How top employers are attracting and retaining creative talent in today’s changing economy
Hiring managers within the creative fields are finding that the tables have turned. With record-low unemployment rates and multiple options for employment, employers are finding that they now need to be creative when it comes to attracting and retaining talent. It’s become a job candidates’ market.
In a recent employment survey conducted by staffing agency Digital People, 35% of employers indicated that they planned to grow their creative, digital, and marketing staff in 2015, with 55% noting that they are already understaffed. Yet finding and retaining talent continues to be a top challenge for employers. Without the right people on the job, employers aren’t able to take full advantage of the rallying economy.
While some employers are struggling, others are thriving. Why? They are in tune with what today’s talent demand.
Where to find qualified talent
Part of understanding today’s workforce is knowing where to find them. Online job boards remain the primary way to find creative talent – social media, email and SMS text are also being added to the mix. The most effective talent acquisition tactic continues to be employee referrals.
While it can be tempting to look outward for solutions, hiring managers can also look within their own walls for untapped potential in their existing workforces.
What makes talent tick
Today’s most successful hiring managers understand that while they are interviewing the candidate, the candidate is also interviewing them. Unlike recent years, hiring managers are no longer in the driver’s seat. “Selling” the job opportunity – including the growth, innovation, and excitement that the organization has to offer – has become one of the most important parts of the interview process.
To further entice candidates, more employers have hiring incentives in their back pockets, such as sign-on bonuses. Some employers are also offering tuition reimbursement and flexible schedules, including the option to work from home.
All employers need to be keenly aware of their reputation in the market – good or bad – and take steps to improve or protect it. How others inside and outside the company perceive you as an employer is critical to future success.
To foster a positive work culture and, thus, reputation, top employers are using proven talent retention methods. Employees want to feel respected and recognized with job perks, bonus opportunities, training, long-term career planning, and fun company-wide events, such as picnics.
By incorporating these tactics, employers are not only reducing turnover, they are positively influencing their reputation in the market to be able to better attract new candidates.
Hiring strategies aside, it’s important not to forget that money talks. Many employers are increasing pay rates to attract and retain the qualified talent they need. These pay increases follow the basic principles of supply and demand – with increased demand, follows increased wages.
When analyzing how employee retention strategies and wage increases impact your bottom line, it’s important to take hiring and replacement costs into the equation. Increased wages can help you attract the people you need while also reducing turnover rates and costs, resulting in a win-win for all involved.