The current unemployment rate in Bulgaria is 4.6%, with the rate for graduates falling even to a challenging 2.0% for employers. In such a situation, companies are often put at a disadvantage - there are few people available on the labor market and many counter-offers. Candidates' expectations are rising accordingly and require new strategies to attract and motivate them.
We invited Konstantin Kamenov, Business Development, and Sales Manager from our team, to share the best practices from the business world that employers apply in a talent-driven market.
In a market with such persistently low unemployment rates, what strategies are employers employing to secure the labor they need?
It is vital for companies to secure their key positions to ensure business success and growth. And the fact that talent "holds the cards" in negotiations and often has more than one job opportunity is nothing new. That's why savvy organizations in Bulgaria have been strategically working to position themselves as desirable and good employers and building their employer brand for several years now.
Building a strong brand has now become key. To this end, companies are implementing internal strategies to build a certain company culture, combining them with marketing strategies to show the world the working environment they offer. And by doing so, they position themselves as a desirable place to work in the eyes of various professionals.
Other strategies and tools to attract desirable people include offering flexible working conditions as well as tailored benefits. These are also the main touchpoints between a candidate and a prospective employer.
And what do we observe as desires on the part of talent to remain a long-term part of a company's team?
Having won the race to attract a particular professional, companies enter the next race - the long-term motivation of people and their long-term engagement. This is where the new team member now expects to experience the culture and environment promised to them during the hiring process.
That's why it's important that companies' culture and values are not just stories to be told, but lived out in practice - in day-to-day work, in different opportunities for growth and exchange
We observe that for many of our partners, creating opportunities for professional and personal growth is proving to be a key method for engaging and motivating people in companies for the long term.
It may even sound cliché at times, but maintaining work-life balance through various tools such as flexible schedules, additional time off for personal holidays and support in dealing with stress are particularly important.
How are employers addressing people's new expectations to develop and thrive in organizations?
Here we return to the topic of training and development. Employers who invest in these areas show a commitment specifically to the flourishing of their people rather than simply capitalizing on their strengths. The opportunity to acquire new skills and competencies helps talent to develop their potential so that they can improve their subsequent career prospects.
Last but not least, an important aspect is the leadership style within the company. Leadership that supports creativity and encourages the sharing of ideas, fosters commitment and collaboration, and gives people exactly the space they need to thrive. Employers who welcome open dialogue and participation in decision-making processes attract ambitious talent who feel valued and supported, not just as employees, but as people.