Trouble Keeping up with the Demand?
Companies are increasing their need for high performing talent, but the supply of skilled candidates has diminished. That makes it harder for employers to satisfy their needs. The economy is hot and organizations want to participate. But, how do they do that when they can’t find enough qualified workers?
This has become a candidate-driven environment. Nearly 40% of organizations couldn’t fill their job openings this month.
Some helpful hints to deal with this employee shortage are:
Extended Hiring Process
Reset your expectations that a longer hiring process is the new normal. It’s been observed that open positions are remaining that way approximately one and a half months. The time to fill a position has roughly doubled over the past 5 years. So you must start your recruitment process earlier and pay particular attention to your job description and your company reputation.
Turnover
With more available positions and salaries finally starting to rise, employers can expect to see more turnover. That will worsen the hiring crisis. Higher performing workers have even more job opportunities available. So, it’s vital for retention to support current employees’ desire for greater training and career development. That shifts the discussion away from money and toward retention actions.
Counter
If an employee plans to leave, the earlier you get this information the more time you have to consider whether or not to counter. The key is learning why the employee plans to quit. Asking the employee if they would consider staying if those areas were improved could make a difference in retention versus back to hiring.
Dissatisfaction causes a worker’s choice to jump ship. In this candidate-shortage environment we advise finding out your top employees dissatisfaction points and presenting them with a counter offer. Your plan is to persuade them to remain with your firm and for you to avoid the cost and hassle of going the new hire route.
Compensation
Higher wages in your new hire offer is an obvious answer, though painful. But a competitive compensation package can be the solution. Be sure to research what your industry is paying for certain experience, skills, and positions. You can tweak that to make sure you have a solid offer. If a high-performing candidate already has a firm offer from a competitor, consider the components of the offer and make your offer addresses learning, company culture and career advancement as your response.
Reputation
In the past, there were fewer employment opportunities and more competition for jobs. An organization could list their job opening on its website and multiple qualified applicants would respond. Today, candidates aren’t necessarily proactively seeking new opportunities. But, if an employee recognizes your firm and it has a good reputation then they’re more likely to respond to your job post. So, actions to strengthen your company name and differentiate your firm become an asset in this tight labor market.
There are many other ways to deal with a worker shortage. If you need some assistance in surviving and thriving with recruitment in this tight labor market, contact Flexicrew today.