No matter what line of business you are in, you have competition. Everyone knows this fact, but it is important to ask yourself, “Do I KNOW my competition?” How much do you know about your competition when it comes to how they treat their employees?
When you understand how to compete with other businesses at attracting top talent, you are able to better position yourself and your company to bring in the best talent. There are several items that you should research in order to understand how you match up to your competition.
While money isn’t necessarily the key ingredient to attracting top talent, it is a factor that must not be passed over too quickly.
True, top talent is looking for MORE than just high compensation, but they will expect a fair compensation plan. For instance, if your competition down the road is offering a more lucrative compensation package, you need to take a look at what you can do better.
For a lot of startups and small businesses, high compensation plans are not always a possibility.
If your competition happens to be a large corporation, it may seem that you have little to no chance at competing in this area. However, there are some other things you can look at such as benefits and opportunities offered to your employees.
With all of the changes to the health insurance industry, many companies have experienced an increase in benefits cost. Do not let this encourage you to scrimp and save on employee benefits by limiting your investment in this area. Find other areas to save, but make sure that your employees have appropriate healthcare.
Find out what you can about your competition’s benefits. Are they offering all health benefits at little to no cost to their employees? If so, this can also be tough to compete with if you are a smaller business.
It may not be possible to cover your employee’s total health insurance cost, but do as much as you can here. After all, healthy employees are productive and happy employees.
Other Employee Benefits
This is where small businesses can really compete with the larger corporations. When I refer to “other employee benefits” I mean the benefits that are not directly monetary, but are highly valuable to employees.
Do you offer a flexible work schedule, with the option to work from home?
Are you offering fun team building activities to your staff?
Is your company culture a friendly, enjoyable culture where employees are free to express ideas and suggestions?
If you know what your competition is providing to their employees, you will have a better chance at implementing some unusual and welcoming benefits to your employees that they will have a difficult time finding elsewhere.
Opportunity for career growth is of great importance to most top talent. If your competition is offering fast track promotion plans to new hires, your best bet is to get in front of the drawing board and start coming up with career growth plans for your business.
Think about where your company is headed and the types of employee trainings and promotions that you can offer to your staff.
If you are a small startup business, it can sometimes be difficult to map out specific plans. You know and understand that the possibilities are countless and that growth is inevitable, but you may not be able to pinpoint what that growth will actually look like.
However, you can explain to top talent that while your competitor may be offering a specific growth plan, you are offering the opportunity to be a part of something big.
The opportunity to join a small business, contributing and seeing the results of your hard work as the company grows are all things that can be very exciting for top talent. The possibility of company growth, coupled with the fact that it will bring new leadership positions as the business grows, are all excellent selling points.
The most important thing about knowing your competition is the fact that you only have a chance at succeeding when you know what you are up against. When you have knowledge, you have power and this gives you the chance at success.
What are some other important items that you like to know about your competition when it comes to attracting top talent?