20 May CEO Insights: Why Hiring May Never Again Be the Same
Labor has always been a concern in the industry, and it will certainly be a hot topic at IBIE. While there’s been a lot of buzz about The Great Resignation, which centered around individuals primarily in the hospitality and service industries, the Great Reshuffle is revealing even bigger changes ahead.
Who is the Charge?
These movements have two things in common. 1) Candidates are in more control than ever before 2) The demands of candidates will continue to grow with one of the most vocal being the desire for remote work. A recent LinkedIn article on talent acquisition found that in February, remote jobs received 50% of all applications on the job hunting site. Yet, remote jobs made up less than 20% of the site’s paid job postings.
Simultaneously, demand for work that must be performed in-person is being met with a lack of interest across many industries. As a result, employers are getting creative, offering sign-on bonuses, better benefits and flex schedules. Competition for these roles remains fierce and potential job candidates have more employment choices than ever before.
Revamp the Hiring Process
This competition means organizations need to rethink the lengthy hiring processes that have long been an Achilles’ heel for many HR departments and hiring managers. Today, that mentally is loosening up with more employers choosing to interview and hire on the spot. While this doesn’t guarantee a perfect hiring solution, it ensures the candidate won’t be lost to a company willing to move quicker in the hiring process.
Current employees also need a reason to stay, and employee engagement is one of the best ways to do so. This is especially true of older employees who may be looking at retirement. With more Baby Boomers choosing to take early retirement, there is a significant brain drain taking place in many organizations.
To prevent this loss, some organizations are exploring mentorship programs to ensure skills and knowledge can be retained. Retiring employees are extending their tenure 1 to 6 months past their retirement date to train the next generation and share knowledge. Depending on the individual and the company this could be a full- or part-time role, one that often includes an extension of existing benefits for a set amount of time.
Another way companies are looking to accommodate employees who cannot work remotely is the option of four 10-hour days. In April, California legislators proposed a 4-day work week, which will surely bring more attention to the subject. Others are using the 4-10s as a starting point and adapting it to the unique needs of the organization and its employees.
No Longer One-Size-Fits-All
The hiring practice is without a doubt a time-consuming and expensive process. With so many things changing, now could be a good time to find a hiring partner. Staffing agencies with dedicated recruiters can help narrow the gap and save time on repetitious interviews. It also could be beneficial to go straight to the source – your employees – who already know exactly what they want.