8 reasons you're losing people to your competitors

8 reasons you're losing people to your competitors

When it comes to hiring the best of the best, it's more competitive than ever.  It doesn't matter if you're a startup or a big multi-million dollar corporation, you're going to be competing in the same talent pools usually.  Everyone wants the new worker who is cutting edge and knows the world and internet, so they will pay a pretty penny to get them.  But what if you don't have that type of budget, are you screwed because you can't afford the same talent?

It came to a big surprise to me, and many others, that the pay rate isn't a determining factor when it came to if the potential employee making a decision on where to work.  Sure it is one of the factors, but it's not the overall trump card on where they would want to work.

Below I'll go over some of the reasons that you might be losing potential employees to your competitors.


1. Your pay rate
When it comes to your pay rate, you could be excluding a lot of people who are looking for something different.  You're narrowing your pool of talent immediately after posting what you're willing to pay them for the work rendered.  You need to look over the averages for the specific job you're trying to hire for and keep your pay rate within that amount.  The averages on wages changes all the time, so you will need to keep on top of that if you're hiring people all the time.


2. The stupid questions
It's beginning to be a common trend with companies.  They will throw in these dumb questions just to see how the job candidate will respond, but this can actually backfire on you because the person can screenshot it and share it wherever they like.  Stop wasting peoples time and just get the information you need, if hey end up getting to the desk interview stage, you can then learn who they are and how they act.


3. You might be outdated
Each year there is a fresh new group of graduates who are entering the work force, and they have their own ideas of what a corporate work environment looks like due to how Facebook is run lol.  If your offices are basic and look like they haven't been updated since the 90's, you'll want to invest some money into opening up your office space and adding in a nice wreck room if possible.  Hell, give them scooters to use if they don't want to walk lmao   Younger employees are only going to turn into old employees if you treat them right, and that's a good thing.  Stay ahead of the curve and create a welcoming, open floor plan, environment for the new hires to explore.


4. Your might be inflexible
If you're still waking up a 7:30 to get to work by 9 and clocking out at 5, you might have a schedule that isn't very flexible.  This is one thing that turns off people because they won't have a flexible schedule.  People today want to know that they can work as much as they want and then take a day off if possible.  Sure, sometimes it won't work out due to the position, but usually it can work if everything is scheduled properly.  Of course you can't have someone at McDonald's saying that they worked 30 hours in 3 days so they're going to take the next 2 days off, it just doesn't work like that.  But if you have a specific set of tasks for someone that is suppose to take a week (5 business days) to complete and they finish in 3, then let them take a long weekend if there's nothing else you need them to do lol   You will be seen as a great leader and you will get a lot of recommendations from the people you're letting leave early


5. You have lousy benefits
One main factor when people are choosing a job is the benefits.  I know that some people have taken lesser paying jobs simply because they got better benefits than the higher paying one.  Sometimes the higher paying jobs don't offer benefits at all, and they don't realize they're losing employees to their competitors who offer benefits lol.

What you'll need:

1. Medical
2. Dental
3. Vacation time
4. 401k's
5. Maternity Leave (duh)

Have all of these and you will notice that your applicants will sky rocket.


6. You have negative reviews online
Now this isn't something you can just avoid easily.  It takes a lot of skill to not get some negative reviews online.  Anyone, and I literally mean anyone, can decide they hate your business and go on Yelp to write a negative review.  They might have never even been to your business and mistake you for a company they had a bad experience with, they will write the negative review and never come back.  You'll need to keep the content that is written about your website as positive as possible, if you can.  Negative content will only spread for the search terms related to your company, and that means they can easily be found online.


7. You don't invest in your current employees
A lot of businesses think "Well, they're employed with us, now we can look for more people!" but that's a backwards way of thinking.  You will need to nurture your relationship with your employees so that they are happy to stick with you and not go to your competitors.  Plenty of times I've heard of employees leaving for a competitor simply because they didn't feel like they were being appreciated.  If you're treating your employees well and hiring from within, you will create a solid foundation of trust and that goes a long way when it comes to people working for you.  They will see that you noticed them and that you are grateful they are sticking with you


8. You're a bad manager
A bad manager will ALWAYS lead to employees leaving.  They know they can get the same job somewhere else and not have a bad management team hovering over them at every turn.  This hurts in 2 ways, the first being the high turnover rate of employees and the second being the negative word of mouth that spreads due to all the people leaving and wanting others to avoid the company.



You may need to to look over your management processes and hiring routine if you notice a high level of employee turnover rate.  You can change interview questions, change the text within your ads, and even switch the type of person you're trying to target in order to get the right people for the job.  When looking for the right employee, don't be vague about it.  You need to get right to the point and list what you want them to be doing, not random crap that attracts 100's of unqualified people.



In Conclusion:
There are many ways that you could be losing your hiring candidates and employees to your competition, I only listed 8 lol.  You need to be the boss, and be good at it by hiring from within and letting your people do the jobs you listed.  You can't micro manage or be a strict boss unless someone is always messing up.  Be the leader, not the harbringer of death when it comes to an office work space



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Thanks!

Razzy