6 Tips for Hiring in a Competitive Market

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Today’s job market is incredibly competitive. With so many jobs and unique opportunities for candidates to consider, it’s your job, as an employer, to ensure that your hiring process is up to the challenge.

Gone are the days of simply posting a job listing and having candidates flock to you. These days, companies must go above and beyond not only to make sure their posting gets noticed, but also that their company stands out.

If you’re wondering how to recruit in a competitive market, here are some tips to consider.

Hiring in a Competitive Market

1. Get Help from Your Current Employees

What better way to find like-minded individuals to work for your company than to get referrals from some of your current employees? Many companies offer referral programs through which existing employees can receive compensation if they refer a qualified candidate who eventually gets hired.

This is actually one of the most cost-effective ways to source new employees. According to SmallBizTrends, 57% of small businesses hire employees based on recommendations or referrals from their existing employees.

Another tip for hiring candidates in a competitive market is to have your employees do some of the recruitment for you, indirectly. Ask them to write honest reviews on platforms like Indeed or Glassdoor to paint a better picture of what it’s like to work for your company. Job seekers will see these reviews, so it might inspire them to apply for a position at your company, which bring us to our next point.

2. Build Your Online Image

Your online image can make or break you. Did you know that 70% of job seekers look to online employer review sites when making career decisions?

What would a prospective candidate think about your company if they searched for you online? Would they get an accurate picture of what it’s like to work for your company? Would they learn more about your brand values and company culture?

If the answer is no, it may be time to work on your brand image.

Start with responding to all reviews left about your company—both the good ones and the bad ones. The way a company responds to negative reviews says a lot about their integrity as a company. Be professional and honest and show prospective employees that you use feedback to make improvements to your business operations.

3. Treat Recruiting as Marketing

During the interview process, it’s not just the candidate who is selling themselves; you should also use the opportunity to sell your business.

What makes your company unique? Why should a job seeker choose you over any of your competitors? Make sure you can accurately answer these questions before you begin the interview process.

When hiring in a competitive market, it’s also important to consider what your ideal candidate looks like on paper. Are they interested in design and fashion? Do they have a background in IT? Use this information to craft specific interview questions and to showcase how your company’s culture matches their unique interests.

4. Offer Creative Incentives

One of the best ways to attract top talent is to offer a competitive salary in relation to your competitors. However, for many job seekers, salary isn’t everything.

The truth is that most small businesses will have a hard time competing with large businesses when it comes to salary. If that’s the case for your business, consider what other incentives you can offer your potential employees that might attract them to your posting.

Get creative and provide unique benefits that will not only enhance your office environment, but will also help your employees grow. For instance, a positive work environment, flexible work hours, and generous vacation time can go a long way in enticing job seekers—and keeping them interested in working for your company.

Some companies also provide their employees with the opportunity to further their careers with continuing education courses and training seminars—for free.

5. Promote on the Right Platforms

In today’s digital space, uploading your job posting on your website is not enough. There are so many ways candidates can apply for jobs, particularly from third-party websites, so the more platforms you utilize, the more eyes you will have on your posting.

That being said, it’s easy for your posting to get lost in the sea of similar job postings from your competitors.

How do you recruit in a competitive market and prevent your job posting from being overlooked?

Instead of relying on the same platforms that everyone else does, consider posting your listing in niche online communities, such those catering to marketing or advertising or those dedicated to warehousing and logistics.

You might also want to target alumni groups that are organized based on specific interests (e.g. software engineering) and local conferences or conventions related to your industry.

6. Make the Application and Interview Process Simple

Nowadays, it’s common to miss out on some of the top talent simply because your hiring process is too long or too complicated. Don’t let that happen to you.

In a recent survey, 26% of Millennials said that the time it takes to complete an application is a big factor when applying for jobs.

When crafting your job posting, make it as easy as possible for candidates to apply. This includes making the application mobile-friendly. Use simple, straightforward language that clearly outlines what you are looking for in a candidate and sets clear expectations.

Once you start receiving applications, try to reply to each candidate in a timely manner—even if it’s just to let them know you received their application.

Then, reach out to qualified candidates within a few days of the job posting closing to schedule interviews.

If all of this seems too time-consuming or overwhelming to do on your own, you can always work with a recruitment agency to do all the legwork for you.

Employ Resolve Recruit when Hiring in a Competitive Market

Resolve Recruit Inc. is one of the leading staffing and recruitment agencies in Ontario. With over 20 years of experience working in the recruitment industry, we have a broad database of experienced candidates across all industries and can match you with the right candidates for your organization. If you’re wondering how to recruit in a competitive market, let us help you. Contact us today to learn more.