When it comes to hiring and retaining talent, employers should prepare for a challenging 2018.
On one hand, 44 percent of companies plan to hire full-time employees and 51 percent will hire temporary employees in the New Year. On the other hand, 45 percent of HR managers have jobs they cannot fill, citing the inability to find qualified candidates.
“There is a perfect storm happening in the U.S. labor market,” Matt Ferguson, CEO of CareerBuilder, said in a press release. “Low unemployment paired with lagging labor force participation and a growing skills gap is making it very difficult for businesses to find qualified candidates – and this is for all types of roles. If employers want to remain competitive, they are going to have to look to new talent pools and significantly increase their investment in training workers to build up the skills they require.”
While companies will struggle to find candidates to fill their roles, they may also have trouble retaining the talent they already have, with 40 percent of employees planning to change jobs in 2018.
Employers to Try New Recruiting Techniques
Many companies recognize that the competition for qualified candidates will be tough in 2018 — so they are preparing to try new techniques to attract top talent.
Recruiting new graduates – 64 percent of employers plan to hire recent college graduates.
Attracting talent from abroad – 23 percent plan to hire professionals from other countries.
Hiring familiar faces – 39 percent would like to hire former employees.
Hiring for potential – Since companies are having trouble finding their ideal candidate, many plan to hire based on a candidate’s potential. Sixty-six percent plan to hire people who don’t have all the necessary skills but have potential. Forty-four percent say they will train low-skilled workers with little experience for higher-skilled jobs.
Show them the money – To attract the best talent on the market, 30 percent of employers plan to increase starting salaries by 5 percent or more and 36 percent say they will do the same for existing staff.
Other Recruiting Techniques to Try
In today’s competitive hiring landscape, you can’t simply post a job ad and wait for the perfect candidate to apply. Here are some things you should try:
Leverage Social Media
According to a survey by Jobvite, 59 percent of job seekers use social media to research the culture of a company they are interested in. Your company should post frequent updates with relevant content that showcases your expertise. Also, consider posting employee profiles or interviews to help put a face to the organization and communicate your culture.
Promote your employee benefits
Forty-three percent of job seekers cite health benefits as the thing they value most when looking for a new job. Other benefits that will help attract top talent include paid leave, flexible work hours, life insurance and retirement plans. When writing your job posting, include all information you can about your company benefits to attract top talent.
Work with a Recruiter
Don’t be afraid to ask for help. Staffing firms like Morgan Hunter have deep talent pools of highly-quality candidates they can recruit for your open position. We take care of the initial interviews, only sending you the most qualified candidates. While working with a staffing firm is an investment, you will save valuable time and administrative costs associated with the hiring process.
If you need help finding and hiring talent, contact us to discuss how we can assist you.