In a tight labor market for skilled tech employees, it’s critical for companies to make attractive job offers if they hope to enlist top talent. After you have wrapped up the interview process, what is the best way to close the deal and land your first choice? What do compelling job offers look like in 2019?
Offer a competitive salary
No matter how passionate a person is about their profession, the truth is that people work for money. In fact, 61 percent of respondents of this survey from Happie say that a pay raise is the reason they took their current job. Anyone working in talent acquisition should have a ballpark idea of what a competitive salary looks like because data is easily accessible. Know what the market commands by location, job title, and skillset—all of which is outlined in the 2019 Salary Guide.
Demonstrate a quick turnaround when hiring
A slow hiring process is a huge turn-off for highly qualified candidates. Conventional recruiting wisdom holds that the best candidates are off the market in 10 days. Another study by the Business Journal asserts that for every week of delay, you lose 10-15 percent of targeted candidates. Despite these commonly understood patterns, companies say the time that hiring takes is increasing compared to previous years. Cutting corners is never advisable, but companies should approach hiring with a sense of urgency.
It’s best for both parties to streamline the interviewing process. For instance, avoid having the candidate repeatedly come in to interview different stakeholders at the company. There is nothing wrong with having candidates speak with everyone on the team, it’s courteous to condense meetings if at all possible—whether that’s short interviews back to back, or consolidating in a small group setting.
If the process does take longer than anticipated, stay in touch with candidates continuously. Nobody appreciates radio silence in the wake of a positive interview experience. It sends the wrong message to someone a company wants to hire.
Make sure the role is clearly and accurately defined
Expect candidates will pick up on inconsistencies or confusion about the role for which they are interviewing during the interview process. Make sure that everyone that speaks to targeted applicants is on the same page regarding the role the company is trying to fill. Define these expectations and review them with anyone involved in the hiring process so there is a clear understanding and everyone appears on the same page.
Put your money where your mouth is for work-life balance
For candidates, feeling that company culture is a good fit for a them entices them to come onboard when the money and benefits are in line with expectations. Companies should have an understanding about what constitutes a reasonable work-life balance in 2019, as this is comprises perhaps the largest component of company culture.
Paid time off is important to many candidates but you have to be careful with policies and what you offer to new hires. According to the Bureau of Labor Statistics, after one year of employment workers are granted 10 days of paid vacation, and 15 days after five years. Since you have to equitably enforce vacation policies at a company, you cannot offer senior hires a better policy. You might consider offering then unpaid time off work instead.
Flexible work arrangements
About two thirds of companies offer some sort of flexible work arrangement. If your company does not, perhaps it’s time to rethink that strategy. Allowing the occasional work from home, offering a work week with four ten-hour days, or other arrangements, flexible scheduling is proven to win over candidates. In fact, 77 percent of employees acknowledged a flexible work arrangement as a major consideration when evaluating future job opportunities. If a company fights this trend, you can bet they are missing out on landing top candidates.
Sponsored child care and other perks for parents
Parents especially are fans of flexible hours given all the moving parts involved with raising a family. There are several ways to make job offers very attractive to candidates with young children. Several Fortune 500 companies offer on-site child care services to attract and retain talent. Smaller companies pursue the same strategy on a smaller sponsored child care for their employees.
A simpler, less expensive way to appear family friendly to prospective candidates is to talk about policies designed to accommodate working parents. You might say that starting and ending meetings on time is a measure carried out with parents specifically in mind.
Naturally, health and retirement benefits are also top-of-mind for parents in the work force. If company goals involve enlisting more experienced talent, competitive benefits packages should be placed front and center in their offerings.
Ask your employees and offer accordingly
Do not forget that a job interview is a two-way street. You get a feel for what the candidate is able to offer the company, as well as what the candidate seeks from his or her employer. Many valued work perks vary by region. It is popular to offer subsidized public transportation in places like New York, Chicago, and San Francisco. You might offer gym a membership, inexpensive healthy meal options at work, or any number of other peripheral benefits. If you are unsure of what prospective candidates might want, start by asking the ones the company has already hired.