The labor market recruiters and HR departments operated in not so long ago was a dream scenario. After the 2008 financial crisis, unemployment reached levels not seen since the Great Depression, and it seemed employers held all the bargaining power when hiring new talent. But the labor market, like any market, can be fickle and cyclical, and today, it’s applicants who hold a disproportionate share of the bargaining power.
This means employers need to find ways to stand out from their talent recruitment competition, and few can afford to do so by simply outbidding everyone else. Instead, companies need to stand out by touting factors like nonfinancial benefits, company culture, and even corporate mission.
Standing Out in a Tight Employment Market
This last element is probably not top of mind for many organizations, but with so much competition for talent, anything that helps an employer stand out among the crowd can provide a leg up, and employers might be surprised at how important their mission and values are.
“For candidates, the first impression of a company is crucial,” says Ryan Healy, President and Founder of Brazen. “If candidates leave the interview feeling refreshed and excited by the new role, that positive experience will carry into the onboarding and day-to-day work life and serve as a key tool in retention. By demonstrating a company’s values, mission and culture in the first touchpoint, employers can help candidates picture themselves in the role and gauge whether it’s the right fit for them early on in the hiring process.”
Believing in Mission Can Boost Recruitment Efforts
Healy says believing in an employer’s mission is especially important for Gen Z candidates, who place a greater importance on company culture than workers in previous generations, including factors like flexible schedules, political ties, and mental health benefits. “Recruiting is an important, and often overlooked first step in retention, and talent acquisition teams that make interviewing a thoughtful, engaging and positive experience in the year ahead will build stronger and withstanding teams and cut down turnover.”
Few companies can afford to simply outbid their competition for talent with sky-high salaries. Leveraging your existing culture, mission, and values can be a low-cost, high-value-add strategy to attract high-quality employees, particularly younger applicants looking to make a difference through their work.