Talent Acquisition is Getting Harder. Are You Looking Ahead?

Raffa Financial ServicesRaffa Financial Services on 06/06/2019

Employers are working harder than ever to recruit and retain quality employees. If finding and keeping great employees seems more difficult than it used to be, you’re not imagining things.

What’s happening in employee recruitment? And, more importantly, how should you react?Shifting dynamics

A decade ago, jobs were in short supply. If you had one to offer, talent would come running. Back then, hiring managers were overwhelmed by the number of applications streaming in for any given position, and Human Resources could pretty much hand-pick their next great hire from the pile of qualified candidates.

As you may have noticed, this is no longer the norm. With unemployment rates at record lows and an entire workplace cohort rapidly heading toward retirement, those healthy streams of resumes have decreased to a trickle.

As tenured employees exit the workforce, employers are looking to replace all of that experience, talent, and labor. At the same time, there are fewer people actively looking for work. This combination of factors means that companies are being forced to compete for talent in ways they may have never experienced before. And the power dynamic is shifting.

Employers who once had total control of the hiring process are now finding that they are the ones in the hot seat. More open positions than job seekers means qualified candidates have more options than ever. Applicants no longer have to beg for jobs they are overqualified for or accept less than exciting compensation packages. And they are making the most of their newfound power.

If you’re looking to bring on some talented team members, here are two things you need to be thinking about when deciding how to go about it:

1.) Employee confidence levels are high.

According to a survey by Glassdoor:

  • 54% of American employees believe if they lost their job they would be likely to find a new one matched to their experience and current compensation levels in the next 6 months.
  • Only 15% of respondents expressed fears about potential layoffs.
  • Half of U.S. employees expect a pay raise in the next 12 months.

2.) Workers are keeping their options open.

Research by Jobvite revealed the following:

  • 50% of employed job seekers see their current positions as temporary.
  • 45% of employees will jump ship for a new opportunity even if they are happy in their current job.
  • Money is still the number one factor in the decision to leave or accept a position.
  • Workers admitted to searching for new positions during their commute (38%), on the job (30%) and even in the bathroom (18%).

In the current hiring environment, if you have a job to offer, talent may or may not come running. And even if you do get qualified applicants, they may or may not decide to come work for you.

Employers who assume their organization or industry is exempt from this shift may choose to keep using the same old employee recruitment processes, job descriptions, and offers, but this HR strategy could prove to be very expensive.

Is it time to change your perspective?

Why not seize the opportunity to become an employer of choice instead? Not only will this make you more attractive to employees and candidates, it will put you in the best possible position to handle the new job search reality.

Look around your organization and ask yourself the following questions:

  • Are people excited to come to work each day?
  • Are they given the tools they need to succeed?
  • Does your staff stay consistent or are there new faces every week?
  • Do people feel like part of the team? Are they excited about the company mission?
  • Do your employees refer great candidates to join you or are they asking friends about their employers?

These things can tell you a lot about how attractive you are to potential new hires, and those who are currently on staff.

Don't take your employees for granted, and don't let their silence fool you into thinking they are satisfied. Even if they aren’t actively out looking, someone with a more attractive culture, value proposition, or opportunity just might find them and snap them up.

 

Running into challenges with employee engagement, turnover, and retention? At Raffa, we’ve got ideas to help you address these issues and more. Get in touch to find out what working with a true employee benefits consultant feels like. 

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Photo by magiceyes

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