According to the U.S. Bureau of Labor Statistics, there were 10.5 million job openings in November 2022. Unfortunately, this number indicates that employers are still struggling to source, attract, and hire workers. Much has been said about the Great Resignation creating a buyers’ market. That means that competition for high-quality talent is tougher than ever — and some companies may sabotage themselves without even realizing it.
Despite inflation and talks of a recession, the job market is still chugging along. According to the U.S. Bureau of Labor Statistics, there were 10.5 million job openings in November 2022. This was only a slight change from the 11.3 million job openings in January of the same year. It’s still a buyer’s market.
Unfortunately, these numbers indicate that employers are still struggling to source, attract, and hire workers. Moving into the new year, companies must rethink their hiring processes. Otherwise, they risk losing talented candidates to competitors with better recruitment experiences.
One of the best ways to learn is to review previously made mistakes and adjust accordingly. Here are three common errors that cost companies great people:
- Prioritizing the wrong candidate traits
Hiring someone with the wrong characteristics for the job results in a bad hire. For example, a hiring manager or recruiter may incorrectly assume that a role requires certain strengths. If they hire an employee based on what they think they know, that person may seem ineffective. This can lead to rapid attrition and a cycle of consistently hiring the wrong candidate.To overcome this issue, companies must understand which traits are essential for a position. Once these traits have been established, they can be used as springboards to revise job postings, candidate assessments, and interview questions.Peter Cappelli, professor of management at the Wharton School and the director of its Center for Human Resources, recommends letting applicants decide for themselves if they’d be a good fit.
“More than a generation ago, the psychologist John Wanous proposed giving applicants a realistic preview of what the job is like,” Cappelli writes. “The key for any company, though, is that the preview should make clear what is difficult and challenging about the work as well as why it’s fun so that candidates who don’t fit won’t apply.”
- Failing to diversify the hiring process
Many organizations struggle with hiring because they haven’t updated their processes in years. For instance, companies might not have expanded their candidate pools beyond a couple of go-to sources. This might seem like a low-priority concern, but failing to appeal to a variety of candidates can cause companies to struggle with diversity and inclusion.Marti Willett, president of Digital Marketing Recruiters, a recruiting agency that matches talented digital marketing professionals with growth-focused businesses, believes a lack of diversity can lead to employee and customer turnover.“If employees feel they don’t fit in, they are less likely to stay,” Willett says. “Additionally, from a customer or client perspective, if they don’t see themselves represented within your workforce, they can sometimes feel hesitant to engage in your services. This is especially true for client-facing roles.”
Resolving this challenge starts with novel approaches to hiring, including finding diverse applicant sources and ensuring that job postings are written to appeal to a wide range of people. Existing employees can help in this endeavor by referring others and sharing job postings on social media.
- Neglecting to offer what top talent is looking for
A company can’t attract top talent if it doesn’t offer candidates the right perks and benefits. Today, employees are setting the tone and stating their expectations in ways they never have before. Employers need to not only recognize candidates’ expectations but also meet them.Schedule flexibility is an excellent example of a top-tier benefit. McKinsey research reveals that 87% of people will take advantage of remote work if it’s offered to them, and Future Forum data shows that 71% of workers would consider leaving a position if it wasn’t flexible.
Hiring managers and recruiters should use surveys and other research methods to determine what qualified candidates want. Using that information, they can begin brainstorming ways to offer job seekers more value. Just remember that old perks like ping-pong tables and casual Fridays won’t work. The pandemic changed workers’ outlooks, so companies need to evolve accordingly.
The war for talent is raging on, and it doesn’t look like it will slow in 2023. Businesses that want to limit their turnover and attract a wealth of qualified applicants must make themselves more competitive by prioritizing the right traits, diversifying their hiring processes, and offering more valuable benefits.
Written by Rhett Power.
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