"Great vison without great people is irrelevant."
In May, 2017, the unemployment rate in the United States fell to 4.3%, which is a 16-year low. Oregon unemployment dipped to a new record low of 3.7% in April. Furthermore, Oregon was ranked 15 out of 51 for the lowest unemployment rate (Washington ranks 30 at 4.6%). This creates challenges for employers trying to attract and retain the most qualified employees. Employees are a company’s greatest asset and also their biggest expense. With payroll, employee benefits, and recruitment/training at the top of the list of business expenses, it is critical that the right hire is made the first time.
Where will you find your next great hire?
How and where to find employees has become increasingly challenging but more important than ever. Consider using the following strategies if you are in the market for your next great hire:
- In-House – Providing promotions and new opportunities increases morale and helps employees see that their efforts, willingness to continue to grow, and accomplishments are appreciated.
- Social Media Outlets – As of 2017, 81% of the U.S. population has a social network profile. This gives prospective employers a huge audience to attract great talent from. Social media can also provide an immense amount of information about experiences and qualifications.
- Referrals from current employees – People tend to associate with others that share similar work ethic and values. If your current workforce culture is displaying the image your organization wants to portray to customers, look to your existing employees for recommendations.
- Online Job Boards and Website – Human Capital Management (HCM) systems make the recruitment process simple for both candidates and job seekers. Technology can assist with recruiting by publishing to several popular job boards with just one posting. Candidates can get resumes, cover letters, and credentials quickly and easily into the hands of hiring managers using technology.
- Job/Career Fairs – Fairs provide a good opportunity to not only meet a large number of job seekers in one place but to increase brand awareness and network with other corporations; possibly in the same industry. Virtual job fairs are also on the rise in popularity, allowing employers to extend their reach to candidates that might be out-of-area.
- Staffing Agency/Headhunter – Recruitment and screening is their specialty, and they typically have expertise in certain fields so as to produce a broad network of highly skilled candidates. They also do much of the pre-work, which can be time consuming and labor intensive.
Your ideal candidate may not even know they are looking for their next great opportunity. Networking, connecting, and continually building relationships with professionals in your industry could give you a glimpse of, and help open the door to, your next valuable new hire.
How will you enhance recruitment and retention?
Finding employees who are a good fit for your organization produces great benefits for everyone, but in today’s market acquiring that talent come at a cost. In a recent study done by Glassdoor, 57% of respondents said benefits and perks play a major role when deciding whether to pursue a particular job. Following are the top 5 candidate priorities when seeking employment reported by Forbes:
- Good health insurance
- Work/Life balance
- Opportunities for advancement and professional development
- A sense of purpose
Employers are getting creative when offering the above benefits by giving employees things like a reduced work weeks, parental leave, access to executive and life coaching services, free food, and telecommuting.
The cost of replacing great employees is high. There is no better investment a company can make than in their people.