In 2022, the average raise offered by employers came in near 4.2 percent, which was far above the usual 3 percent. However, in 2023, companies are forecasting salary increases closer to 4.6 percent. While those figures don’t keep up with inflation – much to the ire of some professionals – they do mark a significant spending increase for employers.
Another challenge companies are facing is that the rise in salaries isn’t necessarily leading to higher quality candidates. Instead, the pay raises are merely a means of keeping pace with the competition, something that’s crucial while labor shortages remain an issue in many industries.
Increasing employee salaries benefits retention, decreasing the odds that top performers will seek out higher-paying positions elsewhere. Additionally, it can help recruitment, as many highly desirable candidates won’t consider openings if they feel the compensation offered doesn’t align with other opportunities.
The issue is that higher pay alone isn’t going to increase candidate quality. Instead, it’s better to adjust other recruitment techniques to attract the needed applicants. Here’s how to get started.
Define Your Ideal Candidate
In many cases, an employer’s candidate quality ends up lackluster because their recruitment strategy doesn’t specifically target their ideal candidate. Instead, the company is using a broader approach, one that will reach the masses and not a specific niche within the overall pool of potential applicants.
By spending time defining your ideal candidate for a role, you can determine precisely how to target your job ads to connect with them. The overall approach is similar to developing marketing profiles to reach prospective customers, as it aims to know precisely who the target is before listing the opening.
With a strong candidate profile, you can optimize your sourcing strategy and marketing attempts. Plus, the information you gather can make creating appropriate job descriptions simpler, allowing you to speak directly to the type of candidate you want to secure.
Establish an Enticing Employer Brand
Today’s candidate is far more discerning than many employers expect. Typically, they spend time evaluating a company’s employer brand before deciding to apply. This includes an examination of salaries, benefits packages, company cultures, and differentiators. By ensuring that information is readily available to candidates, it’s far easier to connect with job seekers that can meet your needs.
Spend time highlighting the best of what your company has to offer its employees. Focus on showcasing how your organization meets the needs of its workforce, as that approach is far more enticing than focusing on your requirements alone.
Partner with a Staffing Firm
Partnering with a staffing firm allows you to enhance your candidate quality significantly. The recruiters will use the information you provide to determine who your ideal candidate is and then work to engage job seekers who align with your needs. Along with tapping their existing candidate pool, professional recruiters know how to meet professionals where they are and can actively sell your opening to right-fit candidates, leading to better results.
Plus, staffing agencies handle all of the initial screening. As a result, any referred candidate is highly likely to exceed your expectations, as those who fall short of your needs aren’t recommended.
If you need to improve your candidate quality quickly and efficiently, The Advance Group wants to hear from you. Contact us today.