Today’s hypercompetitive labor market – where 90% of S&P 100 companies in 2018 were competing for talent to fill the same 39 roles – continues to strain HR leaders’ talent sourcing efforts for hard-to-fill roles.
“Today’s labor market is becoming increasingly more competitive. Additionally, factors such as future career opportunity and job location can make roles harder to fill,” said Alexia Cambon, Gartner. “HR leaders must determine what job attributes candidates value the most to remain competitive in attracting and hiring talent.”
Gartner research shows that in 2018, 45% of candidates ranked compensation as one of the top five considerations when evaluating a job. Work-life balance, stability, location and respect round out the list. Understanding what the target talent pool wants most in a job can enable organizations to rebrand hard-to-fill roles. It additionally helps to improve the ability to recruit and hire the best talent.
Represent the opportunity holistically
Rather than focusing on any one job attribute, employers should ensure that candidates understand the wide range of elements that make up the role and working at the organization. Although compensation remains the top driver of attraction/attrition in the global labor market, organizations should also communicate the other elements that make up their job offer. This includes stability, work-life balance in the form of paid time off and/or flexible working arrangements and professional development.
“By contextualizing the individual attributes that make up the entire job opportunity, organizations enable candidates to understand the whole picture rather than making decisions solely on one component of the job,” said Ms. Cambon.
Confront brand challenges head on
Organizations should use any perceived weaknesses about their brand and/or the specific job opportunity to have conversations with candidates that provide more insight into the company and address misperceptions.
Leading organizations utilize their Employee Value Proposition (EVP) to appeal to candidates by homing in on what they value most. Gartner research shows that when candidates view an EVP as attractive, employers can reach 50% deeper into the labor market. Further, organizations that effectively deliver on their EVP can increase new hire commitment by nearly 30%.
Redesign roles to appeal to top talent
Organizations that want to maintain a competitive edge in today’s labor market must consider redesigning roles to tackle the demand of filling them.
To assess how a role is structured, HR leaders should answer the following questions:
- What kind of work does my target talent want to do and do my existing roles incorporate it?
- How would a redesign of the role affect its level, compensation, and the dynamics of the team it sits in?
- What environmental factors affect how this work will be carried out?
Redesigning positions requires HR leaders to consider if the restructured role meets an emerging or immediate business need; incorporates at least one key talent attraction driver; and has a demonstrated impact on the organization.