Top talent can come and go in the blink of an eye, and the efficiency of your hiring process may determine whether you get to secure the best people for the role or lose those people to competitors who may have a better hiring process.
Speed can sometimes be the distinguishing factor for people with multiple job offers and coming to the decision of choosing you as their employer. The last thing you want is to lose a candidate to your competition, especially when time and experience of the hiring process is in your control.
Our Senior Consultant, Jai, shares 6 ways how to navigate through the current hiring market.
1. Offer competitive salary
Giving competitive pay to employees shows appreciation of the impact that their work has on the company. It inspires loyalty and increases employee productivity since they know the company values their well-being. Consequently, the employees are motivated to invest their time, energy and effort to make the company successful in its business for the long term.
Offering employee equity can give you a leg up in the battle for top talent. Make sure you use equity as an attraction and retention tool, rather than a replacement to salary though. You can offer equity through stock options, or restricted stock.
Offering “Equity” is a way to motivate and retain good employees. Most times “equity” is offered to employees, it is intended to motivate those employees, and retain them.
3. Working with cutting-edge technology
It’s important to even trial certain technologies, and try them in different day-to-day projects. This ensures the software engineers are stimulated and interested in working on the projects.
4.Have a fast interview process
Interviewing is one of the most time-consuming steps, especially with the more steps you have and if you’re not dedicating time aside for ‘interview days’. For most positions you’re looking at between two to three stages.
For interview processes which take too long, you run the risk of losing talent to competition. It also becomes more difficult for people to find time to constantly book more stages within a busy calendar. Similarly, if you give assignments to the candidates, you should ensure they are not too long. A perfect assignment is the one that is short but examines people well enough to see if they are suited for the role.
5.Hire potential, not perfection
If you are holding a place for the PERFECT candidate then you stand a chance to miss out on people with the potential to be nurtured into a highly talented and valuable employee.
You may waste time waiting. If you see that raw potential in someone then sometimes it’s worth the risk!
6. Work with an external recruiter
Finding the perfect candidate as quickly as possible is what recruiters are here for.
We know that running a successful business can be incredibly busy and time-consuming, and sometimes you just don’t know when you’re going to be able to find the time to fulfil your hiring needs. Going through hundreds of resumes and doing hours of searching can be very difficult.
By using a recruitment company, you can get access to all market knowledge. We understand your sector well, and will therefore know what your competitors do, hire, and pay. Not only that, but recruiters know which engineers are out there, what they are looking for, and what your perfect candidate looks like.
In general, the current market is very competitive, with many companies looking for software engineers. To ensure you beat competition, consider these 6 tips as the perfect guide to ensure the hiring process runs smoothly and you attract the right candidates.
If you are interested in working with UMATR, reach out to us at Hello@umatr.io