The current employment landscape is complicated and characterised by unpredictability and high-level competition. Hence, employers are changing their hiring practices in response to buzzwords like “great layoff” and “great resignation,” especially as a possible recession looms upon the market. In addition, there are presently 1.7 open jobs for every unemployed person, although the unemployment rate is at its weakest in 50 years at just 3.5%.
Hiring directors and recruiters must be ready to find the best job candidates for open positions in this unique labour market while considering the requirements of both present and potential employees. With improved candidate communication, a renewed emphasis on employee mobility, and active recruitment techniques, businesses can attract and keep top talent in today’s competitive job market.
How to cultivate exceptional talent in a volatile market
Below are some effective ways to retain and cultivate top talent in the volatile job market.
1. Improve communication strategies
Communication strategies with job applicants and current employees must change to keep up with quickly evolving technologies. Recruiters and HR executives may speed up their entire recruiting process by using simplified, personalised communication, making it simpler for prospective employees to learn about available positions.
Text recruiting quickens candidate communication, which benefits everyone involved in the hiring process. Texting can help with sourcing, interviews, hiring, and other processes, especially when people rarely miss texts.
Moreover, according to a Gartner study, emails only have a 20% open rate on average, compared to 98% for text messages. While enhancing the corporate brand and the applicant experience, texting enables recruiters to establish rapport and confidence with candidates. In addition, timelines from recruiters are crucial when candidates are juggling multiple job applications.
Moreover, according to another study, 40% of job prospects turn down offers because another company offered one sooner. Hence, text messaging is one method of reaching out to applicants as quickly as possible.
2. Concentrate on employee referrals and communications
Employers stand to gain by allowing group members to advance inside the company. Employees may consider additional internal possibilities if performance management and staff mobility strategies are regularly reviewed.
However, according to 29% of employees, their business does not provide a platform or software that makes registering for open internal job opportunities simple. You can avoid static job roles by focusing on employee referrals, creating opportunities for professional development, and managing employee talent cycles.
Employee referral systems can help recruiters find qualified candidates quickly and affordably by minimising the average cost per hire. More than 80% of employees are inclined to click on a work opportunity that someone in their network shared on social media channels, according to a report.
A company’s talent acquisition strategy may benefit from social media sites like LinkedIn, Facebook, and Twitter, which also encourage organic employee referrals. TikTok and Instagram should also be considered, especially when hiring younger candidates.
3. Actively seek out passive candidates
Although passive candidates are not aggressively seeking a new position, they may be receptive to openings that match their requirements and ambitions on the personal and professional fronts. 70% of the talent market, according to LinkedIn, is made up of passive candidates.
The likelihood of passive applicants seeing an organisation on social media is higher. Engaging in social media activity on LinkedIn, Glassdoor, and other platforms can assist in promoting the employer brand and provide an inside peek at its culture to draw in future employees who share the same values.
Employer brand promotion through social media can affect how current employees and the general workforce view the business.
According to Glassdoor, about 80% of job seekers use social media in their job search. An engaged LinkedIn page is crucial for networking with passive prospects and sharing company news that can interest active job seekers, such as stories of staff development, interesting client projects, and other company news.
Companies are more likely to attract people who will be enthusiastic about their key roles and demonstrate a long-term commitment when an employer brand speaks out to workers who share similar values. Organisations that remain ahead of hiring needs and actively engage candidates will have an advantage in a job market that witnesses constant flux. It entails locating, contacting, and enticing potential employees before a particular post needs to be filled.
4. Offer reasonable compensation
Although it may seem apparent, compensation is one of the most (if not the most) crucial criteria that applicants consider before applying for a job or accepting an offer. Ensure you investigate the market pay for each role and know what your rivals offer. Thus, you can be sure that the talent you source won’t leave your hiring process in search of a higher salary. The compensation split, including incentives and benefits, and your company’s appraisal process must be easy for the employees to understand so that they know what to expect.
If a candidate accepts a job, it’s a good idea to lay out their future development path inside the organisation. You should emphasise how it can provide them with stability and opportunity for progress.
5. Consider internal hiring
The talent market is unstable, but not just for you. Therefore, you must be aware of rivals universally. However, the global talent rivalry enables you to optimise the company’s policy to keep existing employees and increase pay and benefits, as well as incentives and packages for current and new hires. Keep in mind that prospects frequently seek a better offer, and if you do not make one, they might decide to quit your company.
Although any business can turn to internal hiring, it is particularly well-liked in the retail industry and companies that depend on maintaining low-profit margins. Internal hiring can be a very effective strategy for reducing high turnover rates and repurposing workers with a wealth of product or service experience and expertise.
There are many advantages to looking inside your current personnel to see if you can fill a vacancy internally, but there are also some disadvantages. Internal recruiting may not be the best strategy for businesses whose operations largely rely on creativity, industry development (disruptive technologies, for example), and quick product development times.
Building managers within the company is admirable, but if it becomes your sole emphasis and all your business leaders are internally generated, a lot could fall through the gaps. Knowing your organisation is different from knowing the industry and its major players.
6. Understand the post-pandemic talent
Understanding the global scene also entails being aware of the talent that exists around the globe. It would enable you to modify your offer and remain competitive. This situation also encourages businesses to start working on creating employee loyalty programs before they even write an acceptance letter, which is an underappreciated effect.
However, more crucially, employers must be aware of how the epidemic impacts the demographics of the global workforce. There is a pool of players globally, and by knowing which areas can still offer talent without limitations, you can further improve your targeting and narrow your search.
The requirement for talent is another consideration. People’s objectives have changed due to the global pandemic, and elusive talent who may not have previously expressed an interest in your offer may now find it more enticing. It is an opportunity to customise your offer to each applicant’s requirements and give incentives outside salary.
Proficiency in overcoming these obstacles is crucial to the success of your recruitment effort, given the erratic nature of the talent market, the consequences of the pandemic, and the general lack of predictability throughout the world. One method to get around these difficulties is to assign recruitment tasks to a company equipped to meet them head-on. The ideal agency will be knowledgeable about the various talent marketplaces worldwide.
In a nutshell, companies must concentrate on recruiting and retaining employees to increase their ability to create innovative products and capacity to meet consumer demand. This would entail them being familiar with the global scenario, potential employees’ needs, and their current workforce’s tendencies.
While an employee’s capacity depends on talent, their capability depends on various elements, including business strategy, talent, and vision. Growing both requires sifting through the chaos of erratic digital talent markets and approaching obstacles with an open mind and adaptable strategy. Finding and recruiting talent for the digital technology business only takes time and perseverance, thanks to access to a worldwide network of specialists and an untapped talent pool. Thus, if you are looking for dependable HR automation software, sumHR can be your perfect partner. For more details, visit us!
Frequently Asked Questions
1. How can companies attract and retain premium talent in a volatile market?
Companies can attract and retain talented employees by providing competitive salary packages, possibilities for growth, building a favourable company culture, and encouraging work-life balance.
2. What role do wages play in attracting top talent?
Wages play a significant part in attracting top talent. Most employees mind-map their expenses and desired savings and expect a reasonable compensation. Therefore, businesses must present competitive wages, rewards, and benefits packages to draw top candidates and retain current workers.
3. What measures can businesses take to ensure they are attracting top talent?
Businesses can ensure they are recruiting top talent by making clear and descriptive job descriptions, performing thorough background assessments, using skills-based and behavioural interviewing approaches, and using numerous techniques of evaluating prospect fits.
4. What can organisations do to promote positive work culture for top talent?
Businesses can promote a favourable company culture by encouraging open interaction, encouraging employee feedback and involvement, encouraging work-life balance, and creating possibilities for professional growth and development.