2022 Challenges in the Current Talent Marketplace

FOUR TIPS FOR HIRING AMID THE GREAT RESIGNATION

by Forbes Eric Allison

It is extremely evident among employers that top talent is getting increasingly harder to find.  Candidates are working with 5-6 different recruiters to receive multiple offers before accepting a position.  They are willing to wait for roles that resonate with their goals and lifestyle.  This is no longer an “employer’s market” and the need for flexibility in recruiting strategies and speed in attracting and retaining top talent must be top of mind.  Forbes, Eric Allison, Forbes Councils Member, shares four tips for hiring amid The Great Resignation.  

According to the U.S. Department of Labor, 11.5 million Americans voluntarily quit their jobs between April to June of 2021. Four million Americans quit in July and another 4.3 million resigned in August. For business owners that are dealing with high turnover rates, the nightmare isn’t quite over yet — a survey by Bankrate found that 55% of Americans who are currently employed or seeking employment say that they are likely to seek a new job within the next 12 months.

The Great Resignation can also be attributed to the growing gig economy, with more and more workers opting for short-term contracts and freelance work rather than full-time, permanent jobs. A poll commissioned by Intuit discovered that around 44 million people are self-employed in the U.S., with 28% of workers taking on gigs at least some of the time. With a workforce seeking better working conditions and a gig economy expected to reach over $347 billion in 2021, employers need to pivot hiring and retention strategies to address the talent shortage and high turnover rate. 

The fact that there are 8.4 million unemployed Americans yet 10 million jobs are open just shows that it’s time for some real change when it comes to the way companies hire. For business owners, the Great Resignation could be the Land of Great Opportunity to alter recruitment strategies and hire the best talent despite today’s shaky staffing landscape.

Reevaluate strict in-office requirements.

Stay-at-home orders at the beginning of the pandemic forced companies to operate while employees worked from home. As the pandemic continued, more and more workers saw the benefit and feasibility of a more flexible work setup, one that allowed them to spend more time with their families, lessened the time and expenses for their commute to work and provided much more comfort than working in the office every day. A survey by Bankrate suggests that 56% of working Americans would prefer remote work and adjustable working hours. “Pandemic-inspired changes, including the ability to work remotely and/or from home, have transformed mindsets and expectations for many workers,” said Mark Hamrick, Bankrate Senior Economic Analyst and Washington Bureau Chief.

In 2020, almost 70% of full-time employees worked remotely. The possibility of a hybrid work model has become much more feasible as businesses were forced to pivot to work-from-home arrangements. It’s getting increasingly clear that employees are now seeking jobs that have the opportunity to work remotely. In fact, 23% of full-time employees surveyed by Owl Labs are amenable to taking a pay cut of over 10% to work from home at least some of the time. With so much technology allowing companies to function digitally, business owners should consider evaluating strict in-office requirements and adapting a hybrid work model that allows employees to work from home at least a couple of days a week. This keeps employees happy, saves on overhead office costs and definitely attracts more job seekers.

Make use of success profiles to increase hiring precision.

Success profiles allow hiring managers to identify key skills, knowledge, experience, behavior and personality traits that fit a particular role. They work as a useful tool when determining open positions needed in the organization and as a template when assessing candidates. While job descriptions do a good job of defining the job itself, success profiles determine what makes a job seeker exactly right for the role. As qualities and expertise vary for different positions and departments, success profiles can act as a hiring blueprint every time a position needs to be filled.

Using success profiles helps keep the recruitment process objective and avoids unconscious bias in the selection process. They allow organizations to be very specific about what they need in a potential employee, increasing hiring precision and considerably lowering the chances of unsuccessful hires. Success profiles even aid in forecasting whether a candidate can take on larger roles in the future. 

Turn to the experts and work with an RPO (Recruitment Process Outsourcing) provider.

In the cut-throat hiring market that we see today; it makes increasing sense for business owners to turn to recruitment process outsourcing to fill their staffing needs. RPO providers already have an existing pool of possible candidates, which saves a tremendous amount of time spent on sourcing applicants. They take care of sourcing, credentialing, and interviewing candidates, which gives HR managers more time to assess and select the best talent for the job.

RPO providers streamline the recruitment process and help manage large volumes of job orders. Services can be scaled up or down depending on the organization’s hiring requirements. This considerably reduces hiring costs, time-to-hire, and time-to-fill. As the demand for top-tier talent continues to rise, it’s in a business owner’s best interest to leave recruiting to the experts to get ahead of competitors hiring for the same job.

Adapt to the future of work.

Great talent is getting increasingly hard to find, and the best candidates know it too. Most potential candidates are already working with five to six different recruiters and typically receive three job offers before accepting one. It’s a candidate-centric hiring market, and job seekers are more willing than ever to wait for roles that resonate with their goals and lifestyles.

With the Great Resignation still looming over the market, business executives and hiring managers need to adapt to the future of work, embrace flexibility and reevaluate their recruiting initiatives to fill the growing demand for exceptional talent.