Between September and December, companies hire faster than normal as they look to make their final hires before the year ends. And right now, the ball is in the candidates’ court.
With one of the lowest U.S. unemployment rates in nearly 50 years, jobseekers have options when it comes to choosing where they want to work. The most desirable candidates are assessing potential employers more critically, pressuring employers to impress candidates from the recruitment stage all the way through hiring, onboarding, and beyond.
To showcase your organization’s differentiators, it’s important to understand employees’ changing expectations and how to evolve your corporate culture and total rewards practices to keep up with what today’s jobseekers desire from their future employers.
These three characteristics are high on the list of what top candidates look for in their next employers:
1. Compensation Transparency
Especially among Generation Z, today’s jobseekers demand more from the companies that will employ them and want to know that their salary offer is not only competitive and meeting industry benchmarks, but that it is also in line with peers in similar roles within the company.
The good news is that the various needs of today’s multi-generational workforce provide an unprecedented opportunity for companies to start an open dialogue during the interview process. HR practitioners and hiring managers should be prepared to discuss how they have come to the decision about their compensation offer to the candidate. This will not only increase candidates’ perceptions of the company when it comes to transparent pay practices, but also help HR and managers create personalized packages that extend beyond salary.
Organizations that ignore employees’ desires to make salary transparent will not only miss out on benefits like high levels of staff motivation and performance but will also run the risk of losing top talent because they don’t feel they are being fairly compensated.
2. Pay Equity
With the majority of workers (63%) revealing they would be more willing to work at a company that discloses its gender pay gap figure each year, it’s obvious that jobseekers care about pay equity. Fair pay—regardless of gender, race, age, or other factors irrelevant to performance or skill—is essential to designing equitable compensation programs.
As a hiring manager, it is crucial that you are prepared to engage in honest conversations about pay gaps in your industry and in your own workplace. When recruits ask the hard questions, be ready to articulate the steps your organization is taking to identify and close existing pay gaps.
You’ll need to show candidates that your company is committed to establishing pay equity as the norm and not the exception.
3. Defined Culture
Company culture is always a topic of discussion during interviews, and thanks to social media, job boards, and groups like Glassdoor, candidates have the opportunity to investigate a company’s culture before they even submit a résumé for consideration. While today’s multi-generational workforce is diverse, what candidates of all backgrounds want to know is if your company culture supports their priorities.
Taking the time to define what your company culture is should be priority number one for any organization. Those that successfully define their culture will have a better understanding of the people that they want to attract. Portraying this culture might seem like a great challenge but it goes a long way to both attracting and retaining the best employees that a company seeks.