If you’ve tried to fill an open position recently, you know all too well that the job market has changed dramatically over the past several years. After the economy rebounded, the job market became very candidate-centric with employers now competing for top talent. In most industries, retaining top employees and attracting top applicants continues to be difficult in 2016 and is likely to continue to be a challenge in the near future. In fact, you may have already experienced the negative effects of having multiple open positions on your ability to compete and thrive.
The reasons behind the vacancies are many, varied, and beyond your control: Baby Boomer retirements, a skills gap, immigration barriers, and stagnant wages have left many employers unable to staff mission-critical positions.
But rather than bemoaning declining time-to-fill metrics and the number of open job requisitions, forward-thinking employers are attacking the problem on several fronts:
(1) Focusing on their talent brand to build a reputation in the marketplace as an employer of choice. Having a smart, thorough talent management process means promoting word-of-mouth referrals and employees’ positive reviews on job boards.
(2) Replacing Applicant Tracking Systems (ATS) with integrated platforms that include smart sourcing, candidate relationship management, interview management, and solid analytics. Even smaller organizations that don’t currently use an ATS can focus on creating a positive relationship with candidates and maintaining that relationship even with candidates who aren’t selected who might be ideal for other, future openings.
(3) Many employers are realizing that their total compensation simply hasn’t kept pace with the market and should be reviewed. MSEC can help with compensation surveys to benchmark jobs within your industry and region and with custom employee opinion and satisfaction surveys to provide insight into how your employees view their pay.
If you need assistance locating, identifying, and attracting qualified candidates, MSEC can also support your recruiting efforts cost effectively.