In case you have been too deep in your favorite Netflix binge cycle. Here's a newsflash for you: things are a changing in the market! The power shift is complete, it's no longer "in process". Candidates rule, that's it period. Don't think so? Then I'm willing to bet your company is stuck doing business as usual and missing out on some great hires because your leadership refuses to accept this new reality and all that comes with it.
1. Candidates want flexibility - Yes, that equals working remotely for most, but it's not just that. They want the ability to take care of important things that happen to everyone in life without feeling like trouble awaits them around the corner if they don't show up at the office everyday. So maybe your company can't completely comply with this new request, but there's probably some room in the middle. At the very least Friday/Monday work for home is a great start and surely will be met with appreciation.
2. Candidates want to be compensated fairly according to the value they bring. I rarely find a great candidate who actually overshoots their salary request. They are usually well informed and are not out to gouge companies (although some may try initially it's easy to walk them back to reality).
3. Candidates want to know where this path may lead them. What's in it for their career trajectory? You can dangle a fancy title, but that only works for the less informed. Your real stars want to know where their hard work and efforts can lead them. If you don't have a plan for these high performers they're running from you in droves and telling everyone they know to do the same.
4. Candidates want to be a part of something meaningful that contributes to the greater good in some way. Give credit to the Millenials that they actually have a conscious and believe they should make money and do good at the same time. It's totally possible and aligns with who they are.
5. Candidates want benefits that improve their lives in a meaningful way. Student loan repayment or educational reimbursement are big ones. They can get bean bags and beer pong on their own on the weekends. Put up student loan repayment vs. snacks and see who wins that contest.
In closing, your company is not going to win the human capital contest without adapting to what the current labor force desires. You can stay with business as usual or adapt and become an employer of choice. The changes needed don't have to all be done immediately, but it's time to start moving in the right direction.