Every week we comb through the news to find employment trends affecting the hospitality industry so you don’t have to. This week’s topic: the importance of knowing your market and why it’s key for hiring in 2022.
We all know that hiring is hard right now. The pandemic shifted the marketplace from employer driven to employee driven. Creating a competitive and attractive employment package, whether for hourly staff or C-suite executives, is a challenge in what feels like a continuously shifting and unpredictable economic landscape.
How much do you know?
When you’re looking to hire new candidates, what type of data do you use to help you make informed recruiting decisions? How do you know what compensation packages or pay rates to offer, or what candidates are looking for in their next job?
What do you really know about your market? With wages increasing, inflation in play, and a changing economic landscape, the LGC team is hearing a lot of questions from human resources partners and business leaders who want to know what makes a competitive compensation and benefits package. In order to start building a compensation package, you need to know what similar businesses are offering in order to stay competitive. Other factors like geographic data, market saturation, and employment trends also come in handy when considering how to attract top talent.
If you aren’t familiar with some (or maybe most) of this information, you’re not alone. But by knowing it, you’ll likely find more success when hiring in 2022 because you’ll better understand your market.
How this knowledge will help you better hire
When going into the recruiting and hiring process armed with knowledge, you can make more informed hiring decisions, retain workers better, and stand out amongst the competition as ‘the place to work.’ Plus, backing your decisions with data will show candidates that you’re responding to the current employee-driven environment.
So what factors are candidates considering when looking for a new job, and what questions might they be asking?
- Company culture. Is there a positive work environment? Will there be opportunity for growth? What makes your culture different than a competitor?
- Pay. What are competitors offering? (While they may not ask this outright, they’ll be wondering.) What can hourly workers expect in terms of tips? Will management receive bonuses? What’s the benefit package like?
- Mental health support. A recent Harvard Business Review article says, “Employees need and expect sustainable and mentally healthy workplaces, which requires taking on the real work of culture change.” What can your business do to support employees at every level? Are your leaders trained to recognize mental health issues?
- Extra incentives. Do you offer extra incentives like transportation stipends, bonuses for working XX hours, or etc.?
To answer these questions and fully understand candidates, you need to have a good grasp of the market you operate in. But staying up to date on employment statistics and industry trends can be difficult in an ever-changing hiring landscape. LGC can provide the support you need to analyze your competition and make better hiring decisions – contact us today to learn more.