In 2022 and now, at the start of another New Year, the talent acquisition market is compelled to adapt to a shifting, evolving workplace landscape, prompting firms to modify their hiring strategies.
Today’s recruitment practices, for example, must keep diversity and inclusion top of mind, as well as keeping trends like the Great Resignation and flexible work schedules in mind (from 2019 to 2021, the number of people working from home tripled in the U.S.) — all while being continually tasked with mining for the best, most talented candidates.
What are HR firms’ biggest industry trends and challenges for 2023? Read on for some actionable solutions.
Coping With Talent Shortages
Problem: Good talent is hard to find. More than a reality, it’s the understatement of the year, with more and more businesses struggling with a shortage of talent as one of their recruiting challenges. Nearly seven in 10 businesses said they receive too few applicants in a 2022 iHire survey, with eight out of 10 fearing the shortage will last into 2023. And another study last year by the National Federation of Independent Business found that the NFIB reported immense difficulty finding qualified talent, with nearly half of respondents saying that half of job openings could not be filled at all.
Solution: To address a talent shortage, recruiters must work hard at attracting the attention of the best candidates by casting a wider net. One way is going beyond the traditional job posting and using referral and social media networks to attract and connect with passive candidates who may not actively be searching for new opportunities, or freelance and contract talent. That doesn’t mean online recruitment is a thing of the past. Fine-tuning online hiring strategies — drilling down the specifics in job ads, like skills, qualifications, opportunities and perks — can bridge the gap between a shortage and an abundance of a candidate pool.
Ensuring Diversity and Inclusion
Problem: An inclusive, diverse workforce of talent with different backgrounds, experiences and points of view encourages bringing more creativity and innovation to the collective table, with productivity and better revenue as an end result. However, studies show that only one-third of recruiters track candidate diversity, excluding the best, top potential future hires out of the hiring conversation.
Solution: More recruiters are utilizing diversity metrics as part of their hiring processes, or in making use of diversity statements in job ads. By specifying and elaborating (in gender-neutral language) how a company seeking new hires takes the effort to promote DEI in their company culture, they maximize their chances of catching the attention of top, qualified candidates.
Building Better Branding
Problem: They say a company is only as good as its branding. But without the right marketing or outreach efforts in place, companies may encounter difficulties attracting, hiring and retaining long-term talent into their ranks, especially when it comes to a business’s ability to talk about its company culture and work environment and why it’s a great place to work.
Solution: A key to a company better positioning itself is by considering conducting an internal survey to determine, straight from current employees, what its pros and cons are, which can be used to boost and improve upon company culture — and subsequently, shining a spotlight on its unique culture as a means to garner the attention of a larger talent pool.
Flexible Work Schedules
Problem: The pandemic created a seismic shift in the way we work, and since 2020, that means there’s been a near total change in offering flexible, hybrid or remote working models. Before COVID, there was an unspoken industry belief that productivity would suffer without mandating a 9–5 in-office structure, Monday through Friday. But that has all changed, with studies showing that working remotely can increase productivity by 77 percent and performance by 13 percent. Unfortunately, available talent seeking work may pass on companies inflexible to offering this new dynamic.
Solution: The stats above present a picture of how employee output is improved in a hybrid work environment, but what about employee retention? A collective survey after the pandemic struck noted that 54 percent of employees said they would change jobs for one that offered more flexibility — an obvious incentive for employers to start offering this perk to their employees, and one aspect that recruiters can capitalize on in their scouting efforts.
Considering Competitive Compensation
Problem: One of the biggest chief concerns and staffing challenges is offering the right compensation that appeals to job seekers. Without hourly rates or salaries at least on par with industry averages (and preferably higher), companies may find themselves at a loss of qualified talent wooed away by the competition. This can be particularly challenging for small-to-medium sized companies without the monetary resources to compensate their employees as well as those with larger budgets.
Solution: One compensation compromise is to offer, in lieu of higher salary, other benefits such as robust health insurance packages, retirement plans or company stock options in addition to other perks: complimentary company gym memberships, continuing education/tuition reimbursement opportunities, or on-site daycare. Advertising these benefits as part of a job opportunity can go a long way to widening the available amount of candidates interested in lending their talents to a company.
Solutions To Meet Every Employment Need
At Unity Search, we pride ourselves on offering no less than the best solutions for a wide range of growing industries from accounting and finance to tax services, as well as technology and HR. We rise above recruiter challenges, engaging prospective job candidates and matching them with the right firm to ensure a fit that brings value and talent to your team. Contact us today for more information on building long-term partnerships with highly talented professionals.