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4 ways to attract top talent - without increasing base salaries

Posted by Rowan O'Grady, Hays Canada President, on Tuesday, Jan 19, 2016

SG2016 Blog: 4 ways to attract top talentThree-quarters of Canadian employers say they face at least moderate difficulty recruiting talent, and one in three say they face significant to extreme difficulty, according to the latest Hays salary guide. And those numbers are even higher in industries/functions such as IT, construction, and property.

What can you offer that will make you stand out from the crowd when attracting top talent?

1. Clear career progression
Employers identify career progression as their biggest recruitment challenge. Employees, especially Gen Y, are prioritizing career progression above compensation. If you can offer clear options for growth and career paths you’ll be able to attract the high-potential candidates who will be your future leaders.

2. Vacation
Every year vacation is rated as the most important benefit for recruitment and retention, but just 58 per cent of employers offer more than 10 days of vacation for full time employees, and less than five per cent say they plan to add more vacation to their 2016 packages. This is a low cost way to stand out from your competitors.

3. Performance-related bonuses
Employees are willing to compromise on base salary for the right benefits and work environment, but that doesn’t mean you can offer non-competitive compensation. However, performance-related bonuses are an excellent way to link payroll costs to results, and the Hays What People Want survey (2013) showed that candidates were willing to compromise on salary as long as the bonus on offer exceeded their base salary.

4. Training and development
Training is key to workforce planning for Canadian employers, but it’s also a recruitment and retention tool that goes hand in hand with career progression. Our research shows that when candidates talk about career progression, they don’t always mean an increase in responsibility and pay rate. More important is variety, stretch-assignments, and opportunities to learn new skills. Tell your candidates what they can learn at your organization to show that you value your team enough to invest in their future skills

 

Request the Hays Canada 2016 Salary Guide for more insights and advice, or watch one of our industry webinars.

Talk to Rowan O'Grady, Hays Canada President, on the Canadian labour market.

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