Many employers are finding it a gargantuan task to fill positions these days. More than ever, “we’re hiring” signs can be seen across major cities and local communities, reminding consumers that the job crisis is impacting most industries and areas.
It is estimated that the COVID-19 pandemic caused over 25% of workers to switch jobs in the hopes of securing higher wages, remote work opportunities, and more. As a result, employers are finding their vacancies open far longer than before. To thrive, or even compete in this environment, employers will need to adopt a proactive vs. reactive hiring approach.
A proactive hiring approach starts with employee retention. Investing in an internal employee development program and succession plan are two main ways to keep current employees engaged and in their positions. Properly remunerating employees will also keep them from seeking employment elsewhere. Considering the cost of replacing staff, employers may have to be more generous with salaries and bonuses than ever.
In addition, proactive hiring means hiring when positions are filled. We recently wrote about the importance of adopting an “always be hiring” talent strategy. We believe that hiring, even when there is no immediate need to fill a vacancy, allows employers to connect with a steady pool of talent. Instead of reacting to resignations or expansions, employers that are “always hiring” have a consistent stream of potential candidates with whom to actively engage. This stream of candidates can be narrowed and invited to interview when a position opens up, maintaining momentum and preventing extended vacancies.
Most employers, unfortunately, operate with a reactive hiring approach, which means that they begin looking for talent upon receipt of resignation or announcement of expansion. A reactive hiring approach has never been optimal but may prove disastrous during the current job crisis.
With a rising Quits Rate, at 2.90% in February 2022, the Great Resignation, as it’s being called, is a very real and concerning trend for employers. Between worker dissatisfaction, the rising cost of living, childcare shortages, and concerns over COVID-19, workers are having to rethink their employment status and career trajectory. Unfortunately for employers, seeking to replace employees after they have resigned will cost them, both in rising recruiting costs and diminished productivity.
Online talent sourcing platforms are one of the most critical tools employers currently use to fill vacancies but they are not all created equal. Using the wrong platform may contribute to lengthened vacancies and mismatched hires.
At Veterans ASCEND, our AI-Powered Talent Sourcing Platform connects employers with a pipeline of top talent while diversifying their workforce and preparing for vacancies that may arise. Our focus on matching skills and abilities rather than titles and keywords expands recruiters’ access to qualified candidates that may have been missed using traditional, keyword-based sourcing platforms. Sign up today at VeteransAscend.com or email us at firstname.lastname@example.org to learn how we can help your organization maintain a proactive hiring approach.