Standing Out as an Employer of Choice: Navigating "The Big Stay"

Standing Out as an Employer of Choice: Navigating "The Big Stay"

As economic conditions soften and Australia attempts to stare-down a recession, we have seen some HR professionals take a more measured approach to changing jobs. This phenomenon, we are calling "The Big Stay," has made it challenging for employers to find high-quality candidates for some advertised roles. However, by adopting strategies that set themselves apart as preferred employers, businesses can thrive in this evolving landscape.

Why ‘The Big Stay’?

During periods of economic uncertainty people tend to be less inclined to change roles or take career risks. High inflation and rising living costs increase the desire for a secure, stable job. The refrain of “last one in, first one out” makes some stay in their current positions, even if they’re not entirely happy.

With less people actively looking for work, candidate pools begin to shrink and employers have their work cut out for them. To overcome this, employers may need to rethink their recruitment strategies, offer appealing incentives or benefits, and provide reassurances of stability to entice cautious candidates.

Strategies for success

In an era, we characterise as "The Big Stay," where candidates are more cautious about switching jobs, organisations must go the extra mile to position themselves as preferred employers.

Here are our tips for standing out from the crowd:

1. Make the interview process engaging: Make the application and interview process smooth and efficient. During interviews engage candidates and allow them to engage with you. This interaction should be a two-way street.
   
   
2. Demonstrate your influencing power: Highlight how your team is valued across the organisation, emphasising their influence and representation of your business culture.
   
   
3. Highlight stability and job security: In uncertain economic times, people are often wary of taking risks. Assure potentials hires of the stability and security of the position and organisation, highlighting any long-term plans or measures taken to mitigate risks.
   
   
4. Connect on a personal level: Use every opportunity during the recruitment process to demonstrate you and your organisation's personality and openness, as candidates are often attracted to great leaders as much as they are to the role itself.
   
   
5. Offer competitive compensation: Providing an attractive salary and benefits package can make the prospect of switching jobs more appealing for candidates. Ensure you are up to date with current market expectations. Your Next Step recruitment consultant can guide you on this.
   
   
6. Highlight a positive company culture: Showcase a supportive and inclusive work environment that values work-life balance, employee wellbeing, and a strong sense of community. A positive company culture can be a significant draw for candidates seeking a change.
   
   
7. Prioritise career growth and development: Emphasise opportunities for learning, advancement, and skill-building within the organization. Showing a clear path for professional growth can motivate candidates to consider a career move.
   
   
8. Promote your employer brand: Your employer brand is a vital asset. Ensure it accurately represents your company culture, values, and benefits. Working with a recruiter who protect and accurately promote your EVP.
   
   
9. Offer flexible work arrangements: In today's world, flexibility in working arrangements is highly sought after. Providing options for remote work, flexible hours, or other flexible policies can attract candidates who prioritise work-life balance and adaptability.
   
   
10. Partner with the experts: With more than 100,000 HR professionals on our books, The Next Step have deep connections across Australia’s Human Resources community.  Our expert consultants know the right questions to ask and will invest time in understanding your organisation's unique attributes and help you showcase them effectively to attract top talent.

How can we help?

Contact us to learn how a specialist recruitment consultancy can support you in navigating "The Big Stay" and succeeding in your talent acquisition strategy.

Our team of experienced consultants can help you to engage candidates in meaningful ways, showcase the value of your team, and protect and promote your employer brand to attract and retain top talent.