March 13, 2023, 0 Comments
Reevaluating Recruiting in Today’s Hiring Market
It feels like changes in recruitment and retention are crossing our news feeds on the daily. That’s because it’s true. When was the last time you revisited your talent acquisition strategy? Last week? Last month? Last year? With so many fluctuations in the hiring market, your answer might be Yes, Yes, and Yes. While we may be exhausted by stories about the economy and possible recession, right sizing, layoffs, hybrid work environments, upskilling/reskilling, stretching your workforce, offering increased salaries, “perfect” candidates, culture, and more, the truth is that all these factors are creating a bit of lava in navigating how we recruit talent.
Even if you recently revised your practices, it may be time to be more forward-thinking. Some of the rules have changed. For example, skills may be more critical than experience. Could candidates with more general skills be a better fit to handle a wider variety of tasks if you can only hire one or two people? Maybe long-term adaptability is a better solution for your ever-changing business landscape.
How well are you monitoring your recruitment and retention data, and what’s missing in your data analysis? Most companies are pretty adept at monitoring cost per hire, speed to onboard, turnover, and poor performance. However, if you are just looking at the numbers within their individual silos for increases or decreases without truly analyzing the cause and effect of the numbers as a whole, you may be missing opportunities for significant solutions and improved milestones.
There are plenty of articles and guidance available on the candidate application journey all the way through the onboarding process. While we won’t get into these topics in this article, we would be remiss in reminding everyone that these areas are often overlooked. You’d be surprised how many candidates drop out of the cumbersome application process. Also, investing in your onboarding process may create a positive experience from day one, which translates into highly engaged employees from the start of their employment journey at your company.
How We Can Help
According to Business.com, the cost of a bad hire is estimated at approximately 30 percent of the employee’s salary or more. Talent acquisition isn’t a pristine journey, and you are not alone if you feel your strategy isn’t perfect. Even if you don’t have all the digital bells and whistles, we can offer suggestions to track and get better results.
Let us review your processes and metrics to drive improvements.
- Review how you’re filling roles. Is the process quick but suffering from low retention or poor performance? Stakeholders only see things like longer project completion rates or slower fulfillment of products or services. These factors affect business improvement.
- Consider consistent question lists for all interviewers to help predict a candidate’s success in your organization.
- Benchmark the employees who appear to be the “perfect” candidate to understand the soft and transferrable skills that make them better performers. Incorporate some of this data into job descriptions and interviews.
- Remain engaged with candidates to assist in future referrals. Likewise, your employee base might be one of the better options to mine for new hires. This “human cloud” resource may help you stay connected to the talent you seek.
If you have limited resources to execute improved recruiting strategies, there are still ways to adapt your long-term talent acquisition strategy.
Call us today to discuss your recruiting challenges. We’ll put on our consulting hats to help create an environment that is adaptable to the unpredictable business climate, and where everyone wins.