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Recruitment process or hiring, as it is typically known as, is a problematic field by the very virtue of it. However, with the recent changes in the demography, it has become all the more challenging. In fact, you now need to rethink over the strategies you would need to employ with respect to engaging and evaluating the candidates.
The job market these days is candidate-driven, in sharp contrast to what it was a couple of years ago. From that perspective, it may be necessary to give a thought to how effective it would be to be prepared for the challenges to the recruitment and hiring.
Some of the challenges can be explained in a finer detail.
Candidate shortage
Experts in the field of recruiting state that the biggest challenge you would come across is the lack of the skilled and high-quality candidates. A whopping 67 percent in a recent survey believe that this has been a challenge for around a couple of years as of now.
That does not mean there is no talent available. But, a majority of the high-quality ability is already employed and thus may not always be willing to switch. Therefore the right approach the candidates are expected to go with would be to apply a cold outreach. This involves tracking the candidates who are already employed and convincing them to join you. Social media outreach and the use of tools like Greenhouse ATS systems would provide you a better edge over the competition.
Higher compensation package
This is a direct consequence of the shortage of candidates. This gives rise to a higher degree of competition and literally transfers the control into the hands of candidates. Companies are in need to make their packages more attractive and rewarding.
And this does not necessarily apply to the monetary compensation alone. The non-monetary compensations have also assumed a considerable role to play. If you really want to boost the happiness levels of your employees, you need to focus on this region as well. Some of these would include more paid off, learning opportunities, autonomy, and contribution.
Need for an effective talent sourcing
There are right candidates out there. But, tracking and sourcing them has become quite tricky. If you do not have an effective and efficient talent searching technique, you are bound to waste your energy and efforts in finding the right candidates.
Using multiple sources like LinkedIn, Twitter, and a host of other unconventional (well, unusual so far, but now they have become the mainstream recruitment sources) would help you get access to a better talent pool. Manual sourcing has become a thing of the past. Automating the sourcing with the right tool would be more advantageous.
Improving the candidate experience
Like HR experts have repeatedly been warning, the recruitment market has now become candidate-driven. It has been observed that close to 60 percent of the candidates opt-out of an offer because of a poor candidate experience.
There can be several consequences if you are not careful enough. In addition to losing the right candidates, you may also find your employer’s reputation being hampered. There may also be losses in terms of customers and money.
Opting for Diversity
Diversity and inclusion are yet another top trends for the organizations when it comes to employing the right hiring process. Diversity will go a long way in ensuring improved recruitment and retention rates. This will, in fact, provide you a competitive advantage.
Employee diversity can improve your employer brand. You would be seen as a company that does not indulge in employment discrimination. The candidates know that they will be treated equally and on par with everyone else, thus resulting in having access to a larger talent pool. Employee diversity can also play a significant role in motivation.
Well, those are just a few of the challenges you need to ready if you really want your recruitment process to be effective and efficient. The increase in the transparency levels has empowered the candidates to evaluate the company that they want to join just the way the employers are evaluating them. This two-way approach can be truly intimidating for your organization if you are not prepared well enough.
Make sure you have braced yourself for the challenges ahead. That would indeed help achieve the best possible recruitment strategy for you and your candidates.
