The Importance of Understanding Your Target Audience When Hiring Top Talent

As the Australian economy continues to recover, the demand for good, skilled contractors is at an all-time high. Companies are now constantly vying for the same limited pool of talented professionals, making it crucial for them to drill down and gain a deep understanding of who they are trying to reach out to, and how, in order to attract and retain the best contractors with the necessary skills they require.

Why Knowing Your Target Audience Matters

1. Tailored Recruitment Strategies: By understanding the specific needs, preferences, and motivations of your target contractors, you can then tailor your recruitment strategies to better appeal to them. For example, if you know that Gen Z contractors value flexibility and work-life balance, you can highlight these aspects in your job postings and during interviews.
2. Enhanced Employer Branding: A strong employer brand that resonates with your target audience can make a significant difference. Contractors are more likely to be drawn to companies that align with their values and professional goals. Showcasing a commitment to innovation, continuous learning, or sustainability can attract contractors who prioritise these factors.
3. Effective Communication: Knowing your audience allows you to communicate in a much more targeted personal way. Whether through job descriptions, social media posts, or recruitment events, your messaging should speak directly to the interests and concerns of your ideal contractors. This targeted communication can really set you apart from competitors who take a one-size-fits-all approach.  
4. Better Retention: Understanding what motivates your contractors can of course also help with retention. By offering the benefits, opportunities, and work environment they are looking for, you can create a much more satisfying and engaging experience for them, reducing turnover, improving their effectiveness and building a strong loyal contractor base.
   
   

Competing for Top Talent

Given the high demand for good contractors, companies need to compete more and more to attract and retain the best talent. Here are some strategies for to stay ahead:

1. Competitive Compensation: Ensure that your compensation packages are competitive and reflect the current market rates. Find out what it is that your target audience is looking for as their motivators.  This is no longer all about salary (whilst that helps) but also what other benefits, bonuses, perks and incentives you have on offer.
2. Professional Development: Offer opportunities for professional growth and development. 83% of contractors in Oncore's State Of Contracting Survey 2024 said they were looking specifically for companies offering them learning and upskilling opportunities as part of their terms - if you aren't investing and promoting these opportunities, you simply won't attract the top talent.
3. Work Environment: Create a positive and supportive work environment. This includes fostering a culture of respect, collaboration, and innovation.  A massive 98% of the contractors said that communication and collaboration was important for them - they want to be involved and feel valued, and if they don't they just won't stay.
4. Flexibility: In today's world, flexibility is key. 92% of contractors said that flexibility was a priority for them when looking for a role - the second highest factor.  Offering flexible working hours, remote work options, and a healthy work-life balance can make your company considerably more attractive to the top talent you are competing for.
   
   

Insights from the "State of Contracting 2024" Report

Our State of Contracting 2024 report provides real in-depth insights into all the current trends, challenges, and opportunities within the contracting industry, from the mouths of the skilled contractors you are trying to engage with.  Here are some key statistics from the report that highlight the importance of understanding and appealing to your target audience:

• Market Growth: The contracting market is experiencing robust growth, driven by increased demand for digital solutions and efficient contract management practices.
• Technology Adoption: A significant percentage of firms are integrating advanced technologies like AI and automation, which are pivotal in streamlining processes and improving efficiency.
• Evolving Workforce Dynamics: The workforce in contracting is evolving, with trends showing a significant shift towards remote work and continuous upskilling.

Understanding these trends can help you tailor your recruitment and retention strategies to better appeal to the top contractors you are trying to attract.

Knowledge really is key

Knowing your target audience really is essential.  Ambitious skilled candidates are becoming increasingly aware of their worth and with the surge in demand for specialised professionals, these candidates can now enjoy prime position.  More on this in the blog Rise of the Empowered Contractor.  They possess a much greater negotiating power, demanding (and securing!)  better compensation packages, benefits, and work conditions.  They are happy to shop around to get what they want, and the good ones are getting it - FACT!

So how can you find out what the top talent really wants?

Well we can tell you, because we've done the hard work for you, by reaching out to 500+ contractors to establish exactly what it is that they are looking for, what they need and what is no longer important to them.  To find out all the detailed insights and actionable advice, download the report below and start tailoring your recruitment strategies to better attract and retain the very best talent for your company.

🔗  State of Contracting 2024 report