Recruiters face fierce competition in hiring top talent, adding pressure to extend that offer or lose out to another company. It might be the “perfect storm” in the recruiting world – surging technology innovation and employee skill gaps, an increasing number of gig workers and entrepreneurs combined with unhappy employees resigning in droves. Digital transformation is catching more and more companies in its grip, rapid change is driving corporate initiatives, and employee skill-set requirements are evolving to maintain productivity levels and profitability. Companies looking to hire employees with essential skills find the demand for talent intense. Companies are changing their tactics to hire sought-after employees before their completion does.
Four reasons the best recruiters are acting fast to hire top talent:
1. Traditional Employees Are Still Quitting – Chances Are, You’ll Need to Fill Essential Roles and Extend an Offer ASAP
Bureau of Labor Statistics data supports the notion that the “Great Resignation” is still going strong. A high number of those employed across position levels and types are resigning. Three percent of employed people quit their job last winter, while 2.8 percent of the employed population quit in May 2022. The number of resignations in May wasn’t at a peak but signaled an urgency to update your recruiting strategy.
2. Employers Need Specific Skills to Maintain Productivity and Profitability
It’s 2022, and companies rely on employees with an evolving set of skills to help maintain or increase productivity and profitability. Glassdoor insight into company job requirements revealed the top technological and non-technological skills. When you find an employee with these in-demand skills, extend that offer ASAP!
Essential Technical Skills
- Machine learning – Systems and algorithms to improve user experiences and perform complex tasks
- Distributed computing – The ability to work with multiple computer systems and a shared network to create collaboration and communication across both.
- Time series analysis– Capture statistics and analyze indexed time-ordered data sequences analyze (to pinpoint factors that influence specific events)
- Statistical modeling – Using sample data to make statistical assumptions and build a mathematical model (help companies make predictions/projections to improve market segmentation)
- Usability testing – Evaluating ease-of-use, experience, and any errors in a product or service with a group of end-users
Crucial Non-Technical Skills
- Product management – End-to-end management of a product’s lifecycle starting with development through execution and pricing
- Contract administration – Managing relationships with clients, vendors, partners, and employees including contracts and negotiating
- Project management – Leading a team through projects such as task completion, organizing resources, and events organizing a company’s resources, and guidance to ensure a project’s goals are achieved
- Business planning – Using critical thinking and attention to detail to outline the goals and functions of a business as a roadmap to growth and profitability
- Account management – Building or maintaining company-customer relationships and strengthening the sales structure
3. Not Your Typical Competition for Employees
The 2022 labor shortage poses unique challenges in hiring employees with essential skills. One challenge is highlighted in the surprising number of those who quit and aren’t looking to reenter the workforce. McKinsey surveyed nearly 600 workers who resigned without having another job, and 44 percent didn’t intend to apply for a traditional job in the next six months. With that segment of potential employees off the market for at least six months, hiring traditional employees became more urgent. Companies hiring for a traditional job now compete against companies, employees looking for non-traditional jobs, and the appeal of staying unemployed.
4. New Hiring Practices Include Faster Recruiter Response to Extend an Offer
In this job market, a competitor hires top talent within ten days. Given this statistic, recruiters would benefit from extending an offer sooner. The recruiting landscape has changed, and so must recruiter hiring strategies. A McKinsey survey found that potential employees are looking for flexible work options such as remote or hybrid, higher pay, and robust benefits packages. If companies competing for in-demand talent offer similar compensation and benefits, recruiters with innovative recruitment practices will win. Forbes noted in an article that proactive and frequent engagement with potential employees is becoming a best practice for high-level or entry-level candidates. Companies aren’t waiting for top talent to apply. They’re approaching first, building a relationship, and hiring employees before the competition. Time is of the essence when it comes to hiring the best candidates.
Update Your Hiring Practices to Attract, Hire, and Keep Top Talent
The pandemic sparked the “Great Resignation”. Its aftermath is still echoing through the job market. Many employee resignations at all levels and across industries have created intense competition to hire talented candidates for traditional jobs. As resources are allocated to employee hiring and retention, hiring managers and recruiters must innovate hiring practices if they hope to compete. Higher salaries and better benefits packages are becoming table stakes to attract applicants, making relationships invaluable. In this market, a recruiting firm makes sense. The recruiters at Bishop & Co. have the expertise and experience to attract and hire in-demand employees. Contact our professional recruiters at Bishop & Co. for the best talent in Hawaiʻi today.
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