In May 2019, the Bureau of Labor Statistics reported that the U.S. unemployment rate remained level at 3.6%, with employment increasing in both professional and business services as well as healthcare. These numbers paint a much different picture than the unemployment rate during our most recent recession, which hovered at 10% in October 2009.
Recruiting methods have changed over the years—as they should. We work differently today than we did even ten years ago. So, why shouldn’t the way we attract and retain talent?
We hear a lot about hiring the wrong person - there are numerous articles out there warning about the expenses associated with someone who isn’t fit for the job, or the potential disruption caused by moving people in and out of positions. But what about hiring the right person? Do we just roll the dice and hope for the best?
Hire slow, fire fast. We’ve all heard this before. There's a reason tech startup culture has instead adopted the "hire fast, fire faster" mantra - but we've got some doubts about that one too. How can you ensure you're hiring the right people, and setting your new hires up for success starting on their first day?
Referrals continue to add the most value for hiring managers as a top source of hiring, representing 30 percent of hires in 2016. Referred candidates convert to hired employees faster and stay in their jobs longer than candidates from any other source.
Sixty-three percent of recruiters claim that lack of talent is their top issue. To find qualified candidates, you're going to have to include more than just the people that are currently looking.
Diversity and inclusion are instrumental in building and managing a successful and profitable organization. Companies that prioritize diversity and inclusion enjoy a 2.3x greater cash flow over a three-year period than other companies. Thirty-five percent of diverse companies outperform homogeneous ones. And, sixty-seven percent of job candidates want to join a diverse company.
In every industry, employers are struggling to find candidates with the right blend of technical skills and soft skills, such as leadership, communication, and customer service. Forty-five percent of employers have difficulty recruiting qualified talent to their companies. For large companies with more than two hundred and fifty employees, the talent shortage percentage jumps to 67 percent.
Employee referral programs are not only immensely popular, but they also deliver results—to both the employee and employer. Employee referrals are the number one way potential candidates find jobs, and this is good news for employers - employee referrals give employers access to a high caliber talent pool.
We’re in a job hunter's market. With the unemployment rate at record lows and employers competing to fill open positions, qualified job seekers know they’re in demand. So how do you attract and retain the brightest talent? As an employer, what can you do to stand out among the crowd?