Employers are fighting for talent, increasing salaries, and expecting to grow their staff in 2018. According to CareerBuilder’s Annual Forecast for 2018, 44% of employers plan to add permanent staff this year. Additionally, 51% of employers are planning to add temporary (contract) staff to their teams.
With a strong economy, businesses are comfortable investing in additional staff. From a recruiting perspective, this presents some challenges. Unemployment rates are low and employees are looking to make voluntary changes to their employment. This means that attracting candidates is tougher than it has been in the past few years and employers need to be creative in their recruiting. Below are some tips and trends to ensure your business is prepared to compete in this market:
Consider Boomerang Employees
39% of employers plan to rehire previous staff. Hiring a boomerang employee (someone who worked for you in the past and is rehired) can be a great way to snatch good talent quickly. Boomerang employees already know your firm’s culture and you already know their strengths and weaknesses. Don’t shy away from rehiring a past employee but do understand why they left and ensure that obstacle does not still exist.
Have a Recruiting Strategy
You would not invest in a new software without a plan, nor purchase a new office building without significant research and planning. Hiring employees is an investment and is most effective with a well-developed plan. In a competitive market, it is taking longer to fill positions than it has for the past few years. So not only do you need a good plan, but it needs to be a realistic plan based on forecasting, market conditions, and goals.
Salaries are on the rise and it is imperative to be competitive. However, for some firms, increasing salaries is not an option. There are a lot of factors involved in a compensation package, not just salary. If you are not able to increase salaries, focus on the other benefits of working for your firm and gain an understanding of what is important to your target job candidates. Trying to sell your retirement plan to a candidate who is focused on building a savings account to purchase his/her first house, may not the best approach. Could you connect the candidate with a financial advisor to help him/her plan for buying a house? There are endless options that can help you attract and retain good employees, you just have to know what is important to them and get creative.
You have to interview and make offers quickly if you want to secure strong employees. Most candidates expect feedback within 48 hours. If you are not making quick decisions and keeping in touch with your candidates, you are probably losing them.
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