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Inside This Edition
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My Journey Into Law
Why Acknowledging Customer Churn Is Key to Success in 2019 Are Your Business Goals Doomed to Fail?
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Marketing Trends to Watch in 2019
Have a Laugh
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Essential Strategies to Court New Hires in 2019
How to Draw the Best New Hires in a Record-Breaking Labor Market 3 Strategies for Success Finding good employees has always been hard, but in the economic environment of 2019, it can feel downright impossible. At the end of 2018, U.S. unemployment was the lowest it had been since 1969. For months, unfilled jobs outweighed the number of people seeking employment. In a market where job seekers have the pick of the litter, employers face stiff competition when courting prospects. Here are three strategies to draw in top performers and keep them. 1. Pay more. Excellent benefits, fancy perks, and flexible hours are important items on any job seeker’s checklist, but virtually every prospect’s top priority is adequate pay. Workers today have unprecedented bargaining power, and yet, according to ADP, small businesses with fewer than 50 employees boosted wages only a little over 3 percent last year, an amount quickly swallowed up by inflation and increasingly steep living costs. There’s just no way around it. To attract top-tier talent, competitive compensation is paramount, especially in 2019. 2. Give new hires the chance to grow. The best employees constantly hunger for new growth and development opportunities. Show prospective hires the
potential heights they can reach at your organization. First, your business has to have a growth mindset that promotes loyal employees and empowers them to step into exciting new roles. Then you need to present prospective employees with challenging, rewarding projects and responsibilities and show examples of how those who’ve come before them have succeeded. Annual reviews and raises are a start, but you should also explain how a job at your business will improve your prospect’s skills, career, and life. 3. Get them in the door. If you already offer a competitive salary, an expansive benefits package, and a good work environment with opportunities for growth, the only challenge left is to get on your ideal candidate’s radar. One of the best ways to do this is to implement an employee referral program. Ask your team if they know anyone who’d fit the empty role. If you end up hiring their prospect and they stay on the team for, say, six months, then reward the referrer. Cash, PTO, and other benefits will encourage your loyal employees to bring in their skilled friends.
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