The Challenge: Attracting Candidates
In the year 2019, I began to notice a seismic shift in the candidates seeking employment. From what was once a brick and mortar process of simply posting vacancies in classified ads and online aggregators such as LinkedIn became futile. In the fiscal year of 2019- 2020, the responses to job postings in our organization fell to a record low 35%. An 80% decrease in years prior. Fast-forwarding to 2022, the engagement rate of potential candidates applying for positions available continued to hover at 38%. Since the lift of restrictions mandated by the Covid-19 pandemic, potential candidates feel empowered by the vast variety and benefits being offered by employers.
The Affect:
Major manufacturers, retailers, restaurant industry, and even laborers have found it a struggle to supply the workforce with qualified candidates. To offset the issue, many employers have taken a major dip into the overall profit margin by offering unheard of incentives and perks to attract the right candidates.
The Challenge: Engaging Qualified Candidates
As a statistician, the numbers aren’t fair in the favor of employers. For instance, out of the 35% of potential candidates, only 10% deemed qualified for the position applied for. With fear of losing a potential hire, many organizations find themselves sacrificing standards in hopes of landing a good fit. In many instances, this method ends in poor job performance and millions of dollars in lost revenue in training, insurance, and labor hours. HR Managers, such as myself, found the best remedy for procurement and retention is through incentives. From maxing out the salary cap, adjusted schedules, remote work, and even bonuses for merely being in attendance, the norms are no longer normal. And Job Seekers Know It!
As an Human Resources Manager, I found myself in constant negotiations with each potential candidate. The narrative of setting a standard has left the barn, leaving employers in a tug of war that ends with the viability of the company at stake. Qualified candidates are a commodity that are in high demand.
The Challenge: Recruiting Strategies
Instant Gratification, meeting them where they are, and the utilization of staffing agencies are the proven strategies I’ve found effective in combating the qualified labor pool recession.
Instant Gratification (Job Fairs) – The Instant Gratification method of recruiting operates in two facets, the first – On the spot offers have yielded a 90% success rate at Kandiid, with the retention rate of 1+ years at 75%. The second, Open house hiring, surprisingly posts a 40% success rate of potential candidates, with only 50% accepting offers.
Meet them where they are (Includes associate referrals and University Assisted) – From a Human Resources perspective, the most effective means of recruiting is through employee referrals. Through referrals, the employee feels connected to the company and an underlying sense of commitment is established before the candidate applies.
Staffing Agency (Contingent) – Contingent agencies, the recruiting and vetting process is controlled through ATS, which uses multichannel communications to track and evaluate talented candidates.
In conclusion, no recruiting strategy will prove successful without candidates in search of employment.
Photo by Christina @ wocintechchat.com on Unsplash
