Our feeds and news channels are filled with stories about The Great Resignation and the War for Talent. A recent Ipsos survey indicated that 43% of working Canadians would look for a new job in 2022.
The challenge this presents to employers seeking to grow their headcount or replace outgoing team members cannot be understated. All hiring managers must consider the following five things to stay competitive in the current market.
1. Speed is Everything
A LinkedIn study examining hiring timelines of 400,000 confirmed hires showed the median time to hire is 44 days, and this balloons to 82 days for the slowest 10% of companies hiring. In today's hot talent market, the most qualified candidates can be off the market in as few as 10 days. Prioritizing quick delivery of feedback on candidate profiles and interviews while streamlining your hiring process to eliminate extra steps can make all the difference between a great hire and a long, frustrating search.
2. Value Candidates' Time
In a competitive market, candidate experience is incredibly important. Many are interviewing for multiple opportunities while working for their current employer. It's essential to be thorough so your hiring team can evaluate the skills and culture fit of the candidate while also emphasizing efficiency.
- Do you really need that HR prescreens interview?
- Is it possible to bring more stakeholders to the interview table earlier in the process to cut down the number of interviews?
- Do you need an entire afternoon for a technical interview when an hour or two would do?
- How fast is your response time to candidate questions or to deliver feedback?
Demonstrating respect for the candidate's time during the hiring process reveals much about your company and can determine whether they accept your offer or go elsewhere.
3. Evaluate Your Compensation Bands
It's no secret that the last two years have seen large amounts of wage growth. The Labour Force Survey places the average hourly wage increase in February 2022 at 3.1%, with many companies projecting their total compensation costs to increase by 3.4% by the end of 2022.
If they are not getting a raise, many employees are looking for a new opportunity. They evaluate your company's compensation bands for existing employees to boost retention while being prepared to outbid competitors for in-demand roles is key to finding the talent you want.
4. Be Prepared to Be Flexible
The height of the pandemic highlighted the benefits of working from home to many employees. A Stanford study of 16,000 workers over 9 months found that working from home increased productivity by 13%. When you consider time savings from commuting, home office setups, and the daily flexibility WFH provides, it's clear why many employees and job seekers are reluctant to entertain opportunities that don't offer, at minimum, a clearly defined hybrid work option.
Any ambiguity on this piece will raise fears of flexibility, eventually rolling back. Many top candidates will pass over your opportunity for more flexible work situations.
5. Remember, They Are Evaluating You as Much as You Are Evaluating Them
The hiring process gives both employer and candidate the time to evaluate one another and see if the opportunity is the right fit. In a candidate market, your company is under the microscope. Simply saying, "we are a great company to work for" or "we have a great culture" means very little without evidence to back up those claims. Be aware of what's being said about your brand in the marketplace, especially if you've had many internal movements or resignations.
Enhance benefits, highlight unique perks of working for your company, invest in personal and professional development, and showcase real employee experience. These are tangible examples that can hook prospective employees and make them excited about the opportunity to work with your company.
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