Companies and candidates are continually asking, “what does the current hiring market look like?” And many are shocked by the response. The truth is that the market is incredibly short on good quality candidates right now, and many job postings are open for extended periods while companies search for candidates. So, how did the job market change amidst a pandemic, and how can you set your company apart to attract quality job candidates?
Hiring Trends Over the Past Year
As the pandemic upset the labor market last year, many people were impacted in different ways. Most corporate employees kept their jobs and migrated to a work-from-home arrangement. Many service-sector employees were furloughed or lost their jobs outright and filed for unemployment.
The news reports painted a bleak outlook for people looking for work and jobless claims rose at every new report. But what wasn’t always clear was that businesses reinvented themselves at the same time. Take out became the primary dinner plan for many and restaurants realized that they could maintain and even become more profitable in some instances by doing curbside and delivery. And some companies were busier than ever, supplying goods and services and serving the new “at-home” model.
There were millions of people who lost their jobs, but those jobs are, and have been, roaring back. Now that there is light at the end of the tunnel with vaccines and restrictions being lifted, business in most sectors is booming and the supply of talent cannot keep up with demand. This is great if you are looking for work, but not so great if you are trying to hire. Businesses of all sizes are finding it difficult to find people, and the more skills the job requires, the more challenging the search. The bottom line is that most people are now working again. Degreed workers are employed at about 97% according to recent reporting. Add a specific skill like accounting or finance, and that number is even higher.
Recruiting in a Post-Pandemic World
What can you do when 98/100 people you are searching for are already working for someone else? You have to give them a reason to want to leave to work for you. That means you need better culture, pay, benefits, 401(k) match, flexible work arrangements or some other differentiator. And just as important, you need to get a chance to tell your story to them. With so many ways to post a job online, everyone is competing for attention. And let’s face it, most quality candidates don’t like the process of filling out endless online applications only to get an automated reply and no feedback. It’s a problem that makes the process of hiring time-consuming and frustrating.
5 Ways to Secure a Qualified Candidate
Here are five tips to increase your odds of getting your positions filled with qualified candidates:
- Have an organized approach. Be sure your job posting and company description are clear and paint a realistic picture of what you have to offer.
- Make the process easy for a candidate to learn more if they apply. Schedule a brief initial phone screen to establish a connection with a person, and answer basic questions about compensation, work hours, duties, etc. No automated e-mails!
- Get a commitment from all internal decision-makers that they will move quickly and efficiently through the hiring process and provide timely feedback at each step to keep the process from stalling.
- When you find candidates you like, assume others like them as well and do not delay in preparing your best offer to present.
- Consider enlisting help of a recruiter. Partner with someone with recruiting expertise who does this all day, every day. They can help market your company and opportunity to potential candidates to help educate and attract the best options in the marketplace.
It’s likely that the employment market will stay this way for some time as the baby-boomer generation continues to retire in record numbers. Generating a solid game plan now can keep you competitive for the top talent for years to come.
Anders Talent can help you attract and find the best people to match your business’s unique needs. We are in touch with the demand for finance and accounting talent and can help you navigate today’s hiring and recruiting processes. Learn more about Anders Talent or contact an Anders advisor below to learn more.
