12 May Recruiting in the Digital Age: Challenges of The Talent Revolution
In the first blog of our series, Recruiting in the Digital Age, we talked about the reasons for The Great Resignation and the hiring challenges that it brought. In this blog, we’ll continue discussing this new Talent Revolution and offer solutions for finding (and keeping) top candidates.
Overcoming the Challenges of The Talent Revolution
The mass worker exodus in 2021 left hiring managers in the lurch – the big gap between available talent and available jobs only grew in size (not very articulate, but you get the drift). For hiring managers and HR leaders, the need to source and acquire new recruits has become even more difficult.
Mind Over Matter
One of the best ways I’ve found to tackle these job market challenges is by approaching the issue with a sales mindset. You are the seller. Candidates are buyers. How can you sell not only the position but your company to desirable candidates?
First, think about approaching prospective hires the same way you would a prospective client. Typical aspects of a sales approach include the following:
- Make sure your job description is attractive and accurate. Clearly communicate what you’re offering and what you want. Showcase not only salary and benefits but your culture and mission.
- Be proactive. Go after the candidates you want. Don’t make them come to you. A recent report noted that 73% of candidates are passive job seekers. You will never find the talent you want if you don’t put in the leg work to find and court them. Very few people apply – it’s a fact.
- Handle objections. Your candidate may likely consider more than one job offer. Why is your company better? Why is your offer better? Why should they say “yes” now? What are you offering that others are not?
- Finally, ensure you have a smooth-running onboarding operation. This is the final step in ensuring a positive experience for your hires – and setting a good foundation for employee retention.
Understand Your Audience
Businesses should also focus on the needs of Gen Z workers. Combined with millennials, this employee population already makes up almost half of the workforce, and they have specific outlooks and expectations:
Gen Z expects flexible work accommodations, including remote work options. According to a recent CNBC report, “people working from home have said it’s helped them maintain a better work-life balance, manage childcare responsibilities and be more productive.”
The discord between old-school ways of thought and this new generational attitude is, perhaps, best exemplified by recent Goldman Sachs reports in which its CEO demanded that employees return to the office but has, in turn, faced substantial resistance.
Goldman Sachs competitors, on the other hand, are showing greater acceptance of hybrid and remote work options. UBS executive Tom Naratil said, “It’s all about the talent — how do you retain it, how do you attract it.”
Gen Z takes their physical and mental health seriously. Companies that provide well-being benefits beyond traditional health benefits will find it easier to attract top talent.
For instance, one major credit card company offers a 16-week New Parent Leave, Family Building support for adoption or fertility treatments, and an employee recognition program.
- Social & Global Activism
Almost 40% of Gen Z workers want careers that will give them the opportunity to make a positive impact. Companies that enable this or, even better, embrace this attitude themselves will give themselves an edge on the current talent competition.
The Most Cost-Effective Solution
Once you win over your talent, the job is not yet done. The normal expectation that an employee will stay with one company for years, steadily moving up the corporate ladder until they finally reach retirement is long gone. Gen Z and millennials are much more inclined to move on for greener pastures.
Companies lose billions of dollars through employee turnover (the cost of replacing an employee is 1.5 – 2 times their annual salary). It’s much wiser to focus efforts on employee retention. Here are some great ways to do that:
- Build a sustainable, positive workplace culture.
- Develop good, responsive leadership.
- Give employees a voice, and act on feedback.
- Provide opportunities for self-improvement and continuing education.
- Recognize and reward employees for their efforts.
- Prioritize technology. Implement modern technology, not just for better productivity but for opening the lines of communication and increasing employee engagement.
Your people ARE your greatest asset. If you build an environment where employees feel valued and respected, chances are your bottom line will reap the benefit through greater productivity, better performance, and minimal workforce exits.
Stay tuned for more tips and insights on recruiting in the digital age!