What has become known as the “Great Resignation” is not just a hypothesis put forth by talking heads on TV. In 2021, millions of working professionals changed careers and left the workforce altogether – at the end of July, a record of nearly 11 million jobs were vacant. In some age groups, this represented a rise in resignations of 20% year-over-year.
If the resignation of a team member negatively impacted your business, you are not alone. With many industries roaring back with increased demand, the labor market is tighter than ever. The Great Resignation makes filling the talent gaps even more difficult. As your leadership team pieces together a recovery plan, here are several ideas to keep in mind from the recruiters at AP Professionals.
Change the Way You See Candidates
The labor market is currently undergoing its most dynamic shift since the surge in female professionals in the 1950s. What it means to be a candidate in today’s hiring landscape, and what that entitles you to, has changed dramatically.
As unemployment levels approach pre-pandemic lows, and millions of jobs still sit vacant, qualified candidates, especially those with rare skills or education, have more leverage in the hiring process than ever before. They are aware that their talent is in high demand. Job candidates’ expectations have altered the way they approach the job search and negotiation stages.
Employers would benefit from recognizing this shift and adapting to it. Your people are your most valuable asset, and right now, the best ones have their pick of jobs. If your business hopes to orchestrate a successful rebuild, you need to view qualified candidates as your means to getting there. Then, you must engage with them accordingly.
Change What You Offer Candidates
In your quest to attract (and retain) top professionals, reevaluate your current offering. If you believe the same compensation, benefits, and work policies will suffice as the labor market gets tighter by the month, you are sorely mistaken. The complete candidate package must reflect the truth that you are competing for their attention and consideration.
So, what do candidates care about? Research shows that compensation is just one component that tips the scales. Benefits that affect worker lifestyle are proving to be of the utmost importance, especially to millennials.
Flexible work hours, remote capabilities, paid family leave, retirement benefits, and comprehensive health insurance can go a long way in sweetening the deal. Keep in mind that for every benefit you shy away from offering, other firms who are willing to invest will have a leg up on recruitment.
Now is the time to overhaul any aspects of your company culture that need refinement. Recruiting experts cite negative work relationships as a reason for departure for a company. As the wave of resignations continues, retaining your talent is just as important as adding to it. Seemingly small investments in workplace conditions and team-building can pay dividends. Your employees will undoubtedly gush to potential candidates about the atmosphere of the firm.
Change the Way You Hire
It is often said that insanity is performing the same action and expecting a different result. If you search for candidates the same way using the same capacity as you did before the pandemic, and expect to yield the same quality of candidates in this market, you will be disappointed.
Hiring has never been more important, and it has scarcely been more difficult. Finding the top candidates and vetting them for your firm’s unique atmosphere will require an attention to detail that only recruitment professionals with industry insights can offer.
Even recruiters themselves are changing the way they network and track talent, investing more in technology and increasing focus on quality of fit to boost retention. Working closely with a dedicated recruitment firm will not only increase the likelihood of sourcing top-tier candidates, but also help you save the time and resources of your already strapped team.
Your Job Market Specialists – AP Professionals
In an uncertain and competitive market, having the right teammates makes all the difference. Partner with a trusted and proven recruiter who can help alleviate the stress of the hiring process, freeing up your time and energy to focus on running your business and bouncing back. If you are looking to add qualified members to your team, the recruiters at AP Professionals can help. Visit us online today to learn how we can source the solution that’s right for you.