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Attracting top talent in today’s job market

This post is sponsored by SHRM, the Society for Human Resource Management 

No one knows better than human resource professionals that a company’s strongest asset is its people. Having the right talent in every position has a monumental impact on company culture and performance—sometimes making the difference between whether that company sinks or swims. 

However, with unemployment rates at historic lows, it can be challenging for companies to attract, procure and retain talent given the current economic conditions. The US labor market is down 3.5 million workers who have not yet chosen to reenter the workforce since the start of the COVID-19 pandemic, according to Nicholas Bloom, a Stanford University economist. Competition for talent is fierce. Just last week, states reported the lowest weekly jobless claims since April 2022, and unemployment benefits claims are below pre-pandemic levels. How can a company ensure it not only attracts top talent but also hires, engages, develops, and retains that talent? 

Making talent aware an opportunity exists is perhaps the most important step in the hiring process. Highly visible and targeted job posts featuring clear and accurate responsibilities and requirements will draw applications from the most qualified candidates. Offering competitive and equitable compensation will entice them to join and remain with the company. Accurate, detailed job descriptions set the foundation for effective talent development and succession planning processes that will further engage and retain. The resources and talent toolkits from SHRM, the Society for Human Resource Management, can help with every step along the way. 

Seeking candidates in the right places 

Highly targeted job postings are the most efficient way to seek candidates in a specific industry. When listing on a job board used by the most informed and engaged members of a given profession, employers can be sure their open roles will be seen by exactly the type of candidates they are looking to attract. For example, when seeking to fill an HR role, companies will, of course, want to post on the platform used by the world’s largest society of HR professionals. 

SHRM, as the industry’s leading authority on all things work, is the go-to resource for top HR professionals. It’s naturally where the most informed workers will be searching for their next role and where top companies will be looking for the most competitive HR talent. More than 100,000 employers use HR Jobs, as well as nearly 200,000 job seekers, so it’s guaranteed to be where the best candidates for HR positions can be found. Employers can tap into a robust resume database to seek out specialized talent and HR Jobs seekers have access to career insights and pathing tools to help determine their next move. 

Designing competitive compensation packages 

To get and retain today’s top talent, competitive compensation and benefits packages are no longer a nice perk to have—they are a must. SHRM recently reported the minimum salary employees would take for a job rises to a new high. It is critical to know what the most qualified candidates will expect using current, relevant job market data. Companies can no longer rely on determining salary during the negotiation stage of a job offer. In the era of increasing pay transparency, some states and municipalities started requiring companies to post the salary range of positions within job listings, and more are expected to follow suit. Companies can ensure they’re competitive using the SHRM Compensation Data Center powered by Salary.com. 

The platform allows HR professionals, hiring managers, and job seekers to search salary data for more than 15,000 job titles across 225 industries. Each report, based on continuously updated information, is customizable by industry, geographic location, and company size to ensure the results are tailored to the unique demographics of that company. The Compensation Data Center even includes details on positions not often found in traditional surveys, such as comprehensive information about executive compensation packages. 

With these tools, employers can be sure they have accurate and competitive compensation information to attract, hire, and retain the most qualified candidates. 

The importance of accurate job descriptions 

No matter the level or role of a position, accurate and detailed job descriptions are a critical and foundational element of all talent processes. Providing accurate and clear job requirements and responsibilities will help attract candidates who are best qualified for the position as well as save recruiters and candidates time by providing transparent understanding upfront. The latter enables recruiters to efficiently remove candidates who ultimately do not meet the requirements for the position and provides candidates more information to decide if they are willing to fulfill the required responsibilities of an open position before applying. 

Detailed, accurate job descriptions are important not only during talent sourcing and selection processes but also during talent onboarding, performance management, talent development, and succession planning. In a SHRM report, more than 75 percent of employees surveyed said they’re more likely to stay with a company that offers development opportunities. Leveraging job descriptions for more senior roles in a high-potential employee’s career path can be key to keeping that employee engaged and loyal to the company. Finally, a clearly written and accurate job description also mitigates potential legal troubles for companies stemming from employee misunderstandings due to poorly written or missing role details. 

SHRM members have access to over 1,000 job description templates for fields ranging from accounting and finance to healthcare and hospitality. SHRM also offers a premium Job Description Manager that allows employers to create, maintain, share and organize job descriptions via an easily accessible online platform. HR professionals and people managers can build custom job descriptions from scratch or choose from a library of almost 2,000 customizable templates to get started. Job descriptions are easily shareable for editing, review, and approval processes. 

Human resource solutions by SHRM – whether creating accurate job descriptions to narrow down the field of candidates, offering an enticing compensation package to win that key team member or targeting postings to draw in qualified applicants– assist companies of all sizes with their talent needs. When so much is at stake, both in the chemistry or productivity of an organization as well as its bottom line, any solutions that give businesses an edge in attracting, selecting, developing and retaining today’s best can make the difference between thriving and just surviving. 

SHRM, the Society for Human Resource Management, creates better workplaces where employers and employees thrive together. As the voice of all things work, workers and the workplace, SHRM is the foremost expert, convener and thought leader on issues impacting today’s evolving workplaces. With 300,000+ HR and business executive members in 165 countries, SHRM impacts the lives of more than 115 million workers and families globally. 

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