Employers: #1 Reason You Can’t Catch the Hires You Want
Employers, here’s the painful truth: YOU are the reason you’re missing out on great hires… and there’s no excuse for it.
It was a “candidate’s market” long before the impact of COVID. The number of voluntary separations has risen year-over-year and we now have a record number of online job postings. Organizations have had years to revamp their hiring processes to reflect this competitive market. Unfortunately, many are still lagging.
Why does this matter? Because the longer you take to bring a potential hire through your hiring process, the more likely they are to remove themselves from the race. In 2018, 65% of our candidates were entertaining multiple offers. In 2019-20 we saw that number climb to 80-82%. Today, 97% of our candidates are considering at least one other offer!
Here’s one more number for you to consider: 40% of job seekers said they wait less than two weeks to hear back from an employer before considering the opportunity a lost cause and moving on to one of their many other offers. Translation: You snooze, you lose.
So, what can employers do to increase their chances of a great hire?
Do the work BEFORE you launch a search
Long before you hit “post” on your job posting, gather all key stakeholders to discuss the who, what, when, and how. Who are we as an organization? Who would best fit this role? What are the demands of the job and what expectations do we have in terms of experience, skills, etc? When will begin our search efforts? When do we need to have the position filled? How will we attract the right candidates and how will we ensure an efficient and productive hiring process? When the key players of the hiring process (from assistants who schedule interviews to Leaders who sit in on them) work together to create a thorough picture of their needs and ideal candidate, the process runs more smoothly and quickly. Here’s how to do that: create a detailed, accurate, all-inclusive job description; include expectations and measurables; outline their role in the chain of command; layout opportunities for growth and collaboration; offer a competitive compensation package; allow them to connect with you and understand your company from the moment they submit their resume.
Understand the hiring market and candidate pool
Employers are quick to assume money is the key factor in accepting a job offer. According to recent studies, that is not true. The top two priorities for job seekers are: flexible scheduling and an efficient hiring process. Again, it’s a candidate’s market and they are not going to wait weeks to schedule a first interview and then sit through half a dozen more to even be considered. A streamlined hiring process is essential to nab top candidates while they’re hot. Additionally, “no normal” is the “new normal” in the workplace. Hybrid schedules and remote work are the talk of the town post Covid. Savvy employers see this and are making adjustment to pervious in-office expectations… and it’s bringing high quality candidates to their door. Job seekers are also prioritizing work/life balance, room for growth, social relevance, competitive compensation, autonomy, personal investment, and connection. You can guarantee these are not the candidates who are willing to invest hours detailing every job they have had since high school or sit through four to six interviews.
Cut the “in between”
We’ve already said it, but it bears repeating again: Efficiency is the name of the game. A drawn-out hiring process is costly and unnecessary. If key stakeholders invest the time upfront to collaborate, finding the “perfect” candidate and making an offer can (and should) happen within a matter of weeks. The majority of candidates are lost in the “in between.” The days and weeks in between interviews, communication, and offers. Establishing “must haves” in your future hire, determining who needs to be present for interviews, eliminating unnecessary and time-consuming back-and-forth emails and delayed responses, and creating a clear process for communication with minimal periods of radio silence, goes a long way to shortening the “in between” and increasing your chances of landing the hire you want.
Hire a Professional to get the right people at the right time
Revamping hiring strategies in light of market changes is no small task. This is why working with an experienced Executive Search firm with a proven track record for successful placements like TurningPoint is smart business. From start to finish a top-notch search firm will work alongside you, from clarifying your organization’s needs to drafting the perfect job description to screening, interviewing, and making an offer to a short list of A-Players. Why fumble through developing a successful hiring process when an expert can do it for you?