With restrictions across the country easing up and the economy entering a recovery period, we are well set to experience a hiring boom. In a candidate-focused labour market (similar to the one we currently have), employers must expand their toolbox if they aim to attract the best talent. Employers across the board are raising salaries due to inflation and the current state of the labour market; however, simply sticking to this tried-and-tested method of days gone by is not enough anymore. In this newer, post-COVID workplace, it’s time to start revising your employee attraction strategy.
What are employers doing to attract talent?
Based on information from a recent survey, the hiring boom is set to start in the first half of 2022, with 49% of Canadian senior managers aiming to add permanent positions in the foreseeable future. To make sure they are filling those roles with the best available talent, employers are looking to woo candidates through promises of remote work options, increased starting salaries, reduced education requirements and credentialism, signing bonuses, and more vacation time. Many of these strategies seem to match with what American firms are planning to attract premier candidates, and intuitively, it makes sense; where you work, how much money you make, and the removal of unnecessary credentials should bring you an influx of candidates. But what are some specific examples of the new strategies that can be used to attract talent?
Diversity, Equity, and Inclusion (DEI) can bring you talent
HOOP, or the Healthcare of Ontario Pension Plan, is one of Ontario’s most notable employers. They are trying to attract talent by investing in introducing Diversity, Equity and Inclusion (DEI) initiatives through listening sessions; in these, the pension’s executive team can learn about the challenges from those who are a part of historically underrepresented groups. Through the information gained from these sessions, as well as collecting data within their organizations to measure DEI, HOOP is trying to become a more welcoming place for their own employees and potential talent outside the organization. It is investing in its reputation and culture through DEI, which can prove to be a powerful recruiting asset.
What makes Canada’s best employers an excellent destination for talent?
This past November, The Globe and Mail released its annual list of Canada’s Top 100 Employers. Being part of such a prestigious list is a robust attraction tool. Still, the content of the list can give employers ideas on how to attract the best of the best. The selection process of Canada’s Top 100 Employers involves the team examining a company’s physical workplace, work atmosphere, health, finance and family benefits, vacation, employee communications, performance management, training skills and development and community involvement.
Of course, making a workplace an attractive destination involves working on all those areas. However, when it comes to the hiring process, benefits, vacation, and the physical workplace are likely the most relevant, because they are more tangibly experienced during the hiring process. By looking at the list, one can observe how Canada’s best employers can attract talent. The Bank of Canada, for example, provides flexible working arrangements. They received an “A” for financial benefits and compensation, offering a defined-benefit pension, singing bonuses to some positions, and year-end bonuses to all employees. The Bank of Canada also provides relocation costs for new hires, which most likely help attract talent from across the country.
In terms of great vacation perks and benefits, Shopify Inc. serves as a shining example of what to offer to attract talent. Shopify received an A from the Top 100 Employer’s list for its health benefits. These include a no-waiting period, up to $2500 a year for mental healthcare, and an 85% salary top-off for 16-18 weeks of parental leave. Shopify also has an A+ rating regarding time off, offering unlimited vacation, a three-day paid holiday shutdown in December, and 12 months of unpaid leave.
So, what should Employers do?
Of course, a smaller business will not have the resources to deploy all the perks and strategies that more prominent firms like Shopify can offer during the recruitment process. The vital thing to know, however, is that a hiring boom is coming and that your current hiring strategy needs an upgrade. There is no need to fret if you’re not a business that brings in hundreds of millions of dollars. You may not be able to improve every facet of your hiring strategy. Still, you can likely put more resources into at least a few areas, such as DEI, salary, benefits, or vacation. Doing so may cost money upfront, but you’ll get a return on investment through the talent you attract.
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