The job market in 2022 is unlike any we’ve seen in decades. With more jobs available than there are qualified candidates to fill them, the importance of attracting and retaining top talent for your company has never been more apparent.
Executive Search and Staffing is one of the fastest growing industries in the country for this very reason. Companies simply cannot find talent fast enough. Adding to the difficulty is the fact that other companies are hiring away their current staff, thus creating a never ending cycle.
We’ve assembled ten suggestions that can help ease the tension of the current climate and help your firm build a talented and content team that will last.
- Office Status Flexibility – The pandemic changed the way that so many across the world viewed their jobs and what was necessary to accomplish them. With many companies now requesting staff to return to the office, a company that’s flexible on remote or hybrid work schedules has a tactical advantage in the recruiting of new team members.
- Focus on a Hiring Manager Centric Interview Process – Many companies begin the interview process with the HR team and then pass along successful candidates to the Hiring Manager. We’ve found that the opposite tends to be the more effective strategy for determining a candidate’s fit. The Hiring Manager, who will deal with the candidate more directly, is best suited to determine aptitude for the job’s skillset.
- Competitive Compensation – Firms can no longer try to pay as little as possible for open roles. With so many firms looking to fill roles, candidates are increasingly making decisions solely on monetary terms. A few thousand dollars could cost you a top candidate.
- Interview Process Flexibility – The pandemic also created the proliferation of video conferencing as a means of conducting business meetings and interviews. Candidates now expect that flexibility in the interview process. Forcing a candidate to potentially need to take a day off work to commute for an in-person interview could turn off candidates.
- Expedited Interview Process – With so many companies competing for talent, candidates are often in several interview processes simultaneously. Firms that are able to make hiring decisions after 1-2 meetings (even if that involves meeting with multiple staff members each time) are at a distinct advantage over those that have elaborate multiple interview processes.
- Create Mobility Opportunities for Current Staff – One of the most common reasons staff members leave is lack of mobility. Find ways to make sure your current staff has the room for growth. Look at who is viable for a promotion, or create mechanisms where staff can request changes to different parts of the organization.
- Show Appreciation to Current Staff – While companies are short staffed, the existing team is often asked to make up the difference until new team members arrive. It’s important to find ways to show your existing team how valued they are. Or you can end up needing to find their replacements, also.
- Extend Opportunities for Skills Improvement – Opportunities for staff to grow professionally benefit not only the employee, but the firm. Whether through tuition assistance, webinars, or conference opportunities, professional development is a way to show your team how invested in them you are.
- Don’t Wait For a Resignation to Gives Raises – We often see companies resorting to counter offers after a staff member has given their resignation notice. Don’t wait until this point to properly compensate a high performing staff member; it could be too late.
- Compensation Transparency – It’s not only imperative to compensate competitively, but to ensure candidates know you do. No candidate wants to go through several rounds of interviews only to find out they’ve been working toward a role that doesn’t pay enough for them to accept it.
- Expedited Interview Process – With so many companies competing for talent, candidates are often in several interview processes simultaneously. Firms that are able to make hiring decisions after 1-2 meetings (even if that involves meeting with multiple staff members each time) are at a distinct advantage over those that have elaborate multiple interview processes.
- Create Mobility Opportunities for Current Staff – One of the most common reasons staff members leave is lack of mobility. Find ways to make sure your current staff has the room for growth. Look at who is viable for a promotion, or create mechanisms where staff can request changes to different parts of the organization.
- Show Appreciation to Current Staff – While companies are short staffed, the existing team is often asked to make up the difference until new team members arrive. It’s important to find ways to show your existing team how valued they are. Or you can end up needing to find their replacements, also.
- Extend Opportunities for Skills Improvement – Opportunities for staff to grow professionally benefit not only the employee, but the firm. Whether through tuition assistance, webinars, or conference opportunities, professional development is a way to show your team how invested in them you are.
- Don’t Wait For a Resignation to Gives Raises – We often see companies resorting to counter offers after a staff member has given their resignation notice. Don’t wait until this point to properly compensate a high performing staff member; it could be too late.
- Compensation Transparency – It’s not only imperative to compensate competitively, but to ensure candidates know you do. No candidate wants to go through several rounds of interviews only to find out they’ve been working toward a role that doesn’t pay enough for them to accept it.
If your firm is having difficulty attracting talent, Madison-Davis is here to help. With over 40 years of experience exceeding our clients’ expectations, we invite you to contact us today to learn more about our services.