Ah! The talent pool is shrinking!
Battling talent pool shrinkage
If recruiters could tell you one thing, it would be that hiring is in a time of change, and you need to adjust. Like we’ve said before, the talent pool is shrinking every day. Approximately 72.8% of employers are struggling to find candidates with relevant experience or skills. That number is only going up as we progress through 2018. Here are a few ways to find the solid candidates who haven’t gotten picked up yet.
Check compensation ranges frequently. Are you paying enough to attract the right person? You need to be willing to invest in your employees before they are willing to invest in your company. Do your benefits match what your competitors offer? You might need to look at your policies about PTO, health care, or college reimbursement plans to sweeten the deal.
2: Look in the right places
Are you checking out universities, job boards, local events? Get your company out there. Posting on job boards does not guarantee that you will find the right candidate. People are applying to less jobs online. 60% of the people applying will not complete online applications. It’s not enough to hope the candidate you are looking for takes the time to apply.
3: Be open
The fewer people who are looking for jobs, the fewer people are applying. Which means, you have to be willing to take on someone you might not have thought twice about a year ago. Put less emphasis on skills or tasks that can be trained. Instead focus on company fit and personality, which cannot be taught. If you can easily teach a skill, take that off your list of high expectations. This can also save you some money if you can’t afford to up the salary.
You have to be able to adjust daily to the shrinking pool. Staying engaged with candidates can help you to understand why you might not be finding that right fit. Ask them for feedback, don’t string a “no” along, be honest with the candidates, be patient. The average candidate search time has gone from 6-8 weeks to 8-12 weeks.
If you have questions about what this shortage means for your company, email us at firstname.lastname@example.org and set up a free consultation today.