Is your competitor seemingly getting all the best hires, leaving you struggling against a talent scarcity? Taking a good hard look at your actual skills and knowledge gaps can help you identify what employees you actually need on your team, instead of engaging in a recruitment battle based on job titles alone.
Where or When Will the Gaps Appear?
Don’t think you have a skills gap problem? If it hasn’t already become apparent, it’s likely on its way. Nine in ten executives and managers say their organizations are facing skill gaps already, or that they expect gaps to be revealed in no more than five years.
Hiring is only one way to fill skills gaps. Sourcing almost perfect candidates for upskilling or surfacing employees in your own organization for reskilling can be just as effective, if not more so. A distinct advantage of looking internally to fill knowledge gaps is that you create loyal employees who know you are invested in their future.
Competition for Talent is Fierce
Did your competitor’s workforce just halve their average age? Baby Boomers are retiring, taking many experienced and seasoned employees out of the workforce. Replacing them is a limited supply of Gen X’ers and a wealth of Millennials. The Gen X’ers are more likely to have high-level skills, but there simply aren’t enough of them to go round.
Millennials may lack skills and experience, but make up for it in an eagerness to learn and an appreciation for on-the-job skills acquisition. If your competitor is hiring Millennials and their employee turnover is low, they could have tapped into a high-value candidate pool.
In-Demand Employees Have Many Options
You and your competitor are vying for the same talent, but are you considering that your recruits are only as valuable as your retention practices? A pre-pandemic study found that two-thirds of employees said they may leave their jobs, and this includes people who are still in the “honeymoon phase” but still hope to find something better.
One thing to remember is that headhunting your competitor’s top talent will only take you so far. If an employee leaves their job for your offer, they’ll leave you for the next offer. Unless you are confident you can come in with the best offer, don’t waste recruitment dollars on wooing employees who are unlikely to be loyal.
What is the Competition Offering?
That said, it doesn’t hurt to look into what your competitor is using to sweeten the pot. You can match offers and also prevent your existing employees from seeking greener pastures. It’s not always about salary bumps; you could easily gain loyalty with the offer of flexibility in regard to work hours or location.
According to one study, a 10% salary bump (considered a large incentive five years ago) is distinctly unimpressive to job candidates today. The same study revealed that 36% of people would take the perk of working at home over a bump in take-home pay.
Consider Offering Free Training
Companies that invest in worker education get back almost 50% more than they spend. Instead of competing for talent, why not identify people in your company who have potential, and put them through upskilling on the company dime? They’ll become better employees, with greater loyalty, and you’ll benefit from reduced recruiting costs while eliminating the need to constantly square off with your competition for talent.
How Censia Can Help You Discover Candidates Your Competition Doesn’t Know Exist
Censia maps the Complete Talent Landscape, pulling together information on over 500+ million profiles. Instant Candidate Comparisons allow you to quickly identify similar candidates, while ATS Talend Rediscovery helps you locate silver medalists who can benefit your organization.
You can even build Ideal Candidate Models based on your competitor’s top talent to build your own competitive team. It’s an ideal way to start making headway in recruitment even if you’ve been stalled out for a while. When you have the right team in place, who your competition hires becomes less important!