In today’s working environment, it can seem more difficult than ever to attract, hire, and retain the talented professionals you need to help your company grow. The “Great Resignation” has changed the face of hiring, and how hiring professionals must approach their roles.
In July 2021 alone, four million Americans left their jobs. At the end of that month, there were 10.9 million jobs open, according to the Bureau of Labor Statistics. With labour shortages increasing in many industries due to ongoing COVID variant concerns and other factors, HR professionals often feel pressed to fill roles without adequate access to qualified, interested candidates.
Curiously, 45% of job seekers say it’s harder to find a job today than this time last year. This indicates that the hiring climate has been unsettling for both hiring professionals and job seekers alike.
In addition to this comes the cost of making a poor hiring decision - 41% of companies that have made a “bad hire” say it has cost them at least $25,000. According to Harvard Business Review, 80% of employee turnover can be blamed on poor hiring decisions.
Here are 4 strategies to attract the right employees or freelancers to meet company goals:
1. Invest Time in Role Development Before Posting Job Descriptions
When your company’s growth depends on finding the right talent, it can be tempting to rush job descriptions so you can publish listings sooner. Long-term success, though, depends on accurately defining the role you’re hiring for.
This includes collaborating with managers and team members across departments to develop a 360-degree view of the position. How the head of one department views a position could be very different from another department leader. Encouraging input helps clearly define and optimize the role for all departments involved, and for the employee who will fill that position.
Once you’ve received input from all departments, make a list of non-negotiables. It’s important to understand what traits an employee or freelancer absolutely must have in order to meet performance expectations.
Non-negotiables go beyond performance metrics, though, Take the time to define how you want the employee to mesh with your business culture. What values must the employee share to deliver the best experience to the company’s customers and clients?
Companies that focus on selecting employees who complement their company culture are rewarded with higher employee loyalty- according to a Columbia University study, these companies have turnover rates as low as 13.9%, compared to 48.4% for companies that do not emphasize company culture throughout the hiring process.
If you are hiring a freelancer, you’ll need to determine how they can fit remotely into your culture - remote contractors can often feel a sense of detachment from “the team,” so bringing them into your culture will help produce better results and happier contractors.
Once you have determined your requirements, you can create a job description that accurately reflects the role you’re hiring for, and that attracts top-tier candidates ready to help your company succeed.
2. Develop an Efficient Interviewing Strategy
Now that you have created an effective, attractive job description, it’s time to create an efficient hiring strategy that you can complete quickly without sacrificing applicant quality.
Where will you advertise the job description? Will you post the position internally first, or immediately begin external outreach? Which job sites will you post on? Where else could you potentially get in front of interested, qualified candidates?
Determine how you’ll conduct interviews - in many cases, applicants and hiring professionals alike opt for virtual interviews today. This makes it simple to include multiple decision-makers in the interview process without safety concerns or the cost of candidate travel to the interview.
If there are multiple interviews, how many people will be involved in each interview? Will they all be virtual, or will you ask top candidates to attend in-person interviews?
3. Develop a Defined Hiring and Onboarding Process
Now that you’ve identified a few top candidates for your position, you need a well-defined, efficient hiring and onboarding process.
What do you expect to pay the employee - not only in terms of salary, but in terms of intangibles such as benefits, privileges, and onsite facilities? What room for negotiation are you willing to build into the cost of hiring the employee? Flexible negotiation can help you land top talent, but it’s important to ensure that the person you hire will deliver a positive return on your investment.
Once you’ve chosen your candidate and they’ve accepted the offer, you’ll need to have a detailed process for onboarding and training. What specific training will the new hire receive, and will it be pre-employment or on-the-job training?
You’ll need a consistent way to deliver the training, as well as and orientation material or tours that can help the new hire more quickly become comfortable within your organization. If possible, each new employee should have a single point of contact for questions and concerns during the training and onboarding period.
4. Develop an Effective Retention Program
Retention is one of the most overlooked - yet most important - parts of the hiring process. Building a long-term relationship from the initial interview forward can dramatically decrease turnover costs and help your company grow with confidence.
It’s important to remember that employee retention is more complex than ever-higher pay, benefits, and bonuses are no longer enough to entice employees who will stay.
Investing in your employees as individuals, though, can dramatically reduce turnover. The most recent Job Openings and Labor Turnover Survey (JOLTS) showed that 94% of respondents would stay with an employer that actively invested in their education and ongoing training.
Want to know how you can quickly attract top talent to take on your next growth project? 👉 Visit Oomple for the faster & smarter way to recruit professionals.