The most recent report concerning the employment picture in the U.S. presented some startling, unprecedented findings: There are now as many open positions as there are unemployed individuals. Compare that number (per Bloomberg) to 2007 (the beginning of the “Great Recession”), when there were “1.9 people” for every opening and it puts it even more into perspective.
What does it all mean?
For starters, there are a lot of organizations competing for high-quality talent right now – and those sought-after individuals are not only hard to find, but they’re maintaining the upper hand throughout the whole interviewing and hiring process.
So much so, that organizations are having to remodel their plans to hire talent for their teams, since in the current market talent is so hard to come by.
To help mitigate this unprecedented landscape, I thought I’d offer the following 4 Ways to Rethink Your Recruiting Strategy in this Talent-Driven Economy.
1. Redefine your recruiting strategy.
Sophisticated candidates are evaluating the company just as much as the company is evaluating the candidate. With that, “interviewing for exercise” to “see what is out in the market” is no longer a viable option for organizations. Instead, the key stakeholders should have a very clear understanding of what the responsibilities will include, what the growth track will look like, etc., before going to market to ensure there is a clear, cohesive recruiting message.
2. Streamline the interview process.
One of the biggest challenges job seekers find with the recruiting process utilized by most organizations today is the time involved. Given that most candidates are gainfully employed, a process involving countless rounds of interviews will typically result in candidates accepting another offer before a decision is reached. It is in the hiring company’s best interest to have the most efficient process possible, from the application to the number of interviews to the extension of an offer.
3. Be ready to sell.
Candidates want to be excited about the company – what makes this organization special? What is the path for growth to future opportunities within the company? Why should a job seeker work here versus the other organizations they are talking with? From the compensation and benefits, to the “softer” attributes (working from home, flexible schedules, etc.) – candidates want to understand why this organization stands and what sets it apart from the rest.
4. Think creatively.
In an ideal world, the hiring company can identify a candidate who “checks off each and every box” pertaining to requirements. Unfortunately, holding out for the “perfect” candidate will typically drag out the interview process. The most successful companies focus on culture and attributes which are less tangible and have confidence that the right hire is trainable and will quickly pick up on the nuances of the specific industry, software, etc.
What are your thoughts hiring talent when the demand is so high and the supply is so low? Sound off in the comment section below.
Have any questions for Marc? Email firstname.lastname@example.org and mention this blog.