In the current job market, candidates often have multiple options, especially for highly skilled positions. Recruiters play a crucial role as the initial point of contact, shaping the first impression of a company. Despite the challenges in the recruitment process, recruiters, aided by advanced technology, can enhance the experience for both applicants and hiring managers. As a recruiter, talent acquisition specialist, or hiring manager, you may encounter a substantial influx of job applicants. Unfortunately, due to the simplicity of online job submissions, a significant portion of these candidates may not meet the required qualifications.
Managing Influx
While a high volume of applicants may seem positive, it becomes a challenge when the majority are not suitable matches. This situation complicates the recruitment and hiring process, especially for lean teams or startups without dedicated recruiters, as they need to sift through numerous resumes to find qualified candidates. Fortunately, there are strategies to address the issue of too many inbound applicants, many of whom may not be qualified.
Strategic Approach
In this article, we explore ways to prevent or manage the overwhelming number of inbound candidates. However, before diving into solutions, consider whether posting jobs online is necessary. There is no strict rule requiring you to list open roles on your site or other channels, especially if your team lacks the capacity to handle an overwhelming number of applicants. If your company has recently undergone a reduction in force (RIF) or layoffs, showcasing open roles can negatively impact your employer brand and employee morale.
Quality over Quantity
Moreover, when faced with a limited number of positions to fill stemming from internal adjustments or attrition, the necessity of posting them online might be diminished. Outbound candidates, individuals proactively searching for opportunities, exhibit a fivefold higher likelihood of being successfully hired compared to their inbound counterparts. The simplicity of applying through tools like LinkedIn’s Easy Apply may contribute to an inundation of low-intent job applicants, thereby placing a heavier workload on recruiters without a commensurate rise in qualified candidates.
Strategic Maneuvers
To address this challenge, it is crucial to adopt a big-picture perspective. Shifting the focus from sheer numbers of clicks and applications to the quality of hires is essential. Shally, an expert in talent acquisition, recommends strategies such as improving job applicants’ description readability, enhancing employer brand, and prioritizing outcomes over activity. By reducing friction in the application process while maintaining a balance, organizations can attract more qualified candidates. In an ecosystem marked by the Great Resignation in 2021 and subsequent waves of “quiet quitting” in 2022, employers must future-proof their workplaces to attract and retain top talent in 2024.
Top of Form
We will explore the difficulties that companies are likely to face in the upcoming year. Additionally, we will provide recommendations for attracting and retaining talent in the context of challenging labor market conditions.
Workforce Challenges
Employee Turnover
A survey indicates that 53% of employees are likely to leave their current company by the beginning of 2024. Organizations need to prepare for this anticipated surge in employee turnover.
Talent Shortages
Approximately 77% of surveyed employers struggled to fill open positions this year. The labor shortage is attributed, in part, to 1.5 million fewer Americans working compared to 2023. This shortage is expected to persist in the coming year.
Skills Gaps
While attracting job applicants is a challenge, finding candidates with the requisite skills is even more difficult. On average, 44% of new hires require updates to their skill sets to fulfill their positions, emphasizing the need for comprehensive training and upskilling.
Ways to Attract and Retain Top Talent in 2024
Given these challenges, here are four strategies to overcome talent acquisition obstacles:
Offer Hybrid and Remote Work
Despite the push to return to the office, employees’ desire for remote work options remains strong. Providing flexibility can satisfy employees’ need for work-life balance and attract a diverse pool of applicants, considering the potential benefits for both employees and employers.
Focus on Diversity, Equity, and Inclusion (DEI)
Modern applicants value companies that prioritize DEI initiatives. Considering that 67% of job seekers consider a company’s diversity when evaluating employment opportunities, incorporating DEI initiatives can be mutually beneficial for employees and employers.
Enhance Employee Experience
Given the high turnover rate, ensuring new team members are satisfied is crucial for retention. Instilling roles with purpose, demonstrating care for employees’ experiences, and having efficient HR support for conflict resolution are essential components.
Offer Competitive Compensation
In the face of rising inflation, over half of employers’ plan to increase starting salaries in 2024, with 46% planning to enhance compensation packages by adding better benefits, including remote work options.
Setting Up Your Workforce for Success with Mintopps
For companies aspiring to enhance their workforce dynamics in 2024, engaging with Mintopps goes beyond mere strategy; it embodies a discerning choice that intricately enriches the organizational fabric. By leveraging Mintopps’ prowess as a global hiring navigator and Professional Employer Organization (PEO), businesses embrace a transformative approach to talent acquisition. Mintopps doesn’t just offer solutions; it meticulously integrates unparalleled value into every facet of the hiring journey. From navigating global compliance challenges to providing resilient onboarding support, Mintopps ensures that each interaction is infused with strategic insights and tailored expertise. Opting for Mintopps isn’t just a decision; it’s a commitment to a collaborative partnership that intricately adds substantial and unique value to the pursuit of workforce excellence in the dynamic recruitment ecosystem.
