8 Recruitment Strategies for a Highly Competitive Job Market

As companies keep mushrooming in a geographical area, they form hubs that increase the competition amongst recruiters. The market, as it presently is, becomes very competitive.

Recruiters need to ‘up their ante’ regards competitor insights and their recruitment strategies. Based on the competition hiring strategy, you can then chalk out a plan to counter it and hire the best talent out there.

Here are a few things to take into consideration when countering the competition’s hiring strategy:

  1. Strong Employer Branding
    Any product requires intense branding to attract the customers. Similarly, recruiters must take it upon themselves to market their company to potential talent pools. The candidates need to be convinced that your company’s capabilities versus your competitor’s. Strong employer branding goes a long way for a company that is looking gain a competitive advantage in hiring. Some branding initiatives showcase the companies work culture, earning prestigious awards like the ‘best place to work’ which strengthens employer branding tremendously.
  2. Lucrative compensation and benefits package
    Compensation and benefits are largely market-adjusted to give companies a hiring edge. Recruiters need to ensure they’re handing out the best deals and offers to attract and retain employees.But how does one gauge the competition’s hiring strategy? Thanks to the big data revolution, there are a few online recruiting tools that offer analytics on the competitive industry and provide insights into the positions they’re trying to close and the skills they’re looking to recruit. Based on this, hiring professionals of a company can be aware of whom they’re up against and frame their compensation packages accordingly.
  3. Employee referral programs
     In a highly competitive environment, the best advocates for a company are its employees. It is also a relatively affordable way to sift out candidates. Employee referrals are one of the most reliable ways of recruiting in a competitive market.The HR needs to ensure it has a well-rewarding employee referral program in place in order to make maximum use of its resources.
  4. Check who the competitor is hiring
    Competitor analysis reveals a lot of interesting data about the competitor. Sometimes, it may help you point out what you have been missing. A powerful tool like Talismatic can help you to make sense of all the data you have been missing out on.
  5. Brief the hiring managers on competition
    Hiring managers are oftentimes unaware of the recruiting competition for the position they are seeking. Thus, it becomes imperative to keep them informed of the traits and competitive atmosphere so they can market the job better to the candidate. They can also be well prepared on what to expect from a candidate.
  6. Brand promotions via Social Media
    Social media is one of the best ways to advertise your company’s work culture and hiring process. Using a mix of videos and images, companies can find creative means to engage the right talent pools. Building career pages or micro-sites is mandatory in the digital age. Be active on social media by posting job openings and engagement activities done for employees. Make sure every employee knows how to reach and interact with the organization on social media.
  7. Ease of Applying for a job
    The best way to find out the user-friendliness of your application process is to test the mediums yourself by applying. Check all the application portals of your company as well as vendors. Test on various devices, desktops as well as mobiles. Research shows that now-a-days, fewer than 20% of companies deploy their HR and employee productivity solutions on mobile apps today; whereas, 62% of jobseekers have searched for a new job while in bed. Thus it is key that companies simplify their application process to attract the next generation of employees. Feedback from candidates who have attended interviews can also be considered.
  8. Building Talent Community
    Building talent community is a great way to keep the future candidates engaged. Even if the company doesn’t have an opening, the job seekers will be interactive at all times. This will make them maintain interest in the company and they’ll ready to apply whenever the opportunity arises.

A single look into the competition hiring strategy can go miles in helping recruit the best talent. Make sure the candidates know the comparative benefits of working for your brand. Recruiters need to identify the USP of an organization and market it well to attract the desired talent.

Sources: Jobvite, Bersin by Deloitte