The “Great Resignation” Is Upon Us – But You Can Still Win The Talent War
The Society for Human Resource Management (SHRM) recently reported that nearly half of American executives indicate higher turnover than normal in their organizations over the last 6 months and that 40 percent of employees are actively searching for new roles. This number jumps from 40 percent to 75 percent for employees who are actively disengaged from their jobs. Considering that unemployment claims are dropping and more open jobs than job seekers currently exist in the marketplace, employers are facing a perfect storm of destabilizing conditions at a time when they desperately need stability to fully recover from the pandemic’s negative economic impacts. How do organizations like yours face this “Great Resignation” and come out ahead or at least unscathed on the other side?
Research shows that in light of these new labor market complexities, quality of hire is a top priority for recruiting. That actually makes good sense, despite the fact that employers seem desperate for any hire these days. Since businesses are having to pay more than ever for the same jobs in salary, benefits, and the cost of recruitment and retention, a refocusing of efforts on spending those dollars for a real return on investment should not be a surprise. Here are three tips on how you can increase your Quality of Hire.
Tips to Increase Your Quality of Hire
Tip #1: Really Define What You Are Looking For
Have you taken the time to define what excellent performance in your open role(s) is? If you have, do your job postings and official job descriptions align with this definition? What are the unwritten rules for success in your employment culture? Is everyone involved in the recruitment process on the same page with what is needed in the role to be a successful hire?
While these questions may sound rudimentary at best, you might be surprised at the real answers. Until you know in detail what is required to be successful, where you have flexibility and where you don’t, there will be gaps in your recruitment process that lead to bad hires. Bad hires equate to wasted money, so take the time to understand the real measure of success for your open roles before you recruit into them.
Tip #2: Stick to Principle, Not Outcome
Many if not most organizations are evaluating their potential responses to today’s labor market challenges. Do you pay more – if, so how much more? What benefits can you add? Is remote work or another flexible work schedule possible? Should you offer hiring bonuses or retention bonuses or counter the offer for that employee who just resigned?
While evaluating options is a must for success, take care to evaluate the full picture of your return on investment in these decisions. For example, you may elect to pay more in response to fleeing talent in your industry – but someone else can always pay more than you. What do you do then, when you have higher costs and a labor shortage to deal with?
To truly win the long-term talent war, focus your decisions in light of your business principles, not on short-term outcomes that may provide immediate but fleeting benefit to the organization. You may be tempted to compromise your hiring criteria or even pay what you think you have to for that great candidate who is way outside your price range to fill a role, but this approach rarely if ever works out in the end. Your quality of hire will suffer if you compromise long-term principles for short-term outcomes.
Tip #3: Use a Recruitment Partner Where It Makes Sense
You only have so much internal recruitment capacity, and in a crisis like today, your recruiters are likely overwhelmed with the tasks and timelines they now face. More companies are turning to external recruitment partners than ever before. Evaluate where this may make sense for your business and find a partner with specialized knowledge and skills to be able to give you good quality candidates as opposed to just high-volume candidates. This too will increase your overall quality of hires and ROI.
The WFC Group is Your Trusted Recruitment Partner
For over ten years, The WFC Group has been recruiting, vetting, and hiring qualified candidates in the human capital management (HCM) and workforce management (WFM) technology sector. As a certified UKG (Kronos) and SAP SuccessFactors partner, we are experts in both HCM and WFM systems as well as in the people who know them. We can help you Amplify Your Talent by referring qualified candidates for the following roles:
- HRIS Analyst
- HRIS / HCM System Administrator
- Payroll positions
- HR Generalists, Managers, Directors
We know you need solutions now, and we are here to help you win this Talent War. We use our Listen, Adapt, Deliver methodology to determine your specific recruitment needs, tailor our selection process to ensure we successfully refer only qualified candidates to you, and then deliver Talent you can trust to meet your specific needs. This is our brand promise – and we feel so strongly about it that we offer a 90-day guarantee on any hire you make through our services.
If you need help to hire new Talent, please contact us today for more information – all placements are handled on a contingency-basis so you can utilize our professional placement services to Amplify Your Talent risk-free.