How to Compete for Talent When Your Company Pays Lower Salaries
Believe it or not, your company does not have to offer the largest salary package in order to attract the best talent. As Millennials continue taking over the workforce, this will become even truer. The traditional metrics of success do not apply as directly to them, and learning their actual motivations will give you a leg up in the competition for employees.
The current generation of workers is looking most notably for purpose. If you can describe the social impact that a position will have, you are 90% of the way to filling that position with a top talent. Your job description may include the people that will be served or the causes to be forwarded rather than the salary to be won.
Room for Advancement
The corner office is no longer enough for today’s employees. When you talk advancement, you should talk real responsibility. Challenge and expand the skill set of your employees. Millennials are much more impressed with a sponsored package to a continuing education program than they are with a title.
Improved Work/Life Balance
The modern employee does not relish the thought of working 14 hour days, sleeping in the office and gathering overtime pay for the sake of having more money. Technology allows people to work more efficiently than ever. More work can be done in a shorter amount of time, and you should make it a point to value this efficiency over total hours worked.
Today’s talent pool highly values the ability to use technology to work from anywhere. Why dress up and fight rush hour traffic coming and going when you can get the same thing done from home in pajamas? The option to work remotely will give your job description priority with a high value employee.
Depending on your industry, other aspects of your job may appeal to top employees. However, do not assume that more money needs to be your default position to acquire a great talent. Consider the other advantages of your position and market them confidently to your target.