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Ways to Attract Talent in a Tight Market

Updated : August 4th, 2020

The American unemployment rate dropped to 3.7% in October. This is the lowest level since 1969 and this translates to the lowest unemployment in half a century. Though this is great for job-seekers, it’s tough in a tight labor market for employers. This would mean that they would have to improve perks, policies, and pay to attract the best talent.

This presents employers with a need to get creative. This means that they have to make the right tweaks to ensure that new employees stay happy. This could include remote work options to diverse compensation plans. Employers will have to tailor-make employment packages to match their employees.

Attract talent in a tight market
Remember to always offer employees what they want an not what you think that they want

Employers have no choice but to follow the path that successful businesses use to stay competitive in tight labor markets, that is if they want to hire the best resources. They do not look at it as an obstacle but rather an opportunity to demonstrate their companies’ merits and entice soon-to-be employees.

Perks Are out of Fashion

While Startup cultures have fun fringe benefits like ping-pong tables, free pizza, and a beer tap, you should consider if it’s worth it at all. Surely, you should wonder if employees would choose to spend a Friday socializing and snacking. It turns out that employees would leave their current job for a competitor if it offered better flexibility and money, and not perks.

Not all adult workers enjoy arcade games or a gymnasium, some would rather leave early to pick up their kids and take longer vacations. This means that you should create strategies that would attract talented candidates to join your company.

It implies that this job market puts the power in the hands of the worker and businesses cannot simply dish out perks. To attract high-quality employees, you should be practical, provide competitive benefits with a long-term appeal. Here are 6 methods to attract the best of talent in a tight market.

1. Help Towards Student Debt and Housing

The student loan debt crisis is bad and getting worse. College graduates are finding jobs, but their wages aren’t going up. Those in the workforce are making payments late and falling into delinquency. This issue does not stop with just students as people older than 60 also have student loans and this has quadrupled over the last 10 years.

This terrible cycle can be broken if companies offer student loan support in addition to regular salary. There are providers of the 401(k) programs that offer employers student loan assistance. It’s a given that student loan assistance will help in a long way. Also in addition to this, you can consider offering a mortgage assistance program for housing. The best part is not only will employees enjoy a fast track way to homeownership, but it will also make them stay with the company longer.

2. Forward-thinking Travel Policies

It is found that 59% of candidates consider travel policies when they choose an employer. They take this into account more than just book a flight. The movement to make employee comfort a priority in business travel plans is what 79% of business travelers regard and this affects job satisfaction.

This is important for smart employers as they do not cram employees in the cheapest non-chain hotel closest to the airport. This means that they take care of the small things like storing and shipping business clothing. In a way, this will better the travel experience and make it go smoothly. Businesses should allow traveling employees to earn loyalty perks and points from hotels and airlines for personal redemption. Though these are small courtesies, it will go a long way in making a big difference to the workers.

3. Preparation Help for Retirement

Employees would feel more confident that there would be retirement savings to make it to retirement. It was found that 42% believed that they would need to use money from retirement for other expenses.

Employers should work with retirement plan providers and financial service companies to provide employees with resources and tools to plan for the future no matter what their salary grade is.

Through retirement literacy and investment-education options, enterprises can help workers make the most of their paychecks. You should not put the resources out there but let employees figure it out themselves. Get financial advisors to come to talk to employees every few months about their options.

Also, employers can invest in the workers’ futures and they will more likely to spend that future with the company that helped them. Even if employers find it hard to offer a 401(k) match, employees will still appreciate the savings plan.

Even though you introduce ping-pong tables and free alcohol, it’s still not what employees want. They are more interested in stability and flexibility than entertainment. Use practical benefits to attract top talent and retain the best workers.

4. Use Your Own Workforce

You can get the help of your workforce to find new talent. This can be in the form of a referral program. There are several organizations that have referral programs that use incentives. But this can work without incentives too. This is a great way to reach out to an audience which would be otherwise hard to connect with using the regular channels.

5. Be Critical, Not Picky

These requirements should be something that is actually needed. This means that you should be looking for specific skill sets and measure for those skill sets. You should understand the essential requirements of your position. So you should determine if the candidate needs a high school degree and if they need problem-solving abilities. You should look for basic competency model and assessing candidates for these skills. If you are removing candidates based on criteria that is not essential as compared to those skills that are really needed, then you’re missing out on the picture.

6. Be Efficient

You should be efficient when it comes to hiring. This means that you should have a cut off time to have a hire. Reduce time by using automated assessment as the first step of the application process. Then assess the candidates that meet the requirement and screen out the rest and have the right number of candidates to schedule interviews. You can streamline the process and weed out the individuals through an assessment and this frees out your interviewers to focus on the right people to do the job.

Employing Talent in a Tight Market Can Be Difficult

With the job climate skewing towards the perfect storm, there are bound to be problems. This would mean that there are unemployment, high job growth and skill gaps in the workforce. These strategies should be used across different industries to make them more efficient and effectively find, hire and retain quality candidates. This will make your organization succeed in a tight labor market.
The biggest part of this problem is due to the tight market and growth in the manufacturing sector in the U.S. When you start to look at the impact, you will understand that this hampers skills and creates a skill gap which makes it more difficult for talent to find jobs. So, how do we find the right individuals to meet our needs and those that have the right knowledge, skills, and abilities? This means that an organization has to rethink how they attract, hire and retain talent. Read more articles that are beneficial to employers.

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  1. I was approved for extended benefits after exhausting PUA and the 26 weeks UI in Ohio. I have been looking for work, but also have had major health challenges and am finding getting back to “normal” slow going. I have a EB approval letter, and am currently receiving payments. When I look at the EB payment stub it shows my payment amount, and then the remaining approved amount (diminished by the weekly payment). So… do I get to exhaust the balance stated (which would take the weekly payments into 2021), or do my extended benefit payments expire on Dec 26 with the Federal program?

  2. I’m considering moving from MA to another state to pursue available work. I CAN NOT get hold of a human or find any info online about the ramifications of transferring my residence. Is there any information available that I’m missing or anyone having gone through the process of moving while collecting unemployment?

  3. I accidentally filed my UI unemployment amount wrong. I wrote that I made 25k last year when it was more like 12k with the pandemic problems. The issue was that I included my student loans in my income amount. Now I’m concerned about it being audited and how to fix this. I know I will have to pay back an amount but this is a lot of stress. I cannot get ahold of anyone in a timely manner and so I am wondering if anyone has an idea as to how to fix this appropriately?

    1. Ashley,

      I suggest you check the “Resources” section of the official website of the Unemployment Office or consider the option of visiting an office in the vicinity if feasible.

  4. my benefit in missouri ru has exhausted they send me a letter about my peuc until dec 26 2020 how long it take to receive peuc

    1. Debra,

      The processing will certainly take a couple of weeks of time owing to the pendency. Please keep checking/following up at regular intervals.

  5. So I have been getting ue for 6 months and on Oct 21 I had a fact finding issue found and cleared after taking a month, I got put on hold I got nothing no benefits nothing because I am on hold until cleared up and it was another month later in my favor, I’ve been without payment since Oct 21 since then I have been on HOLD, I am beyond pissed, I call every Fri I see the letter I received saying its in my favor that says I am Monetary Eligible-yet I still have 6 payments on hold. I call DEO and I talk, I beg and I get told “we are working on it”, the letter is in my favor I am poor not rich I am poor Why how do you people get away with this

    1. I’m having similar issue.. I was accepted and was receiving payments for three months.. then it was stopped 5 weeks ago to check a possibility of fraud.. there was a determination to confirm my identity again.. this after the same office gives me insurance and food help and was taking partial of money to pay two different child support claims.. they don’t think I’m who I say I am.. and it just sits there pending.. what can be done to get this fixed.

  6. Hello

    I’m 59 years old and was laid off in March 2020 due to Covid.
    In June 2020 I was advised my job was eliminated and there is no chance of me
    Being brought back. I’m collecting UI since March.

    Pondering the thought of taking my early retirement pension as I can’t survive on
    UI any longer. My pension is of course reduced due to my age. Full pension is age 62.

    If I apply for early reduced pension in this situation, does my UI benefit get decreased? I’m in New York.
    I’m still looking for full time work. No luck.

    Thank you so much
    Lorraine

  7. i was just layed off from my job, i did collect benefits in pa. my job is seasonal igot unemployment payments in jan. to april i had 26 weeks of unemployment , but only used about 13 weeks, and was called back to work. i received 2 weeks of 600 dollars of stimlus money. my question is now that i reopened my 2020 claim . i,m i still elegibe for any more stimlus payments along with my regular unemployment payments.

  8. I am 65 yrs old in California and being layed off in Dec 2020. If I apply for unemployment benefits and collect a company pension, will the pension reduce the unemployment benefits ? If you answer call unemployment what is the department or do you have a phone number for a help line. I have called and get automated questions that do not apply to my situation.
    Cannot get to a live person.

  9. Several years ago I was part of a reduction in force and was early-retired for pension purposes. I count on this small pension ($2K/mo) to supplement my employment which has been inconsistent this past two years. I am filing for UI in IL and I qualify for it, but they are saying my pension reduces my UI benefit to zero. Is that right?

    1. Mike,

      That is partially right. The pension will have an impact on UI benefits. Please check for relevant info on the Unemployment Office’s website.

  10. I have $219.00 left on my UE and still no work due to covid-19 will i be able to get a extension on my UE and will it cover the last two weeks. I request payment tomorrow.

      1. My benefits have expired, still.unemployed due to over 65, wdiebrtes, high blood pressure and have one kidney, Can I get PUA , Cares Act for any assistance

  11. im working at a place i have been layed off from a lot in my career.i got 30 yrs in there so i can retire now but need another job to make it hoping to stay working and get more hours.If i take a new job and get layed off there I will BE DRAWING 1400 A MONTH FROM THE JOB I WORKED 30 YRS would i be able to draw unemployment if the new job lays me off and would it be reduced because of my retirement money of 1400 month.

  12. My bf was laid off in April he got the the 600 to start with now he is only getting the unemployment and no extra when we hear ppl getting 3 checks totaling 40k that might be lies but still that is bullshit.

  13. I Sharon Bland or Sharon Scott or Sharon Ann Mccraw
    Use my phone to claim two of my boyfriends and my own benefits. Is that ok ?

  14. I’m getting pua on employment and it was supposed to be backdated to May 27th when I wasn’t ableable to start my new job and somehow it’s August 24th they said it would be backdated been sending messages and pua people keep saying they have emailed you guys too but nobody gets back to me who do I need to contact about this thank you

  15. I check my checking account balance every week but I cannot tell if I am getting my 300.00 extra unemployment. Also. How can I tell if I got my back time unemployment .

    1. Thelma,

      I did not understand what you meant. Please reach out to the Unemployment Office for precise answers to all your questions.

  16. I have exhausted my UI and all extensions. Not eligible for Fed Ed. Does EDD open a PUA claim for me. Or do I have to aoole for it. Its been past 30 days since receiving my Fed Ed denial letter.

  17. i have been unemployed for the whole year almost and since i have been trying to distance myself to better my all around health, it took me this long to file for benefits, i was hoping to get back pay all the way to the beginning.

    1. Zach,

      To qualify, the claimant is required to have sufficient earnings/employment during the “Base Period”. Please use the “Benefits Calculator” available on this website for more.

  18. Thank you o much for investigating this. When I received an overpayment statement and my benefits where stopped I felt my heart drop to my stomach. Already being evicted by a slumlord and now no income, i had to start working when i feel very at risk for getting the virus because of pre-existing conditions and the reason for filing in the first place. i am a cosmetologist and considered non-essential. I feel utterley hopeless and helpless in this situation.

  19. I cannot contact anyone in the unemployment offices because the phone hangs up on me in all cases after listening over and over the recorded message. I have called three numbers .

    I have received pandemic unemployment since March 31st. There was a pending adjudication but I never received any questions, letters nor emails about it and I was approved and paid. Now…this is what the website says:
    7 of 7 entries
    Issue Identification Number Employer Name Issue Type Status Date Mailed Level
    0002 7693 59-01
    PUA Pending 11/16/2020 Adjudication
    0002 4773 71-01
    Program Integrity Mailed 11/6/2020 Adjudicati
    Claimant Inbox
    Select the Search button to display your action items. To narrow your search, input issue date range below and select the Search button.
    Issue Date: From: To: 11/6/2020 to 11/16/2020
    Inbox
    • Below are the items that require your attention and that you need to take action on for your claim.
    • Select the Document ID
    I need this money to survive as others do while I am trying to re-establish any contract freelance work I am capable of doing….I report my small jobs as I get them but they do not come close to equaling my unemployment as of yet. Please tell me where I can go to find out what is needed here.

    1. Again basically I’ve also been put on hold for a ridiculously stupid reason.. Why can’t this issue be quickly handled. Is the any where we can get action if we already were receiving benefits and have been stopped suddenly

      1. Greg,

        I can understand your frustration. The Unemployment Office might be inundated with pending requests. Please visit the website to find the answers.

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