Current Recruiting Environment
With the labor market constantly changing, the current status reflects a more competitive environment. Talent acquisition/HR professionals will be asked to fill more positions and will begin to use new technologies to find the right workers for their organizations.
Employers will then have to staff on-demand gig positions, utilize data analytics and AI tools, increase diversity by emphasizing skills over former education and target passive candidates through hyper personalizations.
"It doesn't matter what industry our clients are in - everything from manufacturing to retail - every company can now be classified as a technology company... This has forever changed the way talent acquisition experts do their jobs, and what candidates have come to expect." - Byrne Mulrooney, CEO of LA-based Futurestep, a Korn Fery company.
"In 2016, we saw recruiters... adopting technologies to automate aspects of their daily workload and leveraging the rich data stores they've amassed to create meaningful and actionable recruitment plans." - Jon Bischke, CEO of Entelo
Companies are now evolving into a model of building a "talent network" (LinkedIn, Twitter, Facebook, Glassdoor, Indeed, etc.) to recruit rather than a "candidate relationship management" approach. These talent networks not only post jobs - but can attract fans, candidates, employees, alumni, and customers.
The amount of social sourcing on LinkedIn has also increased tremendously in the past few years:
- 6.5 million active job listings on LinkedIn
- 94% of recruiters use LinkedIn to vet candidates
- 48%+ of recruiters only use LinkedIn for social outreach
- 3.4 million LinkedIn users used the Open Candidate feature
The Employee's Stage With Your Company
This stage of the employee comes at an early age; direction is narrowed by parents and teachers. The perception of their career is mostly built upon careers of parents, their aspirations for their children and their financial resources. Many expectations and perceptions are unrealistic or altered, although this is irrelevant to most employers - this stage is important and often influenced by a few companies via programs, internships, etc...
PwC - one of the world's largest professional service networks - provides training, coaching and experiences that introduce individuals to the fast-paced and challenging company. They offer internships starting as a college sophomore in a 4 year program with academic requirements as well as a pursuit of a Bachelor's degree in Accounting or one of the STEM majors. More than that, they offer the PwC challenge for students from 100 colleges and universities to compete in groups of four or five for cash prizes at local and national levels. This offers a chance to connect with PwC professionals who can provide mentoring for their career pursuits. This is an offering towards freshmen and sophomores in college. Their Explore program if also offered as a full day to engage with students and discover their strengths, values and passions to better understand who they are and what they want to do. Along with that, their Elevate program is more selective for high-achieving college students interested in learning about a fast-paced career in the professional services industry. After an on-campus interview and upon selection, this 2-day program is highly encouraged to be attended if they want to pursue full-time employment.
These programs not only build hype onto the name of PwC and highlight interest in such an involved company, but they also inspire college students at a young age to pursue their career at a highly competitive rate. There won't be a lack of excellent candidates waiting to join the workforce upon graduation because companies like PwC are investing in their own people before they even employ them.
Transitioning from school to job, this stage in an individual's career includes the first real job, being accepted by your peers, learning the job and gaining the first tangible evidence of success or failure in the real world. This begins with uncertainties, anxieties and risks.
Companies themselves are in charge of onboarding their own talent to ensure company success. Bad retention rates are costly to business, and hiring the wrong talent to have them leave/replaced is not only a poor financial investment, but also bad for company image. Companies like Twitter have onboarding programs set up with 75 steps and handoffs between the moment of new hire to the time they arrive at their desk. Zappos has an onboarding program designed to grow company culture, build teams, and generate relationships throughout the company. In order to ensure that they have the right company culture and employees. "At the 1 month anniversary, any new employee who doesn't feel they're a good fit is offered $2,000 to quit."
Companies that ensure a transparent line of communication about the job/company culture expectations, and those that generally care about employee outlook are those that tend to keep the right talent.
When the individual encounters their first severe dilemmas in their career path, this stage moves them up to a worker-status rather than entry-level or often from an apprenticeship. Making a successful transition to assume greater responsibilities and get more rewards.
For many reasons, reassessment is necessary and may include job changes and adjustments or priorities and pursuits of a different lifestyle.
The stereotype of being a flaky job-hopper, especially while the millennial wave crashes into the workforce, is becoming a thing of the past. "Workers who stay with a company longer than two years are said to get paid 50% less, and job hoppers are believed to have a higher learning curve, be higher performers, and even be more loyal, because they care about making a good impression in the short amount of time they know they'll stay with each employer. Patty McCord, former chief talent officer for Netflix, says job hopping is a good thing, and young people should plan to do so every three to four years."
Job hoppers are constantly being placed outside their learning curve, forcing them to build skills faster when changing companies. They know they have to learn fast, make good impressions, and improve the bottom line in a shorter amount of time. Penelope Trunk, serial entrepreneur and author, says that the learning curve "pretty much flattens after three years... So it turns out, the employee who stays the longest, you get the least work out of, and the employee that job hunts are the most receptive of becoming extremely useful, very fast."
Incorporating this job-hopping trend with interdepartmental company-offerings would be a thing to consider if trying to retain and maximize talent within the company. Keeping the individual within the company on rotations, exploratory titles and innovative roles will keep your employees fresh without having to lose them.
To hear more about the ways you can transform your company brand into one that attracts and retains the best of the best; click here.