Understand the competition's offerings to candidates.
Understanding how competitors attract new hires is vital for adjusting your business's recruitment technique in the current market.
With professionals being offered enticing employment packages, retaining your current employees is just as important as attracting new talent. Making sure that you know what others are providing and speaking with your current team to see what they want going forward can be very beneficial. You should look into what the competition is offering, such as:
pay packages
work benefits, such as health coverage and bonus schemes
Incentives, like signing bonuses
Improve company culture.
With the rise in awareness surrounding positive mental health at work and work-life balance, offering a great company culture is vital. Potential hires look at more than just salaries and holiday allowance when it comes to a role.
An open dialogue with current employees can be all a business needs to improve its company culture and make working there more attractive for new individuals.
Employers should also focus on adequate employee recognition and offering development opportunities for the most advanced talent. Recognising hard work with increased opportunities fosters a learning and support culture at a business, which can be attractive to potential talent.
Focus on employee engagement to reduce burnout, fatigue and stress.
Though talent attraction is essential, you could argue that looking after and retaining those that already work at the business is even more so.
This is very much linked to company culture, but burnout and general work-based fatigue are real issues that can lead even the best of your team members to consider finding another role.
It doesn’t have to be this way, though, businesses can combat this issue by:
incorporating regular 1-2-1s to check up on employees
offer more time off and flexible working if possible
encourage work-life balance in all teams
Consult an experienced recruiter like Recruitmark.
Recruitmark contacts graduates and those already working in the field that we believe are perfect for the businesses that we work with. This means that once a handful of candidates have been narrowed down, the company only has to sift through the absolute best. We can help you attract, develop and retain top talent, to help your business grow.
Contact a member of the Recruitmark team today and find the right candidates for you, no matter how competitive the market may be.