Do you know a common question candidates are asking these days in interviews? You guessed it "Why should I work for your company? In today's candidate-driven market, more and more startups struggle to find the right talent. More than any business organization, startups depend on the quality of their human capital to grow. Founding teams and employees are typically small or limited, with each individual playing a strategic role in scaling up. For this reason, it's often argued that human capital, more than funding, is key to startup success.
Why do people choose to work for one company over another? What makes one company irresistibly attractive to talented and high-potential employees?
The top talent-attracting companies understand what people want and have a plan to improve their offerings over time.
To better understand what top talent is looking for, we've compiled a list of questions that the most attractive companies are asking themselves:
- Do we have a clear and compelling company vision?
More than ever before, candidates these days want to do meaningful work. What your company stands for and where it's headed is the most important question these days.
-What have we done to communicate that vision to potential candidates?
Here comes the truth bomb! I know so many startups are doing fantastic work, but their vision is not communicated to potential candidates. That's where employer branding comes in. Make sure you are articulating your vision and values to the potential candidate via your social media, job description, and network.
The same applies to the company culture. Employees want to know the company culture, and to create a healthy pipeline of candidates, communicate the culture even before you talk to them. Wouldn't you want to speak to a candidate who is already interested in and intrigued about your vision and culture?
- Are we competitive in compensation and benefits packages?
Sounds obvious, right? You'd be surprised how many companies don't have access to competitor compensations or external compensation data. But throwing money at the problem is not the solution. Make sure you are making the entire package competitive and is communicated well. Yes, communication is the common thread here. Have a list of benefits in your job ads (e.g., insurance coverage means peace of mind for the candidate’s family; a fitness subsidy means better health; team bonding = new friends!). Let your existing employers talk about it on social media to engage other potential candidates.
Understandably, it is impossible to appeal to everyone in all things, and it is not even necessary. Most companies will not have the budget or opportunity to offer an enjoyable, meaningful, well-paid position in the perfect location. And that's okay!
However, many organizations have critical blind spots they either don't understand or don't do anything about. They are also often unaware of the actual cost of lost talent, which compounds over time.
If you can answer these questions confidently, then you're on the right track to attracting and retaining top talent. Keep in mind that it's not enough to just have the correct answers - you also need to be able to communicate them effectively to potential candidates.
The best way to do this is by ensuring that your career site and job postings are up-to-date and accurately reflect your company's culture, values, and mission. Candidates should be able to easily find out what it's like to work at your company and what sort of opportunities are available to them.
In addition, don't forget to leverage your current employees as brand ambassadors. Encourage them to share their experiences with potential candidates through social media, online reviews, and word-of-mouth.
By taking the time to attract and engage top talent, you'll be setting your company up for long-term success.
What are some other ways companies can attract top talent? Share your thoughts in the comments below!
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