Salt Lake City has recently been ranked the No. 1 hottest job market in the country by multiple publications. The Wall Street Journal, for example, looked at 53 large metro areas with more than one million residents, focusing on five key job market indicators: unemployment rate, change in payrolls, change in labor force size, labor force participation rate, and change in wages. It reported, “As the pandemic raged through the U.S. in 2020, no metropolitan area in the country expanded the size of its labor force more on a percentage basis than Utah’s capital. It also had the lowest average unemployment rate and the highest share of people working or looking for jobs.”
In a market like this, what is an employer to do? Companies are hiring like crazy—and all are trying to figure out how to find and keep the talent they need. As a recruiter in Salt Lake City, as well as in Silicon Valley, here is some helpful advice on how to attract talent in this competitive market.
Salaries and Schedules and Benefits. Oh my!
This isn’t business as usual. It isn’t even business as of two months ago. Employers are finding it harder to attract candidates and keep up with the increased competitive salaries. Many are reporting losing candidates to higher counteroffers from their current employers. You can no longer be rigid on salaries, bonuses, or benefits offered. Be prepared to offer more money in your bid to win the top talent. Maybe you need to give a sign on bonus, or equity to snag the unicorn that has the specific skills you need.
Candidates are checking out the benefits offered too. You may need to up the match on your 401K, or offer an HSA that the company contributes to. The benefit package is a huge piece of a candidate’s consideration. Make sure you have a benefit’s summary, including premiums and deductibles, you can share that will help candidates compare costs and what is offered.
And, it isn’t just about the money. Many employers have candidate’s turn down their offer to go to a company with better perks. For example, employees have seen the benefits of working remotely the past year and many would like to continue working from home. Once regarded as a nice-to-have perk, candidates are now looking for offers that include remote or a hybrid work schedule. In areas such as San Francisco, employers have found great success in hiring remote employees that live in other, less expensive, markets. It allows employers to engage the skill sets they seek, regardless of the candidate’s location, and opens up the candidate pool from which to hire.
This is just the tip of the iceberg, so leveraging a partner can help you navigate these rapids and provide unbiased feedback. Look for those who can examine your budget expectations; have you allotted enough to your hiring budget given the competitive climate? A savvy partner can even evaluate your HR strategies and practices to find any weak areas that need improvement.
Partnering with an experienced recruiter can reduce the hiring headaches while giving you the best chance to hire the most suitable candidates for the job.
Reach out to us today.
About the Author
Pam Clawson, Senior Manager, Talent Solutions, has worked as a recruiter in the San Francisco Bay Area and Utah. Pam loves connecting with people and developing long-lasting relationships. She finds the best talent for Accounting and Finance, HR, Marketing, and Executive level position through her extensive network. Pam has gained respect from peers and clients by always bringing a friendly, professional attitude to each engagement.