The American economy has reached the tipping point with more open jobs than there are workers to fill them. In September 2018, American job openings (and quit rate) reached a 17-year high, Bloomberg reports. To avoid candidate churn and improve hiring and retention, businesses must be aware of these top five challenges in hiring employees in 2020.
According to the 2019 Global Recruitment Insights and Data (GRID) site by Bullhorn, the top challenge cited by recruiters is talent shortages, which 73% say is an issue. With much of the best talent already employed, recruiters must look beyond candidates who are actively applying for jobs and use cold outreach to find talented candidates who are already working.
Professional networking site LinkedIn reports 87% of people are open to new job opportunities. It’s up to recruiters seattle to proactively find the right fit for potential employees
Less candidates equals more competition. Businesses need to make their offering more attractive than their competitors.
That’s not just in terms of financial compensation. A 2019 CNBC/Survey Monkey Workplace Happiness Index study found non-monetary job benefits are key to boost job happiness. The survey results showed 14% of people prioritized more training or learning opportunities, and 9% said more paid time off was most important to improving job satisfaction. Opportunity, contribution, autonomy, and meaning were also cited as important workplace qualities.
Slow hiring processes can make your best candidates check out and move on. According to a 2017 study by Glassdoor, the average hiring process length in the United States is around 24 days. Some industries and positions may warrant shorter or longer hiring process. For example, a role in government takes about 54 days to complete the hiring process, while bars and restaurants hire in around 10 days.
Since many of the most talented candidates can afford to be selective, that means candidates are vetting companies just as much as businesses are evaluating candidates. There are company review sites out there, like Glassdoor, and even job search sites like Indeed feature company reviews on their listings.