What Are You Doing to Stand Out to Prospective Hires?

We’ve been publishing a lot lately about how tight the labor market is for any employer looking to secure executive talent. The gator jaw is open wide—and the signs are all around. The latest example comes not from the outdoor industry, but from the world of distribution. The trucking industry is facing massive struggles with a growing driver shortage that has left a whopping 900,000 positions open. Major companies that rely on drivers to keep their business moving have taken notice and are starting to take drastic changes to attract the employees they need. Walmart has recently announced a huge salary boost as an incentive for quality drivers to the tune of around $87,000 a year, almost 40% of the current average market salary for this position.

So, what does this mean to you as you’re thinking about making your next big executive hire? Simple: It’s time to take a close look at your executive compensation package. At every opportunity, I’m saying as loudly and clearly as I can to my clients that anything holding them back from making competitive offers is a major risk that needs to be mitigated.

Case in point: I recently engaged with an employer looking for a very specific skill set that, on average, paid significantly more than they were willing to pay. The reason this company struggled to make a competitive offer wasn’t necessarily budget, but an internal equity problem. They had a senior employee on the team making 30% less than the market rate for their position, and that kept them from offering the proper market rate to a new person coming in. It’s a tough problem, but the real issue comes down to this: If the exceptional candidates you need have options, why would they choose an employer who wants to underpay them?

It’s an understatement to say it’s tough out there right now. Before you even think about entering the job market for a new leadership hire, ask yourself if you’re prepared not only to offer a competitive salary, but to communicate everything your company has to offer to stand out from the crowd. Whatever tools you have to capture a candidate’s attention—whether that’s salary, benefits, time off, company culture, or even a particularly nice place to live—now is the time to put those tools to work, unless you’re ready to start competing with the Walmarts of the world and offering 40% above market salary.

—Mike Martin, VP of Search

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