It’s official: we’re living in an employee-driven marketplace. During the recession and until recently, employers had the upper hand. The market was flooded with talented, experienced job seekers eager to get their foot in the door at companies across the nation. You didn’t have to look far for a pool of top-tier candidates.
And let’s be honest, lots of companies benefited greatly from that sudden influx of driven, highly qualified applicants. After all, there’s a big difference between selecting the best person for the job when they’re clearly the standout and taking your pick from a group of superstar talent.
But those days are over. Now the tables have turned, and the best and brightest employees are a hot commodity. Not only do you have to attract and engage star candidates, but you also have to keep employees engaged or risk losing your best people to a better, more appealing opportunities.
Human capital has the potential for the highest ROI of any investment your company makes.
In January the Execu|Search Group released their 2017 Hiring Outlook report that puts the new marketplace conditions into perspective. Understanding how employees and candidates view your hiring and onboarding systems as well as what they’re looking for in terms of job experience could be the difference between keeping your most talented employees or losing them to the open market.
Notable Findings of the 2017 Hiring Outlook Report:
- Millennials comprise the largest share of US workers
- A lack of advancement opportunities, salary growth potential, inadequate work-life balance, and poor corporate culture are the top four reasons employees leave a company
- More than 60% of employees surveyed reported that they interviewed for two or more roles while interviewing for their current position
- A whopping 50% of workers plan to stay at their current job for two years or less
- There’s a disconnect in the hiring stage with 75% of employers reporting that their hiring process takes three or more weeks while employees feel it should take two weeks at most
- 34% of responding employees stated that their interviewer couldn’t adequately convey the overall impact their potential role would have on reaching the company’s goals
- Though millennials are the largest group of working professionals, more than 48% of employees across all groups stated that they don’t believe younger employees are encouraged to pursue leadership with their current employers
- 76% of millennials surveyed said that professional development is one of the most critical aspects of company culture
If you’re an employer who’s actively hiring, you probably already know, or at least have sensed, that the marketplace is changing and these numbers only confirm what you’ve suspected. Employers are anxious to secure superstar employees and willing to put energy and effort into keeping their team happy and retaining talent. If you’re not doing the same, then you need to start right away.
Making the decision to research what employees are looking for now, or partnering with industry experts like our team at CopperTree, is crucial to engaging and retaining top talent. It’s no longer enough to try a few things here and there. You need to step up your recruiting and onboarding process across the board or risk falling behind.
Ready to partner with an expert? Contact CopperTree Staffing to learn how you can streamline your hiring and onboarding processes to attract, engage, and retain the best and brightest candidates.