3 Ways to Uncover What Your Competition Offers that You Don’t

stk15957cbiWith the growing demand for top talent and the increasing threat of a turnover tidal wave, businesses are on the hunt for the best professionals in their field. As more recruiters try to lure top employees away, you’ve got to find a way to protect your most valuable assets. Uncovering what your competitors offer that you don’t will not only help you understand why you might be losing employees, it can also show you what you need to do in order to stop the turnover and even become the most sought-after employer. Check out these three ideas on how you can increase your odds of keeping your brightest stars.

Ask Departing Employees
While it’s probably too late to convince someone not to leave, exit interviews are the perfect opportunity to discover what other companies are offering that’s drawing your employees away. Simply asking “what will your new employer offer that we don’t?” can provide you with a mountain of information to track. Specifically look for trends. If several people cite the same thing, such as flexible hours or better benefits, then it may be a weak area you need to address.

Check the Job Postings
Want to learn what’s grabbing your job-seeking employees’ attention and causing them to pursue another employer? Take a few minutes and see what your competition is including in their job postings. Whether they’re on job sites, such as CareerBuilder and Monster, professional organizations’ online job boards, or their own corporate websites, the job descriptions are going to list the most popular benefits and perks that job seekers desire.

Utilize Your Network
If you’re a part of the local chamber, professional organization, or alumni association, you have a whole list of contacts to network with and utilize in your search. Most companies are very open about the benefits they offer that set them apart from other employers. Also, don’t forget about your online contacts, whether from Linkedin or your blog. You could simply ask your online network what the top retention perks are in their own companies.

Now that you have a list of all the reasons your employees are choosing to switch employers, consider what you can adopt and incorporate into your own business. Just keep your financial restraints and company culture in mind. You don’t want to copy everything other companies are doing – you want to implement the perks and benefits that make the most sense for your business and employees.

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