The job market is tight and looks to remain so through the balance of 2021, especially in the technology, finance, and consulting domains. Candidates can be, and are, more selective regarding compensation, title, remote work, and opportunities for growth.
Here are areas hiring mangers and HR leaders might consider reviewing in order to be most competitive in the market for talent:
- Key success factors for the role and your culture. Are we clear about what those are? How are we communicating those factors to candidates and outside partners? Are we setting criteria that aren’t relevant to success but are clouding our message?
- Compensation. Clearly, managing expenses and maintaining internal coherence of your pay structure are critical. However, the market is shifting. What worked six months ago doesn’t work so well today.
- Titles. The competition in many sectors is adjusting. While titles can vary across companies, the reality is that they can matter a lot to a candidate.
- Remote work. COVID continues to impact the workplace, and the changes that has brought are looking increasingly durable. Candidates are prioritizing flexibility, even when they might be interested in having in-office options. Less obviously, but perhaps more important, the competition for those candidates is now national (or even global). Competition from other geographies is pursuing talent in what used to be your backyard.
- Specific factors affecting your circumstances. For example, the massive increase in IPO/SPAC activity over the last several years has intensified the competition for accounting professionals who have experience in publicly-traded companies.