Recruiting in a changing labor market

The current employment landscape is complex and characterized by uncertainty. Buzzwords such as "wave of layoffs" are triggering a shift in hiring strategies among employers, especially in the face of an impending recession. The unemployment rate is at its lowest level in 50 years Nevertheless, strong demand for workers remains, as there are currently 1.7 job openings for every unemployed person. In this changing labor market, recruiters and hiring managers must be prepared to attract the best talent for open positions while anticipating the needs of current and future employees.

Recruiting in a changing labor market: companies can attract and retain top talent by leveraging streamlined candidate communications, a renewed focus on employee mobility and proactive recruiting strategies.

Optimize communication tactics

The methods used to connect with job seekers and current employees must evolve with rapidly changing technology. Simplified and personalized communication allows recruiters and hiring managers to speed up their overall recruiting process and, in turn, make it easier for potential employees to learn about open positions.

SMS increases the pace of candidate communication, which improves the overall recruiting process for all parties. Sourcing, interviewing, hiring and more can be supported by SMS, especially when open rates for this method are close to 100 %. A study by Gartner found that the average open rate for text messages is 98 %, while emails only have an open rate of 20 %. Text messaging allows recruiters to build rapport and trust with candidates while enhancing the employer brand and improving the candidate experience. Recruiting in a changing labor market

Our experience shows that more than 70 % candidates are in contact with several companies in parallel during the application process. When candidates are juggling competing job offers, the role of the recruiter becomes increasingly important. 40 percent of job candidates turn down offers because another company made an offer faster. Text messaging is one way to reach candidates even sooner.

Recruiting in a changing labor market: focus on referrals and internal transfers

Employers can benefit from empowering team members to grow within the organization. Regularly reviewing internal career paths and performance management systems can encourage employees to explore more internal opportunities.

Employee referral programs can also be an efficient way for recruiters to find qualified candidates while lowering the average cost per hire. The Job Seeker Nation Report 2021 found that more than 80 % of workers are more likely to click on a job listing someone has posted on their social media network. The same study also found that more than 70 % of employees are willing to share job openings at their companies via social media. Platforms like LinkedIn, Facebook and Twitter can be powerful tools in a company's recruitment strategy and lead to organic employee referrals. Instagram and TikTok should also be considered, especially when recruiting younger candidates.

Proactively recruit passive candidates

Passive candidates are not actively seeking a new job opportunity, but may be open to opportunities that match their personal and professional goals and needs. According to LinkedIn, passive candidates make up 70 % of the talent market.

Organizations that are active on social media are more likely to be seen by passive candidates. Being active on LinkedIn, Glassdoor and other social media can help showcase the employer brand and provide insight into their culture to attract potential employees with similar values. Using social media channels to promote the employer brand can have an impact on how the company is perceived by current employees and the workforce as a whole.

According to Glassdoor, nearly 80 % of candidates use social media during their job search. An active LinkedIn profile is especially important for connecting with passive candidates and sharing stories about employee growth, exciting client projects and other company news that might appeal to active job seekers.

When an employer brand stands out among employees who share similar values, companies are more likely to attract talent that is committed to the company, passionate about their jobs, and demonstrate a long-term commitment. In a job market that is constantly in flux, companies that are ahead of the curve in recruiting and need to proactively engage candidates have an advantage. This often involves sourcing, engaging and contacting candidates before the position is even open.

These are just some of the strategies recruiters and HR leaders can consider to attract a new candidate pool. When changes in the labor market are difficult to predict, today's HR leaders must find new ways to attract top talent and retain current employees that will benefit companies now and in the long term.

Recruiting in a changing labor market