As employees relocate across the country, expand their work base, and redefine America’s commute boundaries, the pool of talent available to companies has grown exponentially. It also means job applicants are willing to wait for the perfect opportunity (or move on to greener pastures) when choosing their next job. With so many unknowns about the ever-changing job market, it can be difficult for organizations to know when to make hiring decisions. Hire too early and you can operate on tight margins; you hire too late and risk burning key employees.
Here are some strategies that can help human resources departments understand the current job market and decide when and how to hire strategically.
1. Change your mindset about hiring
According to Dr. Dan Harrison, founder and CEO of Harrison Assessments, a predictive talent acquisition assessment firm focused on helping HR and talent management professionals across the talent lifecycle, corporations need to adjust their mindsets when recruiting candidates.
“Many companies approach talent management with a finish (or win-lose) mindset. Finding more people and hiring the best talent is considered critical to ‘winning’ the talent game, says Harrison. “Though it may be Some According to this idea, such a limited view of talent management causes leaders to miss the point of keeping the game going (i.e. treating hiring, developing and retaining the best talent as everyone’s job, with no winners or losers).
To help hiring managers analyze their current mindset, Harrison lists several possible strategies that can help build an “infinity mindset.”
- Offer real and compelling benefits: Ask your employees for feedback on their needs and complement them with additional employee benefits, extra PTO, hybrid work options, or any other benefits your employees want.
- Create mutually beneficial relationships: All employees are different. Great leaders should get to know their employees to ensure that their skills and interests match their current role, leading to greater job satisfaction and greater engagement.
- Make talent management a group effort: If everyone works together to create a positive, fulfilling workplace, everyone can take responsibility for their role in the company. Adapt communication channels to employee preferences and encourage company management to consider employees’ well-being when making large-scale decisions.
2. Experience the value of communication
Nobody likes being out of circulation. One of the most recurring complaints I’ve heard from job seekers is the frustration of intense recruitment processes and lack of communication from managers.
Imagine going through the application process, updating your CV, creating a cover letter and attending an interview. Each of these steps takes time, forcing candidates to wait days, weeks, or even months between each step. At every stage, companies have the opportunity to communicate with job seekers.
In order to attract new talent, the company’s management and recruitment team should create a communication plan for the application. Decide from the beginning what deadlines and processes you will make available to candidates. For example, if your company has opted for two rounds of interviews (one initial interview with the hiring manager and a second panel interview with management), inform prospective employees.
Similarly, make your expectations clear when you invite them to continue their application. Will candidates be required to pass an exam or submit a portfolio of work? Should candidates expect a trial project? By setting clear expectations for candidates, you give them a chance to prepare and present their best work.
3. Create a “staff plan” to stay flexible
While economists like to predict the future, it’s actually best to prepare for a few surprises. With the rising prices of transportation, housing and necessities, employment is also in constant flux. To make ends meet, many households are reassessing their needs and looking for higher-paying jobs with better benefits and greater stability.
One of the best ways to plan for these times of economic upheaval is to create a thorough staffing plan that includes current employees, vacancies, and company needs. Talent acquisition leaders and managers should be creative in their recruiting solutions and remain flexible to meet growth and profit expectations.
For example, the burgeoning gig economy has increased the number of experienced freelancers and performers in the workforce. A company looking to cut down on certain departments and positions may consider hiring freelancers a viable option instead of investing in a full-time employee. Conversely, managers should collaborate across departments and consider expanding roles or offering internal promotion to increase retention rates.
Don’t forget to hire logistics. Contact talent acquisition teams to coordinate large-scale hiring plans or potential layoffs. Can they handle the number of potential candidates you plan to interview or should you hire new recruiters and HR staff first?
While the current upheavals in the market may seem overwhelming and incomprehensible, there are solutions to today’s employment problems. Companies that cultivate this “infinity mindset” and build a reputation for communication will always attract quality candidates. When leaders create positive and innovative work environments, the economy, the labor market and employees benefit.