The human resources talent acquisition dynamics are changing, and employers are working harder than ever to find and hire great people. If you’ve noticed that recruitment seems more difficult than it used to be, it’s not your imagination. But what’s actually happening and how should you react?
What’s going on?
It used to be that jobs were in short supply. If you had one to offer, talent would come running. Back in the day, hiring managers were often overwhelmed by the number of applications that would come streaming in, and they could take their pick from the pile of qualified candidates.
This is no longer the case. Not only is unemployment low, but an entire workplace cohort is rapidly leaving the workforce.
It’s been estimated that as many as 10,000 baby boomers reach retirement age every day. As these tenured employees exit the workforce, employers are faced with a mad scramble to replace all of that experience, talent, and labor. Companies are being forced to compete for the best talent in ways they may have never experienced before.
According to a survey by Glassdoor, it appears we may be seeing signs of this already.
- 54% of American employees (including those self-employed) believe if they lost their job they would be likely to find a new job matched to their experience and current compensation levels in the next six months
- Half of U.S. employees expect a pay raise in the next 12 months
- Only 15% of respondents expressed fears about potential layoffs, reflecting a high level of employee confidence
Meanwhile, a Jobvite study provides some even more intriguing job search facts.
- 45% of workers will jump ship for a new job— even if they are happy in their current position
- 50% of employed job seekers see their current positions as temporary
- Money is still the number one factor in the decision to leave or accept a position
- Employed job seekers fessed up to searching for new positions during their commute (38%), on the job (30%) and even in the bathroom (18%)
In the current hiring environment, if you have a job to offer, talent may or may not come running. If you do get qualified applicants, they may or may not choose to come work for you. More importantly, if they do choose to come work for you, they may not choose to stay.
What should employers do?
Some companies will simply go about their business, using the same old employee recruitment processes and assuming their organization is exempt from the shifting dynamics of talent search. Unfortunately, this mindset could be very costly.
A far better strategy would be to work toward becoming an employer of choice. This will not only make you more attractive to employees and candidates, it will put you in the best possible position to handle this new job search reality.
Look around your organization and ask yourself these questions:
- Are people excited to come to work each day?
- Are they given the tools they need to be successful?
- Does your staff stay consistent or are there new faces every week?
- Do people feel like part of the team? Are they excited about the company mission?
- Do your employees refer great candidates to join you or are they asking friends about their employers?
These things can tell you a lot about how attractive you are to potential new hires, and those who are currently on staff.
Don't take your employees for granted, and don't let their silence fool you into thinking they are satisfied. Even if they aren’t actively out looking, someone with a more attractive culture, value proposition, or opportunity just might find them and snap them up.
On the other hand, working to be that coveted employer of choice yourself will give you a serious edge when it comes time to fill that next position.
There’s so much more to employee benefits than policies and premiums. A great benefits broker will make sure you, your employees, and your business are protected. Is your agent looking out for you? At Combined, this is what we do for Los Angeles employers every single day.