Tax Tip of the Week | Mission Possible - Finding Great Employees in this Job Market

Finding the Best Talent  Sometimes hiring the best talent can seem like a near impossible mission. Searching through mounds of resumes. Completing phone screenings. Scheduling interviews for the top choices, all to find out they have already taken another job or simply don’t show up for the interview. You think you found the right fit, only to have them slip away and out of the picture too quickly.

Keep in mind that the job market has had a major shift. The pandemic has fundamentally changed the way people are looking and evaluating job opportunities. It’s clear to many job seekers that working remotely is now an acceptable alternative to commuting. But many jobs can’t be done effectively remotely, and the applicant pool has become shallower due to many factors, and it will be difficult to find good talent for some time.

So how do you adjust and what types of hiring process changes should you consider implementing new recruiting practices.

There are three things to consider about the current job market that might make it easier to manage.

  • Demographics have changed.
    Currently, Millennials make up ~35 percent of the U.S. labor force. By 2030, they will make up 75 percent. And remember, the youngest of this generation (b. 1996) are 23 and mostly in the workforce already. The changing demographics are less about the number of Millennials entering the workforce and more about the number of Baby Boomers and Gen X workers retiring.
  • It’s a candidate market.
    To attract and retain stellar employees, companies will need to do a better job highlighting the benefits of their company and the roles they’re looking to fill. This means focusing on their culture, total compensation, and developing existing employees.
  • Traditional career expectations no longer exist.
    The traditional career ladder has broken; only 19 percent of companies still have them. A career has become less about a steady progression upwards and more about developing skillsets that can translate into many different opportunities. Companies looking to retain their employees should focus on developing them through stretch projects, lateral moves, continuing education, rewards, rehiring alums, or other avenues that allow employees to grow.

To make sure you are attracting the best talent, consider the following;

  • Market your company. Place ads on traditional platforms and as social media posts. Send notices to your key networking contacts and let them know you are hiring.
  • Define your EVP. An Employee Value Proposition allows candidates to zero in on the key benefits and advantages of working for your organization.
  • Ensure your core values are reflected. Throughout your hiring process weave in your core values and culture points and  demonstrate them at every stage of the hiring and onboarding process.
  • Don’t draw out the process. Don’t over complicate your hiring process and drag out the interviews or screen process as you may lose good candidates to companies who are moving faster.
  • Demonstrate that you value employees. By investing in on-going training and education, providing flexible benefits, and offering access to technology to make work more efficient and effective you will demonstrate that the human capital in your organization is the most important asset.
Keep in mind that applicants who come into contact with your organization via an application process, are also likely doing some research on you. So, make sure your website and social media profiles are updated and have the most current information. If you can conduct live interviews, update your Google My Business Page and your Yelp pages, as those are both great resources for directions that candidates may look at prior to your interview sessions. Every touchpoint with an applicant is a chance to raise the awareness of your brand and leave a lasting impression even with those that don’t make it far in the hiring process.

Hiring the right candidate is costly and time-consuming. Don’t cut corners. Do your due diligence on references, background checks and other evaluation diagnostics to ensure you are choosing the best possible fit for your company. If your churn of employees is high and your tenure lacks depth, you need to reexamine not only your hiring processes but also the work environment that you are creating. You can continue to search aimlessly, or you can make the hiring journey more proactive and productive.
Credit Given to:  Pinnacle ActionCoach

Thank you for all of your questions, comments and suggestions for future topics. As always, they are much appreciated. We also welcome and appreciate anyone who wishes to write a Tax Tip of the Week for our consideration. We may be reached in our Dayton office at 937-436-3133 or in our Xenia office at 937-372-3504. Or, visit our website.

This Week’s Author, Lance Bradstreet

-until next week.

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