- Exploring the competition within the labor market benefits the organization to better understand the current trends in the industry.
- Proper market analysis also helps human resource management to realize the skills of high demand, current compensation and other personal benefits, and attrition rates.
- It also helps the management draw strategies to entice the best skills available and bring them on board.
- Competition analysis guides the management to explore the gaps in their current hiring strategies.
How can the companies use incentives to appeal to the potential employees for hire?
- The benefits package should not only include a competitive salary but other additional benefits like flexible working hours, medical cover and work from home alternative. This is to appeal to any potential employee who considers a better work-life balance.
- Organizations should analyze the current trends in the job market and use that to structure their incentives accordingly. They should also factor in the financial and non-financial needs of an employee.
- Organizations should also consider including performance-based rewards to attract employees and motivate them. To make this more attractive, the company ought to position itself as a leader in giving the best career training opportunities to their employees.