Hiring is pressured at the best of times, but when there’s a talent shortage and economic uncertainty you have the makings of a perfect storm. From the ongoing skills gap to new employee expectations such as flexible working, hiring has never been trickier. Economic uncertainty is leading candidates to be more cautious about job decisions. While businesses are taking a more prudent approach to openings or waiting for the perfect fit. So, how can you get over the current hiring hurdles and find your dream team?
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Time and Resources: Attracting the right talent
Labor and skill shortages present a huge challenge in recruitment today. 87% of companies worldwide are either experiencing a skills shortage or expect to within the next 5 years. When a skills shortage is accompanied by a talent deficiency there’s a very limited pool of applicants to draw from.
A recent LinkedIn poll showed 36% of respondents believe attracting the right talent is the biggest obstacle in hiring. Attracting the right people can be lengthy and resource-intensive, but when you’re hiring during a labor shortage, it becomes even more challenging. Hiring under pressure may result in rushed decisions, missed opportunities, and increased costs.
By ensuring that job descriptions and processes are clear it is possible to hire quickly, but this can still require dedicated resourcing. Once potential candidates have been identified, scheduling interviews can present a logistical challenge. Conducting multiple rounds of interviews and reference checks can extend this process further. This can be an even greater challenge if you need to find the talent to fill multiple roles.
Partnering with a trusted talent or recruitment firm can help employers overcome the roadblocks faced in attracting top talent and minimize the impact of hiring on the existing workforce.
Salary: Expectations and transparency
Below average pay is the biggest obstacle to hiring, according to 55% of people who responded to the poll. With the cost of living rising and job security uncertain in many industries, jobseekers will have a competitive salary in mind. If they can earn more elsewhere, or are unclear about the salary you’re offering, they are less likely to respond to your vacancy.
The CIPD Labour Market Outlook shows that one of the top responses by UK employers to fill positions is to raise pay, with 43% of companies surveyed saying they have used increased salaries as an attraction strategy.
Some employers may not have the budget to offer competitive salaries and won’t advertise a salary range. This can result in qualified candidates being lost to competitors or rejecting job offers.
Being transparent about salary expectations can ensure candidates are not put off due to uncertainty. Not only does this offer clarity to both parties, but it also means that you won’t dedicate time and resources to interviewing candidates who don’t have similar salary expectations.
Candidate experience: Trust in the hiring process
Trust is essential between employers and job seekers. Unfortunately, a rise in fake job adverts and employer ghosting are eroding candidate trust in company hiring procedures. This can result in a limited pool of candidates, higher turnover rates and increased recruitment costs.
Research has shown some job adverts are left online with no intention to fill the position. Some of the most common reasons for doing so are to placate overworked employees and to give the impression that the company is growing.
There is also a rise in ghosting. A study of 1,500 global employees has shown that 75% of jobseekers have been ghosted by a potential employer after an interview. With more people sharing their experiences on review sites and using social media, companies who don’t treat their candidates well risk losing applicants.
Responding to each candidate presents another resourcing issue for smaller companies. One way to ensure candidates know your positions are legitimate and feel valued is to use a trusted recruitment partner to look after the candidate experience while providing efficient recruitment solutions for your business.
The hiring process can be complex and challenging for employers, but by investing in recruiting and retention efforts, including bringing in recruitment partners, businesses can build a strong, talented team.
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Source: LHH
