How to Retain Employees in a Candidate-Driven Job Market

With the unemployment rate at just 3.5 percent, the job market has become candidate-driven. In a candidate-driven market, people have more job opportunities to consider —and the ability to be rather particular about which job they select. They can also make smart lateral moves that benefit their career by job-seeking while still employed.

If employees feel that certain companies are not offering enough incentive to stay on board, they may move on to the next company in line. For that reason, employers must up the ante from the start, ensuring they can appeal to candidates before they make this move. This guide aims to help by providing information about what perks, benefits, and other incentives might keep candidates interested in your practice.

Move Through the Interview Process with Transparency

Although many organizations prefer to keep pay and benefits close to their chest, transparency is everything in keeping candidates interested. They want to see what the company can offer them before spending time filling out applications and interviewing. Their early research needs to show what benefits might come their way, or they will simply move onto the next job.

You can start by making your job listing as informative as possible by including:

• Skill and experience expectations
• Compensation and benefits package details
• Career advancement opportunities
• A glimpse into the company culture

With that information, candidates can decide if your company might be a good fit for them, boosting their chance of pursuing a job there and sticking around for the long run.

Offer Competitive Benefits Packages

The first priority for candidates is getting a job with a competitive salary, and right behind that is a premium benefit package. As candidates pour through the job listings, they may compare job listings using these two elements as a gauge. If your benefits do not stack up to the competition, these individuals may be motivated to leave.

Unfortunately, the most competitive benefits packages come at a premium, making it difficult for employers to swing the expense. Professional Employer Organizations, or PEOs, can take the sting out of the cost by allowing access to their huge network of PEO benefits providers. Through a partnership with a PEO, you can build a premium benefits package without hurting your bottom line.

Provide Candidates with Additional Incentives Outside the Benefits Package

Candidates look beyond salary and benefits packages for additional perks when making job decisions. Incentives that can catch their eye include:

• Option to work from home or another remote workspace
• Teambuilding activities and company outings
• Casual Fridays
• Student loan repayment
• Access to courses that elevate their careers
• Volunteer days
• Gym memberships and other wellness perks

If these perks seem a bit out of reach, PEO companies can help with that, too. They provide ample guidance on selecting what to offer outside of traditional benefits and assist in navigating ways to provide the preferred perks to your employees.

Create a Positive Workplace Culture

According to a Robert Half study, more than 1/3 of job seekers move on upon determining the company culture is not the best fit for them. With the right workplace culture, workers tend to feel valued for their skills and contributions. They feel like an important part of the practice and its success as well.

To ensure job candidates can see how your organization would be a great fit for them, make your workplace culture shine in every job listing. Share information about your mission and values along with facts about your team. Also, make sure to maintain the culture that attracted employees to your company in the first place, boosting your employee retention abilities.

Instill Open Lines of Communication Between Employees and Managers

In understanding what job candidates are seeking, it is important to realize that communication between employees and managers matters as well. Ranking up there with the importance of workplace culture, open lines of communication allow candidates to voice their concerns to their managers. When candidates feel they can openly communicate, their productivity increases and workplace culture becomes much more positive.

Instilling open lines of communication does not have to be difficult either, you can accomplish this goal by:

• Setting up weekly one-on-one meetings between employees and managers
• Run surveys that give everyone on the team a chance to talk about their workweek
• Use forms to open communication lines between teams or departments
• Encourage employees and candidates alike to ask questions

As you set up these effective communication channels, your employees are less likely to start their job search anew.

Implement Ways to Reward Your Employees When They Exceed Expectations

To boost employee retention, you must go the extra mile to ensure every candidate feels valued and appreciated for their hard work.

To create a strong rewards program, you will need to:

• Set clear and realistic goals
• Share all your expectations upfront
• Have managers play a major role
• Provide incentives that motivate your team

Through a partnership with a PEO, your managers will have more time to support your practitioners’ goals and bolster their dedication to your organization. Your PEO will also help you see just how to attract the right job candidates — and keep them engaged with your company for the long run.