Anticipating long term talent needs in a volatile job market

The employment market today can be best described as “volatile.” It is drastically different from the labor market a few years ago. Today, the unemployment rate is the lowest it has been for a while, at just below 4%. This four percent indicates 6 million Americans are out of work. However, at the same time, there is a record number of job openings without anyone to take them up. The high inflation and speculations of a recession have employers changing their recruitment strategies. In this landscape, it is important that you anticipate the long-term needs of your current and future employees.

When you create your company’s recruitment strategy, it is important to understand that offering competitive compensation alone would not make you seem the ideal employer to candidates. There are other strategies you can use to expand your talent pool with the best candidates. You can proactively recruit passive candidates, streamline candidate communication, and balance the expectations of multiple generations at the office for a better recruitment experience for everyone.

Proactively focus your attention on passive candidates

According to LinkedIn passive candidates makeup 70% of the talent market. Who is a passive candidate? A passive candidate is an individual who is not actively engaged in a job search but is willing to consider the right opportunity. You can start the process ahead of a need to fill a specific position by sourcing, engaging, and attracting candidates. Many candidates turn to social media during a job search. Leveraging social media to promote your brand as an employer and the company’s influence on current employees.

Streamline candidate communication

One way to ensure that you get the right talent in your company is to streamline the communication processes and make it easier for the company to connect with job seekers and current employees. The success of your recruitment process will depend on how easy you have made it for potential employees to discover open positions. You can adopt a strategy such as text recruiting to see better results. A study conducted by the North American Talent Board discovered that candidates who received texts during the job search process rated their candidate experience 50% higher than those who did not.

Pay attention to internal mobility and referrals

When looking for the right talent for an open position, you shouldn’t forget about the talent pool that already exists within your company. Did you know that 29% of workers say their employer does not offer a platform or software to make it easy to apply for open internal roles? When recruiting for higher positions, it is important to optimize internal mobility. Also, 82% of workers are likely to click on a job opportunity someone in their network posts on social media. This indicates that companies should also pay attention to employee referrals.

Understand the value of retention

You are trying to successfully create a recruitment strategy in an employee-driven talent market. You should make sure to meet the needs of your current employees when designing training and development initiatives. Conduct “stay interviews” with your employees to learn why they like working for your company.