What do the pandemic, the great resignation, and burnout have in common? They are all changing the landscape for hiring.
A Little Recent History
Two years ago we were discussing how to hire when the unemployment rate was at a historic low and top talent was difficult to attract. Then the pandemic came on the scene causing lockdowns, historic unemployment, and pivoting to remote work where possible.
Remote workers did their best to make sure their business stayed afloat and that they showed that they were working hard and were team players. Work blurred into personal time and workers were putting in more hours than they did before the lockdowns. As the lockdowns were extended again and again, and the pandemic refused to abate, burnout became ubiquitous.
People began to reassess what they need to live a fulfilled life. Many decided that flexibility about work was now non-negotiable and going back to business as it was pre-pandemic wasn’t part of their plan. Polls showed that a majority of workers were planning a switch.
Back to Today
We are again in a candidate’s market for hiring. Unemployment is currently 5.4% and it appears that the economy is in great shape, even though the pandemic is still affecting the country.
Your company wants to move forward and needs to hire the people that will make that happen. Just as you tailor products and services to meet the needs of potential customers, you now need to consider your potential hires and tailor your hiring to what is attractive to them. Hiring doesn’t have a one size fits all solution and throwing money at the issue won’t necessarily attract the best and brightest.
Even though money isn’t always what attracts talent, your salary and compensation package needs to be competitive. Analyze the current market for the talent you need. Use that data to tweak your compensation to make sure that top talent doesn’t dismiss you because of a low offer.
Offer flexibility when and where you can, to engage with those candidates who have discovered during the pandemic that they can provide value and excellent work without the long commute. It will be particularly important during this school year where children who are back to in-person classes may end up quarantined at home on short notice, leaving working parents with no child care options.
Bringing younger talent on board is critical during this rebuilding phase. They bring new ideas and fresh energy, and they will be the future of your organization. They value different aspects of work and the companies that employ them.
They want to know that you offer training and career development options. They want to build their skills and will look for employers who are invested in helping their employees move forward. Stipends for education is one way to offer unique development options for each person.
Take the time to research what your ideal candidates care about in a job and in a company. Younger talent wants to work for a company that shares their commitment to causes outside of work. Make sure the cause your company champions is visible to candidates who are researching you. Have an active social media presence to showcase what is great about the company.
Don’t Do It Alone
There are many moving parts to hiring well. You and your HR team don’t need to recruit talent in a vacuum. Develop a relationship with a recruiter that specializes in the type of talent that you want to hire. A great recruiter has already done the heavy lifting of researching competitive compensation and what candidates are seeking and more. That relationship could give you the edge to attract and hire the right talent for your position.