In today’s competitive job market, companies are having to get creative in how they attract the right candidate to their open positions. Technology giants like Google, Apple, and Facebook are legendary for offering high salaries and luxurious perks. Few tech startups can compete against the six-figure salaries at these industry juggernauts.  

As it’s estimated that roughly 4.5 million new tech jobs will be created to fuel the widespread adoption of the Internet of Things, shortages in tech talent will continue for the foreseeable future. Luckily, there are plenty of other benefits a tech startup can offer potential new hires. Here’s what a tech startup can offer – and how they can recruit differently – to compete for talent in today’s competitive market.  

The hiring market has changed dramatically over the last year. The unemployment is at a 50-year record low 3.5% and competition for top talent is fierce. IBM reports that “90% of the S&P 100 are recruiting for the same 37 in-demand jobs.” Getting ahead of the talent acquisition race starts with learning about next year’s biggest trends, topics, and innovations. Here’s what recruiters and hiring managers need to know about the recruitment outlook for 2020. 

Recruiters are getting smarter about how they filter out applicants during the hiring process. Scary stats like the cost of making the wrong hire motivate in-house recruiters to be more careful about whom they extend job offers. The cost of hiring the wrong fit can be up to 2.5x the salary – as much as $240,000, according to one report.