The United States Bureau of Labor Statistics releases a report each month highlighting the nation’s employment situation. The most recent release looked at both the unemployment and employment rates of the month of July 2018. According to the report, total nonfarm employment rose by 157,000 and the unemployment rate edged down to 3.9 percent. Additionally, employment increased in professional and business services, in manufacturing and in health care and social assistance. Due to unemployment being at a record low, finding the right candidates can become difficult for employers.
For job seekers, we have resources available to make sure you stand out to employers. However, not many people think of the other side of the hiring process – that of the employer. The hiring process can be thought of as a competition for both job seekers and employers alike, especially given that the United States is nearing full employment. A study by the National Federation of Independent Business found that 87 percent of employers said they were hiring “few or no qualified applicants” for their open positions, and 21 percent of owners cited the difficulty of finding qualified workers as their “Single Most Important Business Problem.”
What does this mean?
Employers might be hiring candidates for the sole purpose of hiring someone. They need to fill a position, so they rush to do so. This, however, can lead to costly mistakes. The time it takes to onboard new employees and costs associated with the hiring process can lead to high turnover within the organization which can damage company culture. The Harvard Business Review estimated that up to 80 percent of employee turnover results from poor hiring decisions.
So, how can employers make sure they hire the right candidates?
There are some strategies to help businesses hire and retain the right candidates. If you are a hiring manager struggling to find the right talent, check out some of these tips from Thomas Smale.
Optimize Your Career Website
Does your company have a specific “careers” page on its website? Chances are you aren’t utilizing it to its fullest potential. There are a variety of software options available to help streamline the recruiting process for your company. Candidates can be lead through the hiring process, their status can be tracked, and the onboarding process can even start thanks to software such as Jobvite.
Finding the right software to optimize your career website relates back to the mantra “work smarter, not harder.” The recruiting industry requires hard work and for hiring managers to stay on top of the hiring process, but thanks to available software this is made easier than ever.
Make Your Employees Your Best Recruiters
Your employees are often your best advocates for your company. While they might not be recruiters, per se, they can tap into their own professional networks to refer potential candidates to open jobs. According to a 2017 study by LinkedIn, 48 percent of managers surveyed said employee referrals were their top channel for quality hires.
If your company does not have a recruiting team, you can incentivize your current employees to use their networks and refer potential candidates. Not only is this a way to lower hiring costs, but it can increase hiring time.
Use The “Internship Gateway”
Internship programs are a way for both candidates and employers to test the hiring waters. While unpaid internships have come under fire as of late, these are great “trial” periods for companies to see the quality of work from interns, and for interns to determine whether or not the company is one he or she can envision creating a career at. According to a 2018 study by the National Association of Colleges and Employers, 59 percent of interns surveyed had been offered positions at the companies where they completed internships, and 45.6 percent went on to become employees.
Internships must go beyond making coffee runs and performing menial tasks. In order for an internship to truly be successful, it must provide value for both intern and employer. While most jobseekers might search for jobs on LinkedIn or Indeed, WayUp is an online resource for college students, recent grads and young professionals. Companies of all sizes use this platform for recruiting, so it is a consideration for both candidates and employers alike.
Optimize Your Job Listings
You can optimize your career website, but if you don’t optimize your job listings, then all that work would be for nothing. Jobs can be found everywhere, from specific job sites to social media platforms. Finding a way for your openings to stand out is key. Ways to optimize your listings include, making your openings explicit, and sharing your openings to various career sites.
The job search has always been a difficult process. Considering the fact that unemployment is at a record low, that just means that the process has become even more competitive. It is often seen as a competition for the job seeker, but it is also extremely challenging for employers to find viable candidates. Thanks to these tips from Thomas Smale, companies of all sizes can make the hiring process easier.