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In talent acquisition, there’s nothing more exciting than finding the perfect talent for your company. In the same way, nothing feels worse than losing top talent to competitors.
We know how challenging it is to entice, engage, and keep top-tier candidates happy with the remote recruitment process. And let’s be honest, attracting great candidates is only half the battle. Retaining and hiring your star players should be your ultimate priority!
In today’s fast-paced world, startups, enterprises, and organizations are all equally on the lookout to hire the best talent. But not everyone is able to beat out the competition. So if you’re losing your best candidates to competitors, don’t worry. We’re here to help.
In this article, we’ll lay out the 6 fundamental reasons you’re losing top talent to competitors and how it can negatively impact your talent acquisition efforts!
Your company culture isn’t strong enough
You may be surprised to know that the majority of candidates don’t only care about their paychecks, they care about the company culture too. Knowing that employees spend the majority of their time at work, the company culture directly affects their productivity, engagement, and performance. If your company culture doesn’t foster team collaboration, an open-door policy, or employee empowerment – top talent will lose interest in joining your company. Therefore, make sure you reflect your company culture on your branded career page, and make sure you also convey a strong and friendly brand image. Show candidates that your company culture promotes work-life balance and employee wellbeing!
Your hiring process is too long
Nothing drains top talent like a lengthy talent acquisition process that doesn’t seem to end. To lure in the best candidates, your talent acquisition process needs to be quick, efficient, and easily accessible. Otherwise, candidates will lose interest and look for another enticing opportunity somewhere else. If you want to stay ahead of the game, then your best bet is to invest in recruitment software! Our recruitment software, EVA-REC, will help you effortlessly automate every aspect of the hiring process and save 90% of the recruiter and candidate’s time! By utilizing intelligent recruitment software, you can engage candidates from the moment they press ‘’Apply’’ to the moment you successfully hire them – and you’ll never risk losing them to the competition.
Your company doesn’t offer enough benefits
Did you know that employee benefits can help you ”trim the fat” from your expenses? There are certain unique benefits that undeniably keep employees happy. From professional development, flexible working hours, plenty of time off, on-site health services, and free training. On the contrary, bad benefits can most definitely detract your best candidates. This means that you’re going to get less qualified candidates as a result. When this happens, you’re going to have to turn an introspective eye to the benefits you have to offer. Are they powerful enough to entice top talent to apply? If not, try to offer benefits that are different and more enticing than your competitors. This way, you won’t negatively impact your bottom line and talent acquisition process!
Your company has no clear career development
We know the script: join a company, hustle hard, and step up the career ladder. If candidates start to see that they can’t grow in your company, then they will most likely drop out of the talent acquisition process. This is why HR professionals should ensure that candidates are soundly briefed during their interviews about the career opportunities that your company has to offer. This way, candidates won’t feel disengaged and demotivated enough to drop out of the talent acquisition process and apply to join your competition instead.
Your company doesn’t have a great reputation
Candidates always like to do a little digging before and during the hiring process. They like to read testimonials and reviews about your company. And do you know what they’ll find? Whether you have a good reputation or not. Candidates like to read reviews submitted on Glassdoor by old employees, and they like to see if your company valued and treasured their time and work. While you can’t control what your old employees say, you can control your current candidate experience. Start responding to their inquiries, applications, and questions in a timely manner. Make sure you answer their emails in real-time and make them feel like they have your undivided attention.
Your hiring process isn’t engaging enough
Companies don’t lose top talent out of the blue. They lose them because the talent acquisition process isn’t engaging enough! At a certain stage, it may go off the rail and make candidates feel disengaged. The best way to rectify this issue is by using an AI hiring platform. Using AI for hiring means that you can quickly respond to emails, make the application process easy, keep candidates in the loop on their application status, and personalize their experience. This way, you can keep candidates updated, make them feel valued, and connect and engage with them all throughout the talent acquisition process.
Hiring is more competitive than ever today. And many companies are unintentionally driving away top talent with an inefficient hiring process. We know how frustrating it is to lose top talent to the competition, and how it can ultimately drain and hinder your growth acceleration and talent acquisition efforts. This is why we highly suggest you foster strong company culture, keep the remote recruitment process short and sweet, offer alluring perks and benefits, provide a clear career path, retain a great reputation, and create an engaging hiring process.