Joblessness is at its lowest point since the Great Recession of 2008, according to U.S. News & World Report. Trading Economics indicated that in January 2017, the U.S. unemployment rate stood at 4.8 percent. With the number of unemployed people remaining steady at 7.6 million, total labor force participation actually rose slightly to 62.9 percent.
This is great news, of course! But it will also impact entrepreneurs and small business owners. For job seekers, this kind of climate creates a “buyer’s market,” so to speak. They can be more selective, taking the time to find the right culture fit and career trajectory for their goals. With more jobs available, candidates don’t have to “sell” themselves as hard as they did in the past.
As an employer, you are the “seller” in the job market. In fact, according to a 2016 research report by the Society for Human Resource Management, 49 percent of polled organizations said that competition from other employers makes it difficult to recruit. That means you’ll need to differentiate on factors beyond money, such as growth, culture, autonomy, continuing education and more.
To find a great fit, candidates want compelling reasons to join and stay with your team.
When you need to build a team quickly, how do you compete in a buyer’s job market? As with any other sales initiative, it all comes down to knowing your target market. Here are four ways to stand out as the kind of company the best people want to work for.
1. Be honest about who you truly are, warts and all.
You need to put all the wrinkles of your organization out there — the good, the bad and the funky. Figure out what’s attractive about your business, as well as what might be difficult for some people to handle.
One of the biggest challenges for our company, Hawke Media, is that it’s a very flat organization, without a clearly defined hierarchical structure. We think this is part of what makes working with us so great, but it’s not the right fit for everyone — however, it will be for the right candidates. So we don’t lead applicants down the primrose path.
Whether it’s something as simple as saying, “Hey, parking sucks around here” before candidates come in for an…