The current labor market is unlike anything we’ve seen in recent memory. Hiring freezes and staffing cuts last year left recruiters with lots of resumes for every open position. Now, they’re dealing with an entirely different set of conditions as companies start to ramp up their hiring. One TA leader recently shared with us “We’ve doubled the number of active requisitions, but we’ve seen a 50% drop in applicants per role.”
Job creation is on the rise, but job seekers are in short supply. Many workers have not yet returned to the job market. Even more have taken the opportunity to gain new training and education in hopes of leaving their previous lower-paying jobs altogether. Whatever the reason, the lack of qualified candidates is a serious challenge for companies with positions to fill.
Our recent e-book, How to Hire Top Talent Quickly, offers actionable tips and key insights for any HR team that’s struggling to hire the talent they need in the current labor shortage. This guide also lays out five challenging scenarios facing today’s recruiters, with expert guidance to help navigate these uncharted waters and hire top talent. Today we’re looking specifically at one of those scenarios, how to anticipate and manage “The Great Resignation” with our recruiter, Debra.
Hiring challenge: “The Great Resignation”
Debra is the Chief People Officer at a nationwide manufacturing company. In a recent executive meeting, company leaders were discussing the possible impact of “The Great Resignation,” a massive wave of employee departures that many news outlets are predicting as workers re-evaluate their post-pandemic priorities. Debra is tasked with developing a plan for managing this potential workforce disruption.
Regardless of economic conditions, employee turnover is a fact of life — but it doesn’t have to stunt your business. Debra uses Jobvite to help her team nurture employees who want to stay with the company long-term and mitigate the impact of those who choose to depart.
Game plan for “The Great Resignation”
1. Build your talent pipeline
Rather than waiting until you have a hiring crisis, make an effort to find and nurture highly talented and skilled candidates on an ongoing basis. Automation and intelligent messaging from Jobvite can help you build a stronger talent pipeline, so you already have a candidate pool available when hiring needs arise.
For instance, you can keep passive candidates engaged by segmenting your talent pool into strategic audiences based on skillset, geography, role, or level of engagement. Then, you can nurture each audience via targeted text campaigns, job notifications, and other relevant content to help increase the likelihood of future candidate conversion.
AccentCare increased their talent pool from 7,000 candidates to 400,000 candidates with Jobvite.
2. Focus on internal mobility
The number one reason internal talent leaves their current company is lack of career development. Instead of losing sleep over the possibility of a mass exodus, take steps to ensure your employees want to stick around and make sure they know about growth opportunities.
Jobvite’s Internal Mobility uses AI and machine learning to help you understand which of your employees may be looking for their next opportunity and which internal roles offer the best fit for their experience and skills. A dedicated portal makes it easy to publicize internal job openings and creates a seamless candidate experience for both hiring managers and employees as they research and apply for internal roles.
3. Lean into employee referrals
Employee referrals are a great source of high-quality candidates — and they’re incredibly cost-effective. In fact, 82% of workers are likely to click on a job opportunity posted by someone in their social network.
Jobvite’s Employee Referral Solution improves sourcing speed and quality by making it easy for employees to share job openings and follow the status of their referrals. Automated incentives, leaderboards, and other gamification elements keep the program top-of-mind with employees.
Let Jobvite help
Whatever hiring challenges you’re facing, having the right tools and technology in place will help you streamline workflows, increase operational efficiency, and improve the candidate experience. Jobvite empowers recruiters with solutions and services to find, engage, nurture, and hire top talent quickly. Visit jobvite.com and schedule a demo to learn how!
Other blog posts in this series cover topics like hiring for high-volume roles and hiring effectively when your talent team is shorthanded — so check back often! Or download How to Hire Top Talent Quickly for more advice to help you “hire right, when talent is tight.”