The post-pandemic labor market continues to evolve and change, making it more challenging than ever for companies to attract and retain their most valuable resource, their people.
In the last few months, we’ve seen these major shifts in the hiring landscape;
- Job openings grow to over 10 million and again surpass the total number of unemployed people in the U.S.
- Record numbers of people voluntarily quitting their jobs. There were over 4 million voluntary quits in April and nearly that many in May.
- Historically low numbers of people being discharged and laid-off.
- Unemployment levels continue to drop in most metropolitan statistical areas (MSA).
Attracting the talent you need to sustain and grow your business comes with no one roadmap on how to be successful. Instead, there are many different components and strategies that when used in harmony, can help your company become more successful at winning the battle for today’s top talent.
Your company should benchmark its employee benefits options and compensation bands against its competitors in the market every three to six months. Benefits and total compensation are important elements for both attraction and retention. It’s important to have a well-rounded compensation and benefits strategy that includes paid time off, medical benefits, a matching 401(k) as well as starting wages that are competitive for the skills needed. More companies have raised pay rates, especially for entry-level and semi-skilled workers, to increase applicant flow and to remain competitive in the marketplace. Additionally, sign-on bonus incentives have become more commonly used.
Jim Howe Says... |
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| There is a fine balance between obtaining enough information to determine if a candidate is qualified and requiring a candidate to complete multiple documents and pre-hire screens prior to knowing if there is mutual interest. |
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Recruiting efforts should attract a diverse, equitable and inclusive candidate pool to help further positive business outcomes such as innovation, culture, talent retention and employee engagement. If possible, companies should participate in a variety of diversity recruiting activities including job fairs and career programs to foster partnerships with organizations in their community that target diverse work groups. Getting involved with your community will increase exposure for your company and ultimately help raise brand awareness. This should lead to higher numbers of job applicants and/or referrals.
There is value in cultivating an intimate recruiting process and leveraging various methods to attract employees. Effective recruiting methods should go beyond using job boards and hiring platforms and also include; an internal employee referral program, social media, LinkedIn, word of mouth, community organizations and job fairs. LinkedIn along with memberships in niche networking groups or professional associations allows recruiters to directly connect with and source passive candidates with in-demand skills.
To attract quality applicants, job descriptions should include as much information as possible about the company, job requirements, the role’s responsibilities, compensation and benefits. Other details to include are any training opportunities, appealing aspects of the company culture, and a link to the company website. To optimize your job postings on job boards and in internet searches, include keywords throughout the description and refresh the post at least once a week to keep it near the top of a job board.
It’s best to have the application available online and simple to complete. Candidates are less likely to complete an application if it’s too lengthy or complicated. There is a fine balance between obtaining enough information to determine if a candidate is qualified and requiring a candidate to complete multiple documents and pre-hire screens prior to knowing if there is mutual interest. Once an application is submitted, it’s imperative to start building a connection with the candidate and provide insights on expectations for next steps.
Being in an employee-driven market means both employees and candidates have more career choices than ever before. You can bridge this challenge by utilizing a temporary staffing agency to help baseline your jobs, attract the skills you need, and advise on where your pay scale ranks in the market. These comparisons provided by a third-party can help make your company an employer of choice.
Temporary labor agencies can also help save you time and money by efficiently sourcing talent. Staffing agencies typically have greater bandwidth and name recognition along with a diverse recruiting strategy, which provides access to a larger pool of candidates. Additionally, a contingent workforce’s temp-to-hire option allows hiring managers to ensure employees are a skill match for the position and company culture.
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