As the U.S. unemployment rate stabilizes at the lowest point since February 2020, finding the right talent is becoming increasingly challenging for many companies. This is especially true for C-level positions, whose candidates typically demand a high level of compensation and tend not to hop between jobs. To help employers find the qualified staff that their competitors can't, let's take a look at why you might be losing talent, and how you can adapt your executive search.
Why you're missing out on talent
In today's labor market, it's no secret that employees have the upper hand in negotiating contracts. If your company can't match the direct and indirect benefits of a competitor, candidates won't think twice about rejecting an offer. With that in mind, here are a few reasons why your company might be missing out on talent.
Lack of flexibility
Flexible workplace policies are an absolute must in any modern work environment. Even before the pandemic, a 2018 Deloitte study found that a lack of flexibility was the most likely reason for Millennial to quit their job. As remote and hybrid models become the new norm for many industries, employees increasingly expect options for how and when they work.
While a paycheck is important, the attitudes of today's workforce have changed. Employees want to feel connected with their coworkers; they want to know that they're working towards a greater purpose. A company's culture is a key driver of this kind of employee engagement. Without a positive, supportive work environment, candidates are likely to find a better place — even if you have an incredible offer.
Not to be confused with culture, a company's core values are what drive its decisions and objectives. More than generating profits for shareholders, employees want to know that the company they work for is willing to give back, both to its workers and its community. According to Forbes, this could mean company-wide volunteer days or fundraising events for charities.
Tips for discovering top talent
Now that we have an understanding of why companies lose talent, it's time to learn how to fix it. Here are three tips for improving your executive search efforts.
Stand out from the crowd
Are you properly conveying the benefits and value that your company provides to its employees? Does your brand demonstrate a positive workplace culture? If your job descriptions only mention a bland list of responsibilities and benefits, there's nothing to call attention to your company. Candidates won't be swayed by a few paragraphs of text. Instead, you need to fully articulate the many advantages that come with working for your company over a competitor's.
While it's critical that candidates have the right experience for the job, it's just as important to ensure that you provide candidates with a positive application experience. As the Society for Human Resource Management writes, "effective screening and interviewing, keeping candidates informed at every step of the process, and following up quickly all contribute to a positive candidate experience." These steps set the tone for future employees by demonstrating an active effort on the part of their potential employer.
Outsource your search
Executive search firms can be an invaluable resource for organizations, expediting the hiring process and finding ideal candidates for any position. At YES Partners, we specialize in sourcing the right executive candidates for any company. Click here to see some of the roles we've already successfully placed.
Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries.