The unemployment rate for persons having a bachelor’s degree or higher was 2.8% in January. This scarcity of talent is hindering the growth of businesses, both large and small. As the US economy continues to grow and the demand for talent continues to rise, talent acquisition is becoming more and more challenging.
Compounding the situation, while companies are struggling to recruit new employees, they also cannot afford to lose their current employees. Out of desperation these companies are making counter offers to their departing employees at an alarming rate. It has come to the point that an employee who does not receive a counter offer upon tendering their resignation feels jilted.
With this type of climate in the employment market, what is an employer to do when making an offer to a prospective employee?
Three actions for employers to consider when making offers to potential employees:
1. Know the real reasons why a candidate is interviewing. Make sure that the prospective employee is looking for reasons other than money. Dig deep to learn what they are looking for in their next role and make certain that their present employer cannot offer it to them.
2. Sell your Opportunity. Sell, Sell, Sell…it is truly a competition out there. Make sure that the candidate sees all the opportunities and advantages in the role.
3. Stay in Touch. After an offer and acceptance, stay in touch with the candidate. Have coffee, lunch or dinner. Keep reinforcing and demonstrating your desire for them to join your team. Make them feel like they are a part of the team before they even start.
It is a very competitive employment market. Not only are you competing against other companies pursuing the same candidates, more and more you are also competing against the prospective new hire’s current employer. By knowing the real reason why they are interviewing, selling the opportunity and staying in touch with the candidate you will give yourself an advantage in the employment market.