How to Implement a Data-Driven Strategy to Meet Recruiting Goals
Even amid efforts to cool the economy, employers continue to hire quickly, and they added 263,000 jobs in November .
According to Employ Inc.’s Quarterly Insights Report, the hiring speed continues at a near-record pace, 8% faster than pre-pandemic levels. As recruiting talent has become more challenging over the past year, employers across nearly every industry are looking for ways to adapt to an evolving hiring landscape.
To successfully attract and retain top talent, employers must first look at the facts and garner insights from HR leaders, recruiters, and job seekers to understand how they can implement an improved strategy informed by data. Employers must consider these tactics to succeed in today’s tight labor market.
Understand the Labor Market
Gathering employee feedback and diving into industry data and trends before implementing a strategy is critical. Employers can refer to leading industry reports, such as the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS ) and Employment Situation reports, which are released monthly with data on job openings, hires, separation, and the direction of wage and employment trends. For example, according to the latest Employment Situation report, the unemployment rate remains at 3.7%.
Another report, Employ Inc.’s Quarterly Insights Report Staying the Course In a Challenging Labor Market , also provides invaluable insights derived from the industry’s most comprehensive hiring data set and offers a detailed look at the state of recruiting.
According to this data, 81% of recruiters said attracting top talent has become more challenging over the past year, making it crucial to revisit hiring strategies. By allowing data to inform the narrative, companies can optimize recruiting efforts during one of the most challenging and demanding hiring environments in history.
Meet Changing Expectations of Workers
Employers must delve into what job seekers and potential candidates are looking for to address current expectations and not lose out on top talent to their competition.
For example, compensation continues to be a driving factor for job seekers, with 69% of recruiters believing wages for new hires will continue to increase over the next year due to inflation. As a result, companies must ensure compensation is updated and reflects the current hiring market.
Forty-nine percent of recruiters believe these salary increases will slow hiring efforts due to budget constraints, and 34% are worried about layoffs due to increasing labor costs. While some organizations can’t always win on compensation alone, focusing on other areas where the business can compete can help find alternatives to make the company attractive.
There are various other ways to appeal to the needs of workers today, such as providing workplace flexibility and unique perks and benefits. Fifty-eight percent of recruiters said offering flexible work schedules was the most effective strategy in attracting top talent.
Leverage Purpose-Built Technology
Investing in talent acquisition technologies that meet recruiting needs allows companies to connect with the right talent and streamline their processes. Over the next year, 63% of HR decision-makers plan to increase recruiting technology spending. According to the Employ report, this increased spend is intended to invest in careers sites, job boards, sourcing, and upgrading applicant tracking systems (ATS) and candidate relationship management (CRM) tools.
Utilizing innovative, effective recruitment technology and services is critical to keep up with the race for talent. Decreasing manual tasks through automation and leveraging purpose-built technology tailored to an organization’s complexity, size, and needs enables recruiters to hire better and faster.
Overcome Recruiting Roadblocks
Widespread turnover continues in many industries and companies, with stress and burnout at an all-time high. In addition, 65% of workers say their job is more stressful today than it was a year ago. This has led to a high organizational turnover and increased challenges in retaining workers. Having systems in place to provide support and leaders encouraging employees to take time off when needed is crucial to keeping qualified employees long-term.
Organizational leaders must take this as an opportunity to examine what is working to understand where they should focus. Companies should first look at what’s happening internally within their organization to successfully recruit candidates externally, which could contribute to a few applications, slow recruiting processes, and more.
As businesses continue to experience record-level job openings, understanding current data and trends and applying these insights to make changes within the company allows companies to remain agile and competitive. In addition, implementing updated hiring processes and investing in recruiting technologies gives organizations the tools and strategy needed to be successful in today’s fierce labor market.
If you’re interested more in learning about how to implement these strategies for your business, contact us today.
Allie Kelly is the Chief Marketing Officer at Employ Inc.