As businesses are bouncing back and focusing on hiring efforts, it’s getting harder and harder to find top talent. There seem to be more jobs than there are qualified candidates, and the best talent gets hired quickly.
A recent study shows that 95 percent of surveyed talent acquisition leaders are experiencing lower internal recruiting capabilities. 45 percent of respondents from the same study said that it’s necessary to reimagine and completely adjust talent acquisition processes in regard to COVID-19 and its aftermath.
For part 2 of this multi-blog series, let’s take a look at numbers two through four of the current market trends. Below are three of the most significant challenges to locating high-quality prospects in today’s market.
2. Demand for recruiters is at an all-time high
The economy is improving after the pandemic, and more jobs are opening up as a result. Organizations are once again in a secure position to grow their staff, and many are rehiring for the roles that they were forced to vacate due to revenue fears at the worst point of the health crisis. Of course this is great news for the US economy, but the troubling issue is that there just aren’t enough recruiters to meet the demand. This means that, in order to compete in the current industry, organizations have to hire fast.
Organizations no longer have the capacity to spend big on hiring efforts. Study findings indicate that 70 percent of those surveyed identified gaps in their ability to scale talent acquisition staff to manage variations in hiring volume. The need for more recruiters will not be easily met.
3. No low balling in this market
At the moment, high-quality candidates are not staying on the job market for very long. It doesn’t help that most businesses’ recruitment processes are moving more quickly than normal – so much so that active candidates are often off the market within two to three weeks from offer to close. Many of them are paying a premium to win high-quality candidates.
Instead of considering a myriad of factors such as potential for upward mobility, work environment, company culture, and salary, many of today’s job seekers are prioritizing pay above all else and quickly accepting the highest salary offer. Effectively, companies are buying the best talent – and it’s working. This poses even more of a challenge when it comes to acquiring new talent, not to mention the high turnover rate that inevitably results from pay-based hiring. If job seekers fail to take the time to ensure that a company’s work culture and environment match their values, there’s no doubt that his/her morale in that position will eventually diminish.
In a nutshell, unless you have absolutely perfect timing and a large financial offering, it’s likely you are missing out on some great prospects simply because your competitors are finding them first and offering a higher salary than you. But, even if you do have the ability to buy talent, you’ll likely end up with a team of uninspired, unhappy employees – so there’s really no win-win scenario.
4. Speed to hire is key
Candidates in the current market are less likely to go through a hiring process that is long and cumbersome. Job applicants have the ability to be picky right now, so if you have a poor hiring process, they can and will go elsewhere. They’re the ones with the power.
With so many offers coming through the grapevine, having a complicated application process means you will lose, especially considering that most organizations have already made the jump and adopted a shorter talent acquisition process. Striking a balance between a thorough candidate recruitment process and a streamlined process is key. It’s best to create an intuitive interview process with just the right number of steps needed to ensure you get the best talent without sacrificing speed to hire to help you grow in this competitive market.
To learn about how you can maximize hiring techniques at your organization in the face of this competitive market, read our Ultimate Guide to Building Your Dream Team.
And if you have any questions about the topics mentioned above, or would like to speak to a recruitment expert, please contact us.