At the onset of the 2022 year, employers across the country were striving to rebound from the tumultuous and unpredictable 24-month stretch of Covid-19 restrictions. Demand and markets recovered more quickly than most people anticipated, but even if your business came out of the pandemic relatively unscathed, there are still looming challenges to overcome on the hiring and recruitment front.
In today’s candidate-driven market, the war for talent is more fierce than ever – especially given the ever-expanding skills gap. According to a Bankrate study, 55% of employees are actively seeking new opportunities, with most Americans looking for flexible working arrangements and higher pay.
With labor demand outweighing supply and top talent in the driver’s seat in terms of options and salary negotiations, employers must be prepared to elevate their recruitment efforts if they wish to maintain a competitive presence. At the same time, there is the opposite pressure of increased costs to employers and therefore not necessarily additional money available for salaries. This triangulation of stagnation, high demand, and shortage of resources is leading organizations to implement new hiring tactics aimed at overcoming these hurdles to achieve sustainable growth.
Proactively Engage Potential Candidates
Whether you’re filling a long-term project management role or a project-based technical position, the efficacy of your hiring process calls for the adoption of proactive engagement strategies. That means connecting with potential hires early and maintaining frequent communication throughout the recruitment process. The key is to nurture and build relationships with talent, ensuring they feel valued, heard, and culturally aligned with your organization right from the start. The drawn-out interview process of yesteryear simply won’t cut it in today’s fast-paced, competitive labor market.
Offer A Flexible Working Environment
While the pandemic may have forced companies to adopt remote or hybrid work environments, the transition has redefined the employee experience and what candidates are ultimately looking for. Offering remote or flexible opportunities is highly attractive to candidates, and can be a key deciding factor for talent entertaining multiple offers.
And the silver lining? Embracing a remote work policy is advantageous for businesses and employees alike. As an employer, it’s not only a more cost-effective strategy, but it also drives productivity and retention. What’s more, by removing geographic factors from the equation, you’ll be able to tap into a larger candidate pool and cast a wider net.
Leverage Data-Centric Recruiting Practices
Digital disruption has altered nearly every facet of the business world – from customer interactions to operational workflow and beyond. As this tech revolution continues, we’re seeing a greater emphasis placed on data-driven recruitment and hiring practices. Employers can leverage data to gain insight into prospective candidates, automate processes, streamline evaluation protocols, and decrease administrative burden.
From a candidate's perspective, incorporating technology into the recruitment process will demonstrate the company’s ability to adapt and modernize, while also ensuring information flow is smooth and uninterrupted.
Implement an Augmented Staffing Strategy
Relying solely on in-house resources for recruiting is incredibly costly for employers. From time and resource allocation to training and advertising costs to the long-term repercussions of turnover and unfilled seats. And in such a tight labor market, successful staffing relies on targeted strategies, the right technology, and a robust understanding of the marketplace – all things the right staffing partner can offer. Plus, they level the playing field – ensuring small to mid-cap companies can compete with big-name brands and employers with large advertising budgets.
By leveraging an agency that offers flexible and comprehensive staffing solutions, you can reallocate recruitment advertising dollars towards other areas of the business, including perks and compensation. You’ll also significantly reduce expenses and time associated with handling hiring in-house, like sourcing, screening, interviewing, and onboarding potential candidates.
At MercuryHub, we supply customized solutions to cover needs ranging from technical resources to HR support. Working as an extension of your team, we help businesses scale, minimize costs, attract top talent, and drive forward momentum. To learn more about how our team of experts can help your organization overcome staffing shortages and succeed in today’s candidate-centric market, contact MercuryHub today.