Statistics released by the government show that hiring is at a high point right now, with many new jobs being added. This is good news, showing that the economy is looking up and things are recovering nicely after the recession that lasted several years. While a hiring increase is not a bad thing, it does change the way that recruitment must be handled in several ways.
Multiple Employers Must Work to Attract Each Candidate
Since there are a limited number of skilled workers, an increase in hiring means that multiple employers must attempt to attract each worker that has the necessary qualifications. Implementing applicant tracking systems to improve hiring system efficiency and hiring recruitment agencies may give companies an upper hand in attracting the candidates needed to fill positions.
May Increase Turnover and Hiring Needs
Since employees know that they have options if they leave a job, it may be more difficult to keep employees in place when hiring is increasing. Salaries often increase across the board as employers struggle to retain employees. Putting meaningful effort into keeping employees satisfied may help to both attract and retain employees.
Could Lower the Hiring Standards
In some situations, having a position open for too long can hurt the business. In order to fill the position, some companies may take candidates with fewer qualifications, which can work to lower the hiring standards. While this situation is obviously not ideal, it may be a consequence of a major surge in hiring if companies are not diligent in finding innovative ways to attract employee candidates.
Job Seekers Have the Upper Hand
When many companies are hiring, it makes conditions favorable for employee candidates. Candidates can pick and choose which company to apply for, so it is important to make sure that job postings are as clear and enticing as possible. Using an ATS to post job ads to social media and take applications electronically can make the application experience more comfortable for employee candidates, which can help to increase the flow of applications.
Employees Expect More from Companies
With the paradigm shift to an employee favorable job market, employees generally begin to expect more from companies. Benefits and other perks can be attractive offerings that may sway an employee towards accepting one job offer over another. Companies must be careful to make sure that offerings do not exceed the return on investment, but may benefit from offering perks that will attract and keep choice employee candidates.
Taking fast action to make sure that a workplace is favorable to top talent in the industry and taking steps to improve hiring practices may mean the difference between leaving positions unfilled and filling positions easily and well. Implementing an ATS, allotting more hours towards recruiting, and making sure that employees are happy in their jobs may be crucial tactics when hiring spikes across the board. Since talent is the single most valuable asset in any company, it is worth making changes to keep hiring standards high.