Key Takeaways:
- Keeping up with your competition will help you stand out when recruiting potential talent.
- Creative solutions will improve your company, and its work environment should stand out above the rest.
- WageScape, Greenwich HR’s newest tech, will give you insight on what’s happening with wages right now, for any job, in any location, including hourly workers
When it comes to hiring the best talent, it is important to know what can make your company stand out among competitors. It is also important to always keep improving your company and its culture to keep your employees happy and prevent turnover. Check out a few reasons why it is important to stay competitive in a volatile labor market below.
Innovation
One way to stay competitive in the current labor market is to constantly brainstorm new ways to innovate and stand out to customers and new talent. Consider offering new products and services, or incentives for both employees and customers. Maintaining an innovative and creative team will give employees a sense of personal autonomy in the workplace and give them a chance to socialize and work together with multiple departments to achieve a new goal.
Know your Competition
Consider the strengths and weaknesses of both your company and its competitors. One useful way to achieve this is by doing a SWOT analysis (strengths, weaknesses, opportunities, threats). This will allow you to better understand what separates your company from the competition, evaluate any gaps in your company, and make necessary improvements.
Bring your Best
When it comes to recruiting and maintaining the best talent, it is important to bring the best version of your company to the table when hiring new employees. Re-evaluate your benefits packages like vacation and sick time off, insurance and retirement plans, incentive programs, and additional perks like free childcare, gym memberships, or an onsite cafeteria.
Create a Positive Work Environment
Along with bringing the best version of your company to the table to attract new talent, it is also important to create a positive work environment. A few ways to keep up with company morale is by giving employees annual raises and bonuses, appropriate time off, recognizing achievements, flexibility, and annual engaging but optional activities.
Salary Insight
When negotiating a salary with a potential employee, it is important to know what the competition is paying for the same role. This particular piece of the labor market puzzle can be easily found using one of Greenwich HR’s latest tech WageScape. WageScape shows you what’s happening with wages right now, for any job, in any location, including hourly workers. This intelligence is critical for attracting and retaining talent and for setting strategies for recruiting, pay, and growth. WageScape is the only source of pay intelligence that’s forward-looking, so you see where pay is going – not just where it’s been.
Want to see WageScape in person? Greenwich HR will be in attendance this year at HR Tech 2022 showcasing the largest labor market intelligence platform available.
Join us on September 13th – 16th at Mandalay Bay Las Vegas and visit booth 7121 to see live demos of WageScape, the new interactive compensation dashboard from Greenwich.HR. Quickly assess the labor market and your competition with real-time, forward-looking compensation information.
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