The first quarter of 2016 has been an excellent indication of our current and intensive job market. Hiring indicators are showing that employment trends are similar to those prior to the housing crash in 2007. Employers are noticing longer time-to-fill ratios, and a decreased and often unskilled candidate pool, thus making the task of hiring well-qualified employees a challenging endeavor. So, what can employers do?
First, employers should revisit their job descriptions and determine what is absolutely necessary for the success of the position. For example, degrees are often listed on a requisition as being required, but is it truly, unequivocally a requirement? Can an employee not perform the specified tasks without a 4-year degree? Most often in entry- to mid-level positions the answer is “NO”, a degree is not necessary to successfully perform the functions of said position.
Secondly, continually educating the hiring team on best-practices and current trends should help set realistic goals and expectations for the hiring process and current market. If they see a candidate that they really like, don’t wait to see more. If it takes 2-3 weeks to find candidates purely for comparison sake, this leaves plenty of time for another employer to swoop in with a great offer… Then it’s back to the drawing board to identify additional candidates.
Finally, the best option for employers that have positions they are constantly interviewing for is to maintain a proactive pipeline of candidates that are available and interested. This will allow for an easier recruiting process when those openings become available, which in turn will save recruiting resources and shorten the time-to-fill ratio.
There is no secret formula when it comes to hiring in this ever changing market. Talent Acquisition teams are trying to look at ‘big data’ to evolve with the trends and new generations that are entering the workforce. It is extremely important to advance and grow with the market, if not before.