In the rapidly evolving job market of 2024, staying competitive as an employer is vital. Our blog guides businesses on the latest strategies and trends to attract and retain top talent. If you need help building out your dream team this year, contact our team!
Compensation with a competitive economy:
There are two main ways to make your business stand out in a competitive job market — through reputational differentiators and pay. What do reputational differentiators mean? These are your non-salary offerings, such as remote work options, 4-day work weeks, on-site daycare, summer hours versus peak season hours, or unlimited PTO (which we will discuss further). Then there are your salary options. Salary is an integral consideration for any job applicant. According to recent statistics, real average hourly earnings increased 0.9 percent between October 2018 and October 2021. Show that you value the skills, knowledge, and experience of your candidates and are willing to pay realistic and competitive compensation and benefits. This will help to set you apart from other employers who seek to go the cheapest route possible.
With many companies asking employees to come back into the office, top leaders are looking for other ways to stand out and entice job seekers. Unlimited PTO has become a major perk that many job seekers are asking for these days, and many companies are willing to offer it. It can be nerve-wracking to consider no caps on paid time off; however, what you are actually saying by offering this perk is that you trust your employees to work hard and take time responsibly. That goes a long way with job seekers. Most job candidates won’t abuse unlimited PTO. In fact, many onboarding surveys and psychological employment surveys have shown that when unlimited PTO is offered, employees won’t even use the few weeks that were originally part of PTO. Unlimited PTO is very enticing in the job market and will definitely have you at the top of the competitor’s marketplace.
It should be no surprise that a growing number of companies are providing educational benefits to employees at a time when they’re struggling to find workers to fill vacant positions and retain the workers they have. In today’s talent market, employees want more than a paycheck. They want rewarding job opportunities, career mobility, and new experiences. Under current law, employers can exclude from an employee’s taxable income up to $5,250 per year in education assistance at the undergraduate and graduate levels. Tuition reimbursement is taxable in certain situations, but it depends on job applicability and federal tax guidelines.
Track and analyze competitor’s content:
You might be surprised to learn that paying attention to your competitor’s content can give you a great idea as to what’s trending, what they are offering, buzz words, and more. One of the best ways to monitor the performance of your competitors is to pay close attention to their content and how it ranks on search engines. This determines how visible their website is on search results pages of relevant search engines like Google or Yahoo. Pay attention to your competitors’ SEO to see how they generate web traffic and what strategies will help you attain better results, like using the same keywords for content and social media posts. It’s also a great way to track how to position themselves when hiring, how they write job descriptions, and what they offer for salary packages.
Do you need assistance finding the financial talent you’re searching for?
PrideStaff Financial has consistently won awards for exceptional client satisfaction. Our highly skilled staffing consultants can help your company plan for your 2024 hiring needs. Contact us today to learn more.