In joust for talent, companies need to get creative
This article was provided by LatentView Analytics.
Over the past two years, the balance of power has shifted dramatically between companies looking for talent and their potential new employees. Amid the significant turnover of the Great Resignation, experienced employees can afford to be hyper-selective when choosing their next workplace. In particular, tech employees with highly specialized skills can choose from a veritable menu of new opportunities, with companies forced to compete not just on salary, but also on the strength of their mission, vision, rewards, benefits and other amenities.
According to recent reports from the U.S. Bureau of Labor Statistics, the eye-popping number of resignations seen in the past few months has been matched and even exceeded by the number of new hires. These figures indicate that, rather than leaving the workplace entirely or quitting out of dissatisfaction, employees are instead leveraging a fertile job market to find the best possible opportunity.
Read more: 3 things that job seekers care most about in 2022
Traditional hiring processes make sense when the hiring company is operating from a position of strength: they can take their time soliciting and evaluating candidates, comparing potential new employees, and negotiating offers. But with candidates now in the driver’s seat, employers need to find creative new ways to attract talent and quickly convert them into employees.
Leveraging technology and innovative thinking
Of course, the most important factor in any hiring decision will always be defined in dollars and cents. Even the most creative, innovative company in the world will fail to convert potential hires if they’re not offering a competitive salary. However, the pandemic revealed that employees are more willing to leave jobs that aren’t satisfying due to boring work, poor management or a lack of appreciation. All things considered, there are several ways for companies to stand out beyond just the financial package — and making that case begins with the hiring process.
The current hiring environment is the direct result of the COVID pandemic and the massive shift to remote or hybrid work. Suddenly freed from geographical limitations, unsatisfied employees could apply for work thousands of miles away and onboard without ever setting foot in an office. The conditions that created this situation also offer new opportunities for organizations to attract and hire talent: what new technologies can be used when it’s no longer necessary to sit face-to-face in the same office?
Leaning into digital solutions makes it possible for companies to demonstrate the strength of their culture, the importance of their mission, and the caliber of their employees. When comparing offers with similar salaries, candidates will naturally gravitate towards the companies with which they’ve established a stronger connection.
Building rapport with potential candidates requires companies to invest more in the up-front aspects of recruitment. For example, companies can create one or more recruiting videos that can focus on company culture and employee stories or offer a more nuanced picture of what an open position may entail. Rather than spending the time and resources needed to give a potential candidate an in-person campus tour, this approach communicates a company’s ethos in minutes to jobseekers located throughout the world.
New tools for success
As organizations reevaluate their recruiting and hiring processes, they need to consider how to add credibility and intrigue at every step of the company-candidate relationship. This begins by developing a consistent thought leadership presence, establishing the company’s culture and vision through content and PR. Jobseekers are doing their research, and having a strong catalog of thought leadership can help make the case that your company is worth the investment.
When it comes time to recruit candidates directly, virtual events can make it easy for companies to put their best foot forward with a broad audience. Virtual job fairs allow an organization to advertise multiple open positions at once, potentially catching the eye of passive candidates who may not otherwise have found your company. Companies can also take a more general approach by hosting webinars that align with the organization’s expertise or core values.
Some companies may take a more creative or non-traditional approach to finding, attracting and assessing talented candidates. This includes diving into communities like Reddit to find candidates and using gamification. One option is the use of hidden messages, embedding job advertisements in obscure locations on the company’s website — these types of ads could only be found by someone with the skills and interest to know where to look, effectively screening out unqualified candidates from the start.
Digitalization can also make it possible to accelerate the interview and hiring processes while simultaneously making those more engaging for the candidate. Look at it from the perspective of the candidate: they’re likely applying for several positions at once, expected to participate in multiple rounds of interviews for each company, and answering many of the same questions ad infinitum. Instead of using human interviewers for each of these engagements, companies can deploy online interviews or screening assignments to quickly identify promising candidates while allowing them to complete the tasks on their own schedule. This approach reflects what many employees have come to love about remote and hybrid work environments — the ability to complete work according to their own schedule without a manager looking over their shoulder at all times.
Hiring’s new normal
The benefits of digital recruitment tools extend beyond just casting a wider net or providing a more engaging interview experience. In a hyper-competitive hiring environment, every hour counts as companies race to convert candidates into new hires. Interviewing and evaluation tools that accelerate the hiring process could make the difference between gaining or losing a new teammate.
In this new normal for recruitment and hiring, organizations need to consider every possible solution that could make their processes more efficient and appealing. Online tools that can make the interview process less boring — while amplifying the company’s culture and values — will pay outsize dividends in the months and years to come. Each new hire has the potential to reshape your company’s operations for the better; it’s worth it to make sure you’re attracting the best of the best.
Rajan Sethuraman is the CEO of LatentView Analytics, a digital analytics firm based in Princeton, NJ.
