The Great Resignation has been talked about for a number of months. Until now, it has been more hype than reality but the easing of COVID restrictions throughout Europe in recent months has seen a rise in the number of people who are open to new career opportunities.
Data published by Deutsche Bank shows people are resigning at the highest rate since 2009 and almost a quarter of all professionals said they were actively planning a job or career change in the next few months.
In the UK, the level of open vacancies is the highest on record whilst in the US, the so-called “quit rate” reached all-time highs of 3 per cent of total employment in November, according to official data.
This presents a challenge for employers – how do they retain the talent they already have, and attract the candidates they need? Much of this comes down to the hiring process itself.
Here’s how to ensure your hiring strategy is fit for purpose in today’s employee market.
An effective job ad
With demand for talent fast outstripping supply, effective recruitment is key.
First, employers are encouraged to re-think their job descriptions and job ads. Data shows only 2 per cent of candidates who apply for a job are selected to attend a job interview. By talking about your company culture and values, you can highlight what makes you stand out from your competitors and attract the right candidates from the start.
Secondly, review your expectations. Candidates can be scared off by stringent skills or experience requirements – so now is the time to focus on transferable skills and culture fit. Offering development and training opportunities can only encourage talented individuals that might have been put off by a rigid job ad.
Having worked with literally hundreds of organisations over the last 20 years, we have lost count of the thousands more identikit recruitment adverts that we have seen. Employers must remember that this is one of the most important marketing tools at their disposal, so cutting a pasting a job description should always be avoided.
The advert should avoid at all costs any attempt to promote the company as the ‘best this’ or ‘leading that’ – this is for the employee to decide if they are, not the employer. instead, park the ego to one side and tailor the advert to specific role being recruited for and ensure it addresses the all-important ‘what’s in it for me if I apply?’ factor. Failure to do so will simply see many strong candidates not bother to apply.
To find the right candidate as fast as possible, consider working with a recruiter. They have access to vast networks and a pool of qualified talent in the industry you are in.
A need to review your time-to-hire
A drawn-out recruitment process could see employers losing key talent to competitors. In the UK, the average interview process in the UK takes 27.5 days to complete in 2022.
To ensure you have an efficient recruitment cycle, all stages (sourcing, interviewing, following up, rejecting or offering positions and onboarding) should be handled concurrently. You can also streamline the interview process, which can be time consuming, repetitive and frustrating for candidates, by blocking out managers’ diaries and setting up online interviews with multiple parties through video calling platforms.
Luckily, employers how have access to Applicant Tracking Systems (ATS), which can shorten their recruitment process. Indeed, using quality software can help with managing any received applications, store CVs and motivation letters, removing irrelevant applications (up to 70 per cent of CVs), offer tools for interview scheduling and planners for onboard programmes.
However, ATS can be a hindrance as much as a support in streamlining the hiring process. They depend on the applicant being savvy enough to know that their CV must contain very specific criteria that can be parsed and ensure the candidate makes the long list. But few, if any, really are. Continue to integrate an ATS into the application process by all means, but don’t become overly reliant on it – many a great candidate has slipped through the net simple because the hiring manager used technology to make those early decisions for them, instead of the human eye.
If you are looking to develop a hiring strategy fit for purpose in today’s ultra-competitive and candidate-driven market, speak to one of our experts today.
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