How do we Win the War for Talent?

The war for talent is not a new problem, the phrase was first coined back in 1997 by  Steven Hankin of McKinsey. However, a turbulent economic environment combined with a shortage of top talent and VC backed software businesses paying increased salaries – has created a perfect storm for any software business looking to hire top talent.

Recruiting successfully in today’s environment requires a mindset change; you must understand that all applicants have multiple options. To win in this relentless war, hiring businesses should consider:

Where are you finding your talent?

Top talent inherently does not use traditional inbound recruitment activities such as job boards or respond to job adverts. Outbound activities are therefore essential to identify ‘passive’ candidates rather than expecting them to magically appear.

Engaging with your candidates

When considering a new career opportunity, talent is looking for meaning and purpose. By correctly positioning your organisation you can create a picture of your story and success. Each candidate should know:

• Your culture
• Your vision
• Your mission
• Your values
• The opportunity

Adopting New Interviewing Approaches

Video meetings have become the “norm”. They also offer the flexibility to manage diaries and maximise availability. Why not keep them as part of the recruitment process. A successful interview process must be efficient. As we’ve said, it’s likely all applicants will have other opportunities and you don’t want to be beaten by time.

Creating a Flexible Work Environment

Many employers think shifting to a hybrid model with remote working a couple of days a week should satisfy their workforce needs for flexibility, engagement, productivity and a work/life balance. However, what is your approach to applicants who want a totally remote role? Is your organisation rethinking its stance on flexible working? If not, it needs to understand the most productive model. 

Normalising the availability to remote working will expand your talent pool. 

Re-evaluating Compensation

Many organisations are asking the question – how can we attract top talent?

I’ve seen employers evaluate their packages and resist the urge to simply pay more. However, the imbalanced talent market makes this difficult. Organisations need to continue to listen to the market to ensure their competitiveness to attract talent. This may include offering long term or loyalty incentives, stock plans, increased holiday, flexible working…

Hiring organisations need to keep an edge when hiring top talent. If you’re not winning the War for Talent, is it time to rethink the approach? If you’re looking to make the right hire for your business, whilst minimising risk and maximising effectiveness, get in touch with JIE Search.