How to Attract Top Talent in a Highly Competitive Labor Market

While the employees at your company have always been mission critical, in today’s business landscape, more than ever, the difference between thriving and struggling comes down to the folks steering the ship.

At the same time, the labor market has never been tighter. Due to the pandemic and the “Great Resignation,” identifying, attracting, and hiring top talent has become increasingly difficult.

Channel partners need top employees to thrive but are also faced with financial uncertainties and limited budgets. This article explores some of the ways through which you can bring in top talent to your organization — even in today’s competitive talent market.

Enable Flexibility

COVID-19 introduced us all to the need to be flexible. But as the pandemic wanes, employees still want the same flexibility they had when remote work was required. There is still value in face-to-face contact, particularly for channel partners where relationship-building is essential to success. However, more employees are interested in remote and hybrid roles. In fact, the recent American Opportunity Survey  from McKinsey revealed that, when allowed to work flexibly, 87 percent of employees will take advantage. Think outside the box to find ways to enable your employees to work remotely while remaining productive. You may even find that productivity increases significantly when employees can cut out the time spent commuting and remove the distractions that can come from a shared workplace.

Succeeding with flexible work arrangements requires a focus on embracing digital communication channels like Microsoft Teams or Slack to keep employees connected and engaged. Strive to give employees the tools and equipment they need to work comfortably and productively.

Build Culture and Embrace Philanthropy

The idea of an employer’s work culture can mean many different things. However, one thing that all great companies have in common regarding culture is this: It starts from the top. Employees want to work for companies with leadership they trust and believe in, and your organization’s culture begins with your leadership. Leaders who are incredible communicators, care for their employees through actions (not just words), and work relentlessly to build compassionate, inclusive, and empathetic cultures will have a much easier time attracting and retaining talent. The world of social media has made it much easier for prospective employees to sort out good leadership from bad, and the top talent on the market will quickly move on if they catch wind of a toxic leadership culture.

Another crucial aspect of building an attractive culture can be found in philanthropic activities. Many employees want to work at a company that not only engages them intellectually and professionally but also allows them to feel good about their contribution to those around them. By providing your employees an opportunity to contribute to the “greater good,” you can make working at your company more than just a way to earn a paycheck. In today’s market, in which the top talent has many options, that can be a difference-maker.

Show Them the Money — Within Reason

Many employees hold compensation as a top consideration. However, you do not always have to be the highest-paying organization in your space — but you must be competitive. Staying on top of industry trends can put you in the running for many employees. When they see your company’s culture, flexibility, and the other benefits of working for your organization, that can put you over the top, even if the salary is less. Consider other forms of compensation when applicable, such as stock options, bonuses, benefits, and PTO, to create a total package that makes your organization more attractive.

By considering the tactics above and focusing on building a company culture based on respect and collaboration, your organization can recruit top-tier employees and drive continued success in 2022 and beyond.