If you’ve noticed that it’s gotten harder to fill open roles at your organization, don’t take it personally; it’s not just your company that’s affected. For the first time in years, hiring has slowed down across the board. Many recruiters are now seeing open roles stay open longer as they wait for the right candidates to apply and ultimately accept offers.
Compared to the past couple years, this slow down represents a notable shift in hiring practices. Companies must now approach talent acquisition creatively in order to stay competitive in recruiting top candidates. It’s no longer enough to simply post a job on LinkedIn and wait. By leveraging networks, relationships, and internal talent “pilot” programs, candidate matching will become easier.
As expectations for an economic recession pick up steam, hiring challenges will only continue to grow. Here’s why you’re currently going about hiring the wrong way and how your organization can retain a strong pipeline of top talent in these uncertain times.
Adjust to the New Job Market Now
Yes, it’s true that the hiring landscape has shifted in the latter months of 2022. You may have seen the headlines that major companies have instituted rounds of layoffs or hiring freezes as they confront changes in consumer demand due to inflation and a looming recession. These are natural indications of a labor market shift. If your company was born before the pandemic, it’s likely that you’ve survived this in the past and will once again.
The good news is that the hiring market remains strong. In fact, more than 260,000 jobs were added in October 2022. This means that companies are still posting open roles. While that’s a good sign for the economy, it’s a bad sign for companies.
With uncertainty in the air, some candidates are hesitant about switching jobs. Unemployment also remains low, and now more jobs being posted means more competition for you to fill your open roles. Supply of talented candidates is low while demand for their talent remains high. That means you need to start working on rethinking your recruiting strategies now. You can’t afford to wait.
Don’t Ignore the Value of Relationships
When there’s a large pool of available candidates, hiring is transactional. Finding the right person for the job takes little time, and then you move on. We’re in a different environment now, which means hiring managers and recruiters need to invest more in nurturing relationships, both internally and externally.
47% of tech companies agree that in the past year, developing meaningful connections with candidates has become crucial. Engagement keeps the door open to prospects who weren’t hired but might be a great fit for another or future role. Always follow up with applicants, provide feedback, and circle back. Maintaining these close ties will ensure candidates remain encouraged to apply for future opportunities and your pipeline remains full.
Relationships on the inside matter too. Don’t be afraid to reach out to existing employees to let them know what roles are open and to encourage them to refer people in their networks. You’re more likely to find untapped talent using this approach, and, because the prospects are friends of existing employees, you’ll receive higher response rates too. If your talent sourcing needs a boost, it pays to think creatively.
New Hires Don’t Have To Be “New”
Many major organizations now partner with external staffing agencies to fill open roles on a temporary or semi-temporary basis. This is a great way to connect with talent as a trial run before extending permanent job offers. Oftentimes, these temporary roles do become full-time at some point. If the contractor was performing well, then there’s no need to go through an arduous external hiring process for the role.
Former employees can also be a great source of talent that shouldn’t be overlooked. One 2016 study found that 29% of workers returned to a former company at some point. As a talent manager, it’s worth advising hiring managers to consider former employees for open roles, especially if it would be a promotion for them. If you know someone has the right skills and experience having worked alongside them for years, then why not invite them back if it’s the right fit? The worst they can say is no.
Find Top Talent Today With ScaleFront
Necessity is the mother of invention. The current hiring slowdown we’re experiencing means that recruiters need to get inventive in order to continue to find exceptional talent. Adjusting your processes to creatively build teams, nurture relationships with candidates, and look within are all crucial elements of finding the right candidates in the current hiring climate.
ScaleFront, a top recruiting platform, offers you a place to do all of this and more. Our talent marketplace and referral network connect you with qualified professionals from around the world. Our platform is also open and transparent, ensuring that both recruiters and job seekers have access to comprehensive profiles and insights to secure the right connection. With customized filtering and an intelligent search platform, you’ll quickly receive leads that you can trust to meet your hiring criteria.
Find the talent you’ve been searching for with ScaleFront today