How to Hire Top Talents in A Labor Tight Job Market Without Sacrificing Quality
It is 2019. The economy is booming. New businesses are springing up daily. Everyone is happy. Except, of course, the hiring manager. With the unemployment rate at single digit 3.6 percent at the last count, which is the lowest it has been since December 1969 – according to the Whitehouse website. Employers and hiring managers are facing a new kind of problem. Two words. Labor crunch. Currently, the economy is experiencing a higher number of job openings with fewer candidates available to fill those positions. The balance of power in the hiring process has shifted to the candidates as they have several options right now. So, how can a hiring manager attract new talents without sacrificing quality?
First, publish an up-to-date job description
Well, the first place to begin wooing new talents is right in the job description. Make it a point to describe what the job entails in a clear, concise, and honest manner. You want from the beginning to have only those with the right skills and experience to apply. Take, for instance, if the job requires to say 25 percent travel time, state it in the job description. It might seem counter-intuitive initially, but you’d be saving yourself and company from a churn down the line.
Be open to hiring raw; then polish
While ideally, you want a candidate with the right mix of experience and skillsets. Unfortunately, the state of the job market has made such unicorns rare and high in demand. Plus, you will have to fight off stiff competition from others to hire these top talents. However, one thing you can do is to hire for potential. Does the candidate have the right attitude? Are they teachable? Also, rethink your minimum requirements, does the candidate absolutely need a higher degree for the position?
Build your talent database
Remember, all those applications you’ve received in the past round of recruitment? They can act as an excellent base to start building a targeted database of talent for different roles. Sure, the process might be slower and a bit tedious, if you don’t have the time to do this, consider outsourcing to agencies, say account staffing agencies for your account recruitment needs. Another way to build up your talent database is to look inwards to the employees you already have. Who among your staff can be trained for promotion?
Strategically leverage social media
Your potential candidates are currently hanging out on social media. Platforms like LinkedIn, Facebook, Twitter are excellent places to connect with would-be hires. Also, search out industry-specific forums and listen in on discussions there. Stack Overflow is a great place to look if you need a tech person. Doximity and Quora offer excellent opportunities to connect with healthcare professionals and just about anyone else, respectively.
The work culture is evolving. More and more candidates expect companies to offer some form of flexible work structure. Be open to having employees work remotely. That way, you’re able to attract and keep staff who’d prefer to work from remote locations. However, you can set specific days of the week when everyone must be in the office for a face-to-face meeting.
Today’s tight labor market means candidates have several options, and companies are vying for the limited supply of top talents. To stay competitive, you must go above and beyond to attract the right talents to your organization.