There is an odd dichotomy in the employment landscape right now. The Canadian unemployment rate hovers around 6.8 to 7 percent over the course and yet there are many employers who struggle to find the right candidate and have jobs sitting vacant for months at a time.
Recruiters and Human Resources professionals alike spend upwards of 15 hours per week just looking for the ideal candidate for their client. Perhaps there are jobs that Canadians won't take or maybe there is a significant skills shortage to match the demands of available work. Another possibility could be that there is too much competition in the marketplace or that some employers struggle with reduced budgets to support their recruiting needs. Whatever the mix of reasons, recruiting challenges exist and aren't likely to dissipate any time soon -- especially when one factors in North American Baby Boomer statistics where 10,000 workers retire every day.
Recruiting challenges are real and they are costly. The average hiring time is 10-12 weeks from job opening to accepted offer and the reality is that most organizations underestimate the cost of recruitment by 90-95%. In addition, once a suitable candidate has been interviewed and considered optimal for the role, over 50% of job offers are rejected.*
Smart recruiting involves strategically navigating the hiring landscape. My top tips for addressing current recruiting challenges are:
1) Rule the Job Description domain: spend sufficient time really ensuring that a detailed job description has been prepared with day-to-day duties clearly identified so that the candidate has a good picture of the nature of the work and you haven't created unrealistic expectations or hiring requirements.
2) Communicate your vision and market the organization: Candidates, especially Millennials (those born between 1980-2000) want to feel that they are connected to something greater and have a strong sense of community. They often seek this over job security.
Spending time communicating the vision and mission of the company as well as how the candidate's department fits into the overall scheme of things will help better position you when it comes to competition for talent.
3) Outline opportunity and total rewards: Make the effort to describe the opportunity for growth and advancement that exists within the organization for a talented team player and provide details about the total compensation arrangement, not just salary information.
4) Involve the direct supervisor as well as other employees in recruiting efforts: Loyalty and higher engagement are known to come from situations where referrals offer up the strongest candidates because workers understand they will have to work day in, day out with the person they've recommended. Also, managers generally know the details of the role better than a recruiter and whether a candidate is a good fit based on their own experience and knowledge of education and experience required in a specific field.
Employers who apply these steps as part of the hiring process do themselves a recruiting favour and also put applicants in a better position to feel excited about the prospect of being a strong organizational fit. There is a lot to consider when working to overcome existing recruitment challenges. As part of Gallagher Benefit Services, we have the experience of a global organization to address your needs. We invite you to contact us. We're here to help so that you can focus on what you do best.
*source: Reed in Partnership
Dave Dickinson, B.Comm, CFP, CLU, CHFC
Experienced Benefits Specialist ready to optimize your group benefits and pension plans.