Whether you are an HR manager, a small business owner looking to fill a position, or a recruiter you are well aware that finding and retaining talent got really difficult in 2018. When the going gets tough, the tough get going—right? And often that “going” means researching, innovating, and trying new avenues because the old ways aren’t working like they used to. That is why we have created this Talent Series to kick off 2019.
Agile’s Talent Series will offer a snapshot of best practices and research on each of the following topics:
- The Changing Environment of Talent
- Finding/Sourcing the Right Talent
- Attracting People that Fit
- Employee Engagement
- Why Culture is Important
- Diversity and Inclusion
- Retaining–Means Doing the Rest Right
Make sure you sign up here to get the newest Talent Series blog in your inbox at the beginning of each month.
To start 2019 off right let’s take some time to look at The Changing Environment of Talent.
The U.S. unemployment rate is at its lowest since 1969. Colorado, specifically, has the fifth lowest unemployment rate in the nation. Within the last 24 months, 23 companies relocated or opened a new office in the Denver area, seven of which were corporate headquarters. In addition, over the past year there have been 160 tech startups founded. But with all this growth comes a talent shortage that we can’t ignore.
Finding workers in an economy where everyone is already working is a challenge. The market is driven by candidates instead of employers and that absolutely changes how companies have to recruit new employees. In the past it was often enough to post a job and watch resumes roll in. Now companies pay money to hone their employee brand in order to woo possible employees away from their current job.
This shift in the market requires those looking for talent to:
- Be fast—qualified candidates are not on the market for long
- Be responsive—you have to act like candidates are similar to clients and be available to answer questions, give feedback, and provide transparency through the interview process
- Be ready to pay market rate—if you are unable or unwilling to pay what other companies are paying for the same type of role you will struggle to fill it with qualified candidates
- Be creative–all companies are using the same digital tools and talking to the same people so you must find ways beyond Indeed and LinkedIn to find candidates
- Be appealing—from your job description to your career page to your Glassdoor reviews, you need to draw candidates to your company and realize they look you up before applying
If you have struggled with finding talent in 2018, none of these bullets are probably new to you, but that doesn’t mean all companies do them well and often hiring manager or executives need to be reminded of the reality of the talent market (so feel free to pass this blog along to them!)
Next month we will dive deeper into how to find the right talent and some new and innovative options for sourcing that can shake up the old way you are doing things. Until then take a new look at your recruiting process and see if there is 1 area of the 5 above you can focus on improving in 2019. I’d love to hear what it is in the comment section below!