The global pandemic forever changed the way people work, with a widespread shift to remote and hybrid employment and hiring freezes. As the labor shortage intensified and demand for skilled workers grew, companies faced a workforce with the leverage to demand elevated salaries, benefits and working conditions.
2023 was a year of getting back to business as usual – or at least trying. Hiring rates exceeded quit rates, and labor force participation increased. And despite recent high-profile layoffs, labor shortages across most industries including technology have persisted. According to the U.S. Chamber of Commerce, if every unemployed worker were to fill an open job within their respective industry, there would still be millions of unfilled positions.
Simply put, the competition for qualified talent is here to stay, meaning companies will have to level up their recruiting and retention game.
Here are seven tips to help you accelerate hiring in 2024 and beyond:
- Streamline recruiting, interview and onboarding processes. Employment processes designed to minimize hiring mistakes can cause you to lose candidates who are receiving multiple offers. Old-school processes must be streamlined to expedite offers to sought-after candidates. For example, multiple interviews can be consolidated into a single team or panel interview, and the rule of interviewing a certain number of candidates before an offer is extended can be relaxed. For more about streamlining recruiting and hiring processes read The Shrinking Shelf Life of IT Candidates.
- Continue to offer hybrid or remote work options. While employers began bringing more people back to the office in the past year, many employees still want the flexibility to work from home at least part time. For jobs that can be done well remotely, consider offering the option to work from home at least two or three days a week.
- Offer part-time schedules for some jobs, if possible. Part-time schedules are helping a lot of people get back into the workforce. Take a look at any roles that can be shared by two part-time employees.
- Offer competitive benefits. As talent acquisition and retention become more challenging, benefits are playing a bigger role in attracting and retaining employees. To compete for top-tier talent, find out what your competitors’ benefits packages include and understand employee expectations within your industry.
- Make sure salaries are competitive. According to the Society for Human Resource Management, nearly half of tech workers feel underpaid. With inflation and housing costs at all-time highs, it’s essential to offer salaries that are at least in line with what your competitors offer. If budgets are tight, consider offering flexible compensation packages tied to an individual’s contribution or the success of their department.
- Start working on retention in the first interview. Job candidates with a choice between two or more opportunities are more likely to choose the company that provides a clearly defined plan for additional training, merit increases and career advancement. This is true even for contractors, who are too often ignored when it comes to retention efforts. By showing job candidates that your company will help them achieve their professional goals, you can attract and retain more top talent.
- Be a great place to work. It’s true – money can’t buy happiness. In one study, over half of workers placed corporate culture above salary when it came to job satisfaction. Having a positive culture makes recruiting easier and alleviates some of the pressure to offer higher compensation. Moreover, employees are increasingly interested in working for companies that are aligned with their values. If you’re unsure of what your employees value most, we suggest an anonymous survey that will give you the information you need to enhance your culture so you can attract and retain the skilled workforce you need to grow.
We’re Here to Help
Even with precision recruiting and hiring processes, some roles remain difficult to fill. This is when it pays to work with a staffing firm that specializes in helping you secure in-demand talent – even those who may not be actively seeking a new role. Contact BravoTECH at 800.726.7286 or visit bravotech.com to learn more.