- Human Resources, Talent Acquisition
How can companies stand out in the changing job market?
- The Resources Group, Inc.
There’s no doubt the job market is hot right now. Recruitment has been inundated with job openings. Workers are quitting in what’s been called the “Great Resignation.” And overall, the COVID–19 pandemic has profoundly affected our society and how we look at our jobs. This combination has turned the job market on its head, empowering job seekers and disrupting companies in every sector.
Around 65 percent of employees are looking for a job right now, according to a PwC poll conducted in August 2021. That’s almost doubled since May 2021 where 35 percent of employees said they were looking for jobs. Workers’ top reasons for looking included better salary, expanding benefits, and more workplace flexibility.
With all of this in mind, how do companies meet the job market’s new demands and power dynamics while finding the right candidates for their job openings? Below are some tips to consider before and after you post your job opening.
Show up differently
If the market is different and candidates are looking at their careers differently, then companies should too. Take an authentic look at your company and figure out where you have the opportunity to improve wages, expand benefits, provide training, or create a safer working environment. In the end, honestly ask yourself, “do people want to work here?”
Set the tone
Be authentic and honest – at the end of the day, integrity will win. You need to be transparent about what the job offers. You often see vague job descriptions, and companies have reasons why they keep them vague. However, it only hurts the company to keep candidates in the dark. For one, high potential candidates may not apply because of the vagueness. Secondly, you may get unqualified candidates applying, which results in wasted time in sifting through candidates.
Empathy is good for everyone
“Pandemic” was Merriam-Webster’s top word of the year in 2020, which seems obvious now. This year, though, one of the front runners for word of the year 2021 should be “empathy.” While the COVID pandemic shined a light on how businesses should be more empathic in all different ways, from company policies to leadership. Empathy is a skill we should all strive for, but now more than ever, it’s necessary to be a desired company.
According to research conducted by Businessolver, 72 percent of workers believe empathy influences employee motivation. Meanwhile, 84 percent of CEOs believe empathy drives better business outcomes.
Your hiring process speaks volumes about your company culture. An empathetic approach to hiring can go a long way to demonstrate the value place on empathy as a company overall. Look at your hiring process from beginning to end and how and where you can build in empathy.
In short, empathy is better for both the business and employees. It’s a skill that should be championed at every level of your company, internally and externally.
Be prepared to pay more
With the power dynamic shifting to candidates and employees rather than the hiring business, that means you will need to pay more for top candidates. Those companies who don’t pay more may be doomed to fail. According to Willis Towers Watson, salaries will increase by 3 percent in 2022. It’s essential to reevaluate your budget and where you want to invest in your employees for long-term success.
Diversity, equity, and inclusion is foundational work
Silence on social issues no longer equals neutral. Candidates increasingly want to know where companies stand on issues of social justice, environment, and culture. More and more, candidates view companies who are silent on social issues as part of the problem. Furthermore, when women and/or people of color head hiring committees, it can have a significant — and very positive — impact on the diversity of applicants who apply for a new position, according to the Journal of Applied Psychology. Consider ways to build more transparency into your company values, stance on social issues, and DEI goals as part of the hiring process.
How TRG can help
As you can see, the job market is different than it was just a few months ago. There are more job seekers, and they are demanding more while companies are figuring out how to operate post the COVID pandemic. There’s a lot of factors to consider before you post your job. Let us help you, contact us for more information.
