29 Aug How to Hire in Today’s Competitive Labor Market
In today’s economy – one thing’s for certain; you can’t take too long to hire. The employment market is the most competitive it’s been for over 20 years. July demonstrated the growing needs of a rapidly expanding U.S. economy – 157,000 new jobs were created despite widespread complaints of the shortage of skilled labor dropping unemployment below 4%, a two-decade low.
To attract top talent (and keep their interest), we’ve compiled a list of top tips and tricks to help improve your candidate recruiting process.
Refresh the Job Description
Reusing the same job descriptions over and over? Review the description to ensure it is current and accurately reflects the experience/skills needed for the position. Accuracy matters and one size doesn’t necessarily fit all. If your job description isn’t well-aligned to your requirements, you will lengthen the hiring process by pouring over resumes from applicants who fall short.
Prepare in Advance
Take all the necessary steps to begin your recruitment process. Ensure you have internal buy-in, support, and funding for the position. Identify who to have on the interview circuit and keep them updated as the process progresses. Stay in close contact with them and check their availability before scheduling interviews. Once interviews are completed, keep the pressure on the stakeholders and explain the need to move forward quickly.
Communicate. Communicate. Communicate.
Today’s tight labor market underscores the importance of communication as candidates lose interest if they’re left in the lurch. Nearly 25% of applicants lose interest if they haven’t had a response within a week of the initial interview. The longer they have to wait, the worse it gets. After one to two weeks, 46% are no longer interested. Instead, let candidates know you haven’t forgotten about them if the process is dragging on. Doing this reinforces your interest and respect of their time. Similarly, ask them if they have any questions and answer concerns promptly.
Bring in the Experts
Staffing firms speed up the recruiting process by quickly identifying the best candidates from their database of thousands of industry professionals. Recruiters know how to fill the most in-demand roles and have experience evaluating skillsets. From writing and placing the job ad to sorting through resumes and skills testing, recruiters can tackle the most time-consuming aspects of the hiring process, so you don’t have to. They can leverage their network of candidates to ensure you find the right employee the first time, every time.