How CPG Companies Can Remain Competitive In Today’s Candidate-Driven Job Market
Winning over qualified talent
Posted on 08-16-2019, Read Time: - Min
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With unemployment the lowest it’s been in nearly 50 years, employers are challenged with attracting and retaining talent in today’s stronger than ever labor market. With an increased competition for talent, companies should look to their cultures, leadership teams, and other intangibles to help set themselves apart. To remain competitive, employers should also offer fair market compensation, have a strong employer brand, and effectively communicate their business’s growth trajectory and how it aligns with the career paths of its employees.
According to ForceBrands’ 2019 Talent Market Report which surveyed 500 full-time hiring decision-makers and leaders of CPG brands (wine and spirits, beer, food/non-alcoholic beverages, beauty/personal care/wellness, and cannabis), one of the most effective tools for attracting and retaining talent is compensation. Offering fair market compensation is critical for winning over qualified talent, especially in a candidate-driven job market.
Along with fair market compensation data, employers should leverage bonus structures and equity best practices to entice top talent. When it comes to compensation, the CPG industry is competitive. Employees across sectors receive generous raises (10 percent) when compared to the national average, which typically hovers around 3 percent. The report found that the cannabis (14 percent), beauty (12 percent), and beer (12 percent) industries offer employees the highest average raises. Employers who reward loyalty and performance will have an easier time retaining top talent.
While money talks loudest, it’s not the only factor keeping qualified employees and prospective candidates from taking their careers elsewhere. Culture is key and employer branding is more valuable than ever — 76 percent of survey respondents across industries view it as very or extremely important. In other words, it’s important for a company to make a great first impression on prospective candidates. More than 40 percent of respondents report that their companies have actively worked on improving their job descriptions to better reflect their employer brand. Companies should also leverage social media platforms to distribute employment brand content, as well as identify and rectify gaps between the employment brand promise and the actual workplace experience.
Just as businesses prioritize growth, they should also factor in how their employees contribute to its success. CPG companies, especially emerging brands, who are transparent with their employees about their 3-5-year growth trajectory will be better able to retain talent. One of CPG’s most effective ways to keep qualified talent around surrounds R&D and product innovation. It’s important that companies continue to expand into new markets and channels based on industry trends. Those who disrupt a sleeping category or are considered innovators creating a whole new category will benefit from being able to offer employees a clear career path with long-term growth potential.
With all these factors taken into consideration, it’s important to remember that a company is only as great as the team that powers it. Companies with a credible leadership team who have developed expertise in the CPG world — that understand the nuances and complexities of this multifaceted industry — will help set the tone for the full team’s culture, growth trajectory, employment brand, and overall ability to attract and retain the best talent, even in the most competitive job market.
According to ForceBrands’ 2019 Talent Market Report which surveyed 500 full-time hiring decision-makers and leaders of CPG brands (wine and spirits, beer, food/non-alcoholic beverages, beauty/personal care/wellness, and cannabis), one of the most effective tools for attracting and retaining talent is compensation. Offering fair market compensation is critical for winning over qualified talent, especially in a candidate-driven job market.
Along with fair market compensation data, employers should leverage bonus structures and equity best practices to entice top talent. When it comes to compensation, the CPG industry is competitive. Employees across sectors receive generous raises (10 percent) when compared to the national average, which typically hovers around 3 percent. The report found that the cannabis (14 percent), beauty (12 percent), and beer (12 percent) industries offer employees the highest average raises. Employers who reward loyalty and performance will have an easier time retaining top talent.
While money talks loudest, it’s not the only factor keeping qualified employees and prospective candidates from taking their careers elsewhere. Culture is key and employer branding is more valuable than ever — 76 percent of survey respondents across industries view it as very or extremely important. In other words, it’s important for a company to make a great first impression on prospective candidates. More than 40 percent of respondents report that their companies have actively worked on improving their job descriptions to better reflect their employer brand. Companies should also leverage social media platforms to distribute employment brand content, as well as identify and rectify gaps between the employment brand promise and the actual workplace experience.
Just as businesses prioritize growth, they should also factor in how their employees contribute to its success. CPG companies, especially emerging brands, who are transparent with their employees about their 3-5-year growth trajectory will be better able to retain talent. One of CPG’s most effective ways to keep qualified talent around surrounds R&D and product innovation. It’s important that companies continue to expand into new markets and channels based on industry trends. Those who disrupt a sleeping category or are considered innovators creating a whole new category will benefit from being able to offer employees a clear career path with long-term growth potential.
With all these factors taken into consideration, it’s important to remember that a company is only as great as the team that powers it. Companies with a credible leadership team who have developed expertise in the CPG world — that understand the nuances and complexities of this multifaceted industry — will help set the tone for the full team’s culture, growth trajectory, employment brand, and overall ability to attract and retain the best talent, even in the most competitive job market.
Author Bio
| Alexandra Clarke is Director of Recruiting at ForceBrands. Connect Alexandra Clarke Visit www.forcebrands.com |
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