The changing labor market is affecting the way that many companies approach sourcing strategies, recruitment, and selection. 60% of U.S. employers have job openings that stay vacant for 12 weeks or longer, based on a survey in 2017 by CareerBuilder. In the survey, HR managers say that the average cost from having extended job vacancies is $800,000 or more annually. So, it’s clearly important to stay in front of these changes with a unique approach to sourcing and hiring. Here are some creative strategies you can add to your recruitment process to help fill positions with the right candidates.
Most organizations have realized the importance of hiring, developing, engaging, and retaining their leadership talent – no surprises there. They have also found value in using an objective and reliable measurement method to identify leadership and high potential talent.
In a recent talent solutions report, LinkedIn took a look at trends emerging around recruitment strategies. Some trends were not surprising to see, such as employee referrals being the number one reason individuals discover new jobs. We all know someone who knows someone who knows someone who got them an interview at a company. Another unsurprising finding is the importance of compensation and work-life balance in terms of candidates actually accepting a job. The importance and value placed on these factors will always be at the top.
Virtual teams are becoming the norm in the workplace today. In a recent survey of virtual teams, results by RW3 Technologies stated that corporate teams are now almost entirely virtual. In 2012 they reported that 33% of respondents said more than half of their teams include members from other nations. In 2014 that number grew to 41% and then to 48% in 2016. The trend is clear that teams are becoming more international. The cost of in-person meetings simply doesn’t makes fiscal sense, so we see virtual teams as a certain future in the corporate world. Perhaps the most alarming statistic found in their results was that only 22% of respondents have participated in virtual team training. Though virtual teams are ubiquitous, it appears few are being provided with the skills and training needed to be successful in a virtual working environment. I’ve provided three tips to create the most effective virtual team that are a good starting point to build a strong foundation for an effective virtual team.
Whether you're an employer or a job seeker, I'm sure you have heard or participated in a discussion surrounding the skills gap in the manufacturing, construction, and other skilled trade industries. Even organizations that offer good pay, benefits, and job security are having a difficult time filling their open roles. We know some of the reasons for the skills gap – a push for young people to pursue college degrees and discouragement from joining these manual labor fields to name a couple – but many individuals are now coming out of college with student loans and are struggling to find jobs that utilize their degrees because of the high rate of competition.
Employers all over the United States and Canada are taking all necessary efforts against the challenges of the tight labor market. Many employers want to find an answer to recruitment issues such as lack of candidates, candidate dropout, and becoming an employer of choice. Although these are very important things to investigate and improve upon where possible, knowing what you will do during the onboarding process to keep new hires engaged and excited to come to work every day will be even more important. People are no longer looking for a job because they don’t have one – people are applying to jobs because they are looking for a better job and know it’s out ther within their reach. New employees will not be scared to leave your organization early on in their tenure if you are not providing what they need to “tick.” Thus, what you are doing from point of hire counts as well.
Is there a more buzzword-y buzzword than High Potentials? I’ve been hearing this phrase kicked around for so long that it’s officially joined the ranks of classic terms like “star employee” or “leadership material.”
When an employer says they’re looking for a high potential (or HiPo, if you want to get even more trendy), they typically mean that they want someone who has the potential to do great things in the organization. But management often overlooks the hidden danger of hiring a high potential: they come with their own set of unique risks that you may not be prepared for.
In the last blog in this series, we discussed implicit biases and how all of us are susceptible to them. Remember they are unconscious and, unlike explicit bias, we are not likely to be aware of when we are being influenced by societal norms and factors like gender, age, and race. Because of this, the effects of implicit bias can be more subtle and indirect.
Headaches from vacant positions. Training and development challenges. Increased turnover. The skills gap refers to the gap between the actual knowledge, skills, and abilities of candidates or employees, and the knowledge, skills, and abilities that employers want or need their employees to have. The gap is growing. Though there are over seven million people unemployed in the US, they may not possess the right KSAs to obtain these open jobs or to perform at a sufficient level. Below are five statistics that are causing major concern for organizations regarding the skills gap: