This year has been challenging for many companies when it comes to hiring and retaining employees. Let’s dive into some of the current recruitment trends, steps for hiring successful candidates in the current job market, and ways for your advertising and marketing efforts to make an impact.
State of the Hiring Market
As all of us know, it has been a tough year in the hiring market and many companies have been struggling to hire enough workers to get by in their day-to-day operations. Some industries have been hit harder than others, with hospitality, retail and restaurants taking the biggest hit of all. With many narratives to the story, the reason has more to do with the shift in behaviors of the qualified applicants than anything else. In a post-COVID reality, part of the hiring pool is composed of applicants reluctant to return to work or opting for work-from-home roles. Hybrid learning models for children and school closures have left some parents without access to affordable child care, keeping them out of the job market. In fact, according to AP News 2 million women have stopped searching for work since the pandemic began likely due to these disruptions in schooling and childcare. Moreover, concerns of COVID safety are still affecting many workers. Forbes reports that 4.2 million adults are not working because of fears that they will spread or contract the virus.
Expectations Have Changed
Job seekers’ expectations in compensation have changed and employers who have historically paid lower wages are scrambling to find applicants to fill open roles. Take, for example, workers in the service industry, many of whom earn a large part of their salary through tips. Returning to businesses that are not back to full capacity may see their take-home pay drop. As a result, these workers have opted to leave the industry in favor of more stable wages in other industries. Some businesses have adapted to these conditions and are actively hiring and expanding despite the concerns. At In-N-Out, for example, the higher-than-average pay structure they have been promoting for years has kept their recruiting strong, while other companies such as Amazon, Chipotle, McDonalds and Wendy’s have announced plans to raise wages in order to stay competitive and attract employees.
Attracting More Applicants in 2022
As we quickly approach 2022, many companies are looking for ways to make their job postings more attractive to potential employees. So how do you attract applicants in this new world? Our advice is to lean into the things you can control. Here are a few tips that we hope will make it easier for your business to attract more applicants.
- Advertise Compensation on Job Postings
As an employer, you have to be as enticing as possible at the beginning of the hiring process. Candidates will concentrate on opportunities that are upfront about the pay because they don’t want to waste their time trying to guess what an employer might pay.
- Offer a Sign-On Bonus
If your objective is to make your job posting stand out from competitors, and it should be, then offering a cash signing bonus is a great recruiting tactic. This may be a new strategy for you as an employer, but we’re in experimentation mode in 2022. You’re going to have to get creative to attract great employees to your roles.
- Show Candidates That Your Business is a Great Place to Work
Job seekers are looking for proof that a company treats its employees well and protects them from bad workplace environments. One thing you can control is the story you tell about your business. You can use your careers page as a channel to market your employer brand and get candidates excited about working for your company. Ask your existing employees to write or record employee testimonials, which can be a compelling form of social proof for potential applicants. And use the power of your social media voice to show the world how awesome your workplace is.
- Be a Great Place to Work
More than 50% of job seekers abandon their pursuit of a job after reading negative reviews about a company on employer review sites like Glassdoor and Indeed. If a business isn’t a great place to work, it can develop a reputation that costs them applicants. Creating a great place to work starts with supporting your existing team. Your number one recruiting strategy should be retention, especially when you consider that it can cost a business up to 33% of an employee’s annual salary if that employee leaves. Regardless of the job market, the best employees will always have the freedom to be picky about where to work. Make sure you don’t lose them to someone else.
Here at Foundry we are committed to helping our clients positively promote their brand. By showcasing the best aspects of your business and telling your unique story, our strategies can help you attract a consistent pool of applicants for future growth.