Over the past three months, our team of experts has been writing on the topic of maximizing the power of your people to increase organizational excellence and sustainability.
While we all know this has always been true, it has become even more significant in this age of very low unemployment and a scarcity of the current marketplace for talent. In the Hiring and Recruiting segment of our services, we have seen a major shift in the employment market. Where we used to quote 6 weeks to fill a typical open position, we now are seeing much longer lead times…WHY? It is simple. The job seekers are in the driver’s seat. Of course, they must still have the right skills, experience and education credentials for your positions. And they must meet the behavioral requirements that are necessary for the job benchmark requirements… BUT THAT IS NOT THE END OF THIS TALE.
Employers must be able to do the following:
- Be clear in your job posting: what it is you want and expect, and why a prospective employee would want to work for your organization, compared to your competitors.
- Be able to quickly review resumes, qualify candidates and get to screening interviews very quickly. Face to face interviews must follow within days, not weeks, and decisions must be made quickly if you expect to be competitive for this shrinking employment pool.
- You must be very aware of the market demands for wages, benefits, and future opportunities for this active and mobile workforce… and then, be competitive in what you are offering.
- Recognize that some candidates will get multiple offers and drop out of the game more frequently than in previous employment markets.
- Train your managers to be skilled interviewers.
- Train your managers and leaders on the latest in leadership techniques to arm them with the ability to retain the best workers, long-term.
I see it as very similar to the housing market. Way more demand than supply and houses sell quickly, for more money, and even create bidding situations. Why would it be any different in the employment market?