Recruiting and hiring practices are changing more rapidly than ever. Whether you’re in an upturned economy or heading toward a slowdown, your company’s success – its survival – will depend on the people working for you. Businesses that are proactive about their hiring process are already getting ready for talent “wars” in the new decade. Be sure you’re among them.
Here’s your count down of the top 10 hiring indicators for 2020 and how to prepare to battle for the best
Hire Right, Hire Within
#10 – 48% of employers report talent shortages as their biggest hiring challenge (Source: TMP Worldwide)
#9 – 86% of employers say they’ve hired the wrong person for a position (Source: Career Builder)
Your cost per hire is steep. Wrong hires increase that cost by reducing productivity and morale. Look both outside and inside the company to fill roles. Take advantage of training funds to upskill your employees. Internal career paths increase your return on investment (ROI) on hires and avert hiring the wrong person.
Passive Candidates are Favored
#8 – 70% of candidates are passive job seekers (Source: Linkedin)
#7 – 82% of employers rated employee referrals above all other sources for generating the best ROI (Source: Career Builder)
Passive candidates are employed and usually satisfied with and successful in their work. To reach them create talent communities, Social media sites such as LinkedIn, Facebook and professional network sites are where recruiters and passive candidates intersect. So are job boards like CareerBuilder and Monster. Ask employees to share company vacancies on their social media pages. Employee referrals reduce the cost per hire.
Mobile Apps are Recruiting Magnets
#6 – 73% of millennials found their last position through a social media site (Source: Aberdeen Group)
#5 – 62% of candidates listed career sites as a top channel for researching new job opportunities (Source: Linkedin)
Keep pace with today’s mobile technology or you’ll leave job applicants frustrated, turned-off and never heard from again. Almost one-quarter of mobile users never complete the applications they start on their phones. Provide an “Apply Now” feature that allows applicants to complete the process in a few clicks.
Treat Candidates like Customers
#4 – 96-98% of candidates who had a positive candidate experience would refer others to apply (Source: Bullhorn)
#3 – 86% of recruiters say that using recruitment automation software has helped them hire faster (Source: GetApp)
Candidates who have a positive experience in your recruiting process are more likely to accept your offer and not “ghost” you on the first day of the job. Treat your applicants like customers. Frequent communication throughout the process is vital. Candidate relationship management (CRM) tools improve your hiring turnaround and outcomes.
Culture is King
#2 – 69% of job seekers would not take a job in a company with a bad reputation, even if they were unemployed (Source: Glassdoor)
#1 – 90% of recruiters say the job market is candidate-driven (Source: MRI Network)
Positive company culture is not only gratifying – it’s essential. Your ability to attract, recruit and retain top talent hinges on your answer to “Why do I want to work for you.” Companies with better cultures tend to perform better financially. Strong company brands rise above economic swings. Take advantage of free guides and videos to help you develop your brand strategy.
Would you like some help finding the right people? Contact us. We’re here to help. MassHire Cape & Islands Career Center 508-771-JOBS (5627)