October 6, 2021
October 13, 2021
It’s no secret: hiring has been challenging as of late.
The silver lining? These changes have forced employers to hone their HR processes like never before. Businesses are exploring new, creative approaches, streamlined processes, and more innovative ways to strengthen their employer brands.
Here are the top unexpected benefits of the tight labor market for businesses like yours:
More than 40 percent of the global workforce are considering leaving their employer this year, according to Microsoft research. This is driving the ‘great resignation’.
From a recruiting perspective, after many months of stand-downs and layoffs, employees now hold the cards. But even with a tight labor market, smart recruiters still have options.
Start by understanding why people, especially mid-career employees between 30 and 45 years old, are quitting. Harvard Business Review identifies a number of factors.
But it’s not all bad news.
As more people quit, it creates opportunities for employers to onboard higher-quality recruits. However, before they can do this, they must adjust their recruitment approach to address the reasons why people are looking for a change:
When hiring, make sure you consider these reasons, as well as your candidates’ unique points of view.
An evolving, accelerated, and perhaps more humane recruitment process requires more teamwork.
Here are some priorities for your HR team in what McKinsey calls the ‘next normal‘:
A tight labor market doesn’t necessarily mean you have to lower your quality requirements. But it does mean you have to be more creative.
For instance, add ‘proof by experience’ requirements alongside more traditional academic requirements. This could involve describing the math or problem-solving abilities you need rather than simply looking for graduates with specific degrees.
However, if you want to revamp your process entirely – particularly in these challenging times – you may also want to adopt an applicant tracking system. The right software will enable you to pay more attention to resumés and implement a more inclusive, ambitious, and productive recruitment process. As a result, you can cast a wider net while still pay attention to the individual qualities of each candidate.