Competition for talent is fierce. 76% of hiring staff say attracting quality candidates is their biggest challenge. HR professionals must compete against other companies to attract and hire the best people. Skill gaps are growing wider every day, and hiring managers are under increasing pressure to quickly fill both full-time and freelance positions with top talent.

Compensation alone is no longer enough to entice strong, in-demand candidates to accept a job offer. Moreover, candidate behavior has changed; job seekers are acting more like consumers these days. They now spend more time researching a company before and during the hiring process. If job seekers don’t like what they see online, or can’t find enough information about the company, they won’t apply. In fact, a company’s “poor reputation” is one of the main reasons candidates choose not to work for an employer.

Here are five ways how companies can recruit and attract top talents in a highly competitive job market.

First Why Is Talent Important?

When two of the biggest names in business line up to tell us that Talent Attraction is arguably your single biggest success factor for the coming years, it’s time to pay attention. both McKinsey and LinkedIn have stressed that Talent Attraction will be a key business differentiator. 

According to a Mckinsey report, Superior talent is up to eight times more productive.

1. A Broader Job Vacancy

Job seekers look for clarity in the job advertisements in terms of the profile, company history, pay scale, career opportunities, etc. 72% of hiring managers say they provide clear job descriptions, while only 36% of candidates say the same. A smart recruiter provides a clear picture of every required detail in the job notification. You should be able to clearly communicate job requirements and how one can benefit from this profile.

There are many ways to craft a job post that will stand out. State your company’s culture mentioning how the employees have that life-work balance in your company and the perks they are entitled to. A short video or a link to the company's career blog is a good idea to express these plus points.

2. Employer Branding

It’s a no-brainer that the cliché “your reputation precedes you” holds in this case.

Your company has a second brand related to its primary brand about how you’re viewed as an employer. This is your employer brand, and it lives and breathes in the minds and hearts of your former, current, and future employees. And demonstrating why your company is a great place to work is becoming a critical part of recruitment strategy.

Your corporate website and LinkedIn page are great places to build your employer branding. 4 in 5 job seekers research a company’s online reviews and ratings when deciding whether to apply for a job. Therefore, a poor user experience on the career section of your website can negatively impact your brand, meaning you will receive fewer applications in general, let alone those from the top talent in your industry

An example of an employer branding strategy comes from Starbucks. In 2015, they used Twitter and Instagram to promote their brand. Potential hires had the opportunity to communicate with current employees by using the hashtag #sbuxjobschat. This allowed them to learn what inspired people in their jobs and what people look for in a company.

Google also is a great example it’s the rockstar of employer branding. The company is known for its excellent approach to employees and for building a strong employer value proposition. Every year, the company receives approximately 3 million resumes, of which they pick only 7,000 new employees. Numerous benefits, campus-style workspace, swift leaders. All this contributes to the creation of a brand that attracts the greatest talents.

3. Seek To Be Acknowledged In A "Best Places To Work" Ranking

Top candidates usually target high-ranking “Best Places to Work” companies. You need talented, leadership-bound workers to drive your business forward, and the best way to find them is to cast the impression that your company is a great place to work.

Everybody loves to work for a company that treats employees well, 84% of job seekers say that a company’s reputation is crucial when deciding where to apply for a job. So it is a good idea to exhibit the qualities the aforementioned high-ranking companies do. Even if you don’t get acknowledged for your efforts immediately, you will still have taken important steps to make improvements in this area.

4. Culture’s Vital Role In Talent Attraction

Culture plays a more important role in talent attraction than most companies realize. the reality is that workers are less and less tolerant of a poor culture.

LinkedIn Workplace Culture Trends: The Key to Top Talent in 2018 found that 70% of professionals in the U.S. today would not work at a leading company if it meant they had to tolerate a bad workplace culture. So much so, that people would rather put up with lower pay (65%) and forego a fancy title (26%) than deal with a bad workplace environment. and according to Glassdoor, 73% of job seekers won’t apply to a company unless that company’s values align with their own.

5. Offer Competitive Pay with the Best Compensation & Benefits

As the talent pool shrinks, it puts more power into the hands of job seekers, allowing them to request higher paychecks in exchange for their in-demand skills and experience. In order to attract talent in any given industry, organizations should make efforts to increase job salaries when hiring. If you look through CNN’s list of 100 Best Companies to Work For and click on various names on the list, you’ll find they offer things like free child care, health care centers, unlimited sick time, large bonuses that match the company’s profits, sabbaticals, free products, and much more.

Once you attract, screen, and hire talent, your next step is retention. Employee turnover is expensive, time-consuming, and can result in the loss of an all-star employee.

To prevent turnover, you need to know how to retain employees. Keep communication lines flowing. Find out any issues your employees might have and see what you can do to work it out. Show employees you value them and highlight how they impact your business.