As the global economy continues to improve, you’ll face new and different hiring challenges in 2015. It’s imperative that you apply your insights to develop action plans that more effectively attract, recruit, retain and motivate your workforce for the long term.
Keep these trends on your radar screen as you build your talent brand in the year ahead:
The Competitive Thread
In 2015, your competition will be your biggest threat to hiring success. As noted in a recent LinkedIn study, “Competition is the number-one obstacle that U.S. companies face in attracting top talent, outstripping compensation.”
The past few years have been relatively easy. Though no one wants to see another recession anytime soon, employers did enjoy a glut of more available candidates than open positions. But the tide has turned – and in the process:
- 28 percent of U.S. companies and 29 percent of global firms are placing more emphasis on employee retention.
- 22 percent of U.S. and 18 percent of global employers are focusing more on attracting passive talent.
- 21 percent of U.S, and 29 percent of global organizations have increased their employment brand investments.
The key to winning the 2015 talent war lies not only in recruiting the right people, but in getting them to stay. There may (or may not) be another perfect candidate out there for you, but there also will be another company for them.
Voluntary resignations are at a five-year high in the U.S. The number of new hires has nearly reached pre-recession levels, and unemployment is at its lowest point since mid-2008.
- Candidates and employees have regained confidence. There will be increasing competition for recruiting talent, and vacancy rates will grow. You need to identify needed resources, accurately forecast turnover, and deliver the right talent for your critical business strategies.
- What are you doing to keep your workforce happy? Think beyond the perks. Consider your bonus structures, reviews, and learning and advancement opportunities. What will enable your top performers to grow with your company – versus outgrowing you?
Always Be Recruiting
Now more than ever, take a proactive recruitment stance. Continually and regularly evaluate your organizational goals and correlate them to your hiring road map.
- Foster relationships with passive candidates. Cultivate your networks and have conversations with passive talent, even if the perfect role is not currently available. Consider creating roles for the “best of the best” to draw them into your organization.
- Know your millennial talent. Members of Generation Y – born between the early 1980s and the early 2000s – will overtake majority representation in the U.S. workplace in 2015, as Baby Boomers retire in even greater numbers. Get to know the expectations of millennial workers – and at the same time, ensure that the knowledge and skills of your departing “grey beards” are maintained.
During the year ahead, employers will feel more pressure to reveal workforce diversity and ensure that their companies look like their customers. Research has proven time and again that diverse organizations perform better than those that are largely homogenous.
- Optimize market intelligence. Work with your staffing partner to put diversity theories and ideas into action. Analyze your data across topic areas such as recruitment, succession planning, promotions and turnovers. Understand how they measure up to industry standards.
Talent Bridge has the customized solutions you need to overcome hiring challenges and drive success strategies in 2015 and beyond. Contact us today to learn more.