Aram Lulla is President, AF | HR | IT Divisions at Lucas Group.
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Would you quit your job before lining up a new one? Conventional wisdom says this is a risky move, but in today’s super-hot job market, this is exactly what’s happening. Dissatisfied employees are jumping ship knowing greener pastures are out there: 2.7% of U.S. workers left their jobs in April, the highest level in more than 20 years, according to the Labor Department.
From technology to investment banking, even high-paying companies that would ordinarily have their pick of new hires are struggling to hang onto top performers, let alone get their hands on the new talent they need. As a leader at an executive recruiting firm, my team and I are on the front lines of the battle for talent every day. Here is what I can tell you is costing companies new hires right now, as well as a few key differentiators to give your business an extra edge.
Dragging Your Feet On Making An Offer
The time between interviews and offers should be days, not weeks. Many candidates will take the first job offer they receive, preferring a sure thing versus rolling the dice. Others see speed as a sign of greater interest, indicating they will be appreciated. Virtual interviewing is an essential tool, facilitating scheduling and allowing candidates to interview with more people faster.
Insisting On Five Days Of In-Person Work
Our clients who are calling employees back to the office five days per week are seeing high levels of turnover and are proving difficult to recruit new talent for. Offering any level of flexibility, from 100% remote optional to one to two days per week remote, is a significant recruiting advantage that is essential to staying competitive in this moment.
Failing To Sell Your Company Culture
Many companies are hiring while they remain fully remote but plan to have employees in the office some portion of the time starting in the fall. That means candidates are signing on to work in an office they’ve never seen with people they have never met face to face. To solve for that, you can invite the candidate to meet the team in a social setting or ask the team to come into the office for a day. In the interest of moving quickly, you can even make an offer contingent on the in-person meeting.
Not Making A Personal Connection
Successful recruiting requires building trust. Open up about your own experience during the pandemic so that the candidate feels comfortable doing the same. Engage in an honest dialogue about their personal priorities and what type of flexibility they are looking for, the top demand from most talent.
In addition to avoiding the above pitfalls, here are four ways to improve your search process and company appeal.
Leave No Stone Unturned
Use every tool at your disposal to find talent. Use your company’s in-house recruiters. Use your internal referral network. And use search firms. I am seeing a huge number of companies that traditionally do not work with search firms do so for greater bandwidth and a wider reach.
Be Clear About Growth Opportunities
Among the employees who reported this spring that they plan to look for new employment, “80% say they are concerned about their career growth, compared to 49% of all workers,” according to Prudential’s “Pulse of the American Worker Survey.” Growth is fun and exciting, and that’s what people want to be a part of. Outline a defined growth plan and the opportunity to learn new skills as part of your pitch.
Show Dedication To Inclusivity
We recently curated a diversity panel for our company and nearly every employee who didn’t have a scheduling conflict joined the call. I cannot overstate how much inclusivity matters. Genuinely inclusive companies attract candidates through their authentic approach, and this serves as a top differentiator to candidates.
Share Your Company’s Values
Lucas Group spent more than a year developing our mission, vision and value statements, and they have been invaluable in improving the success of our own hiring. Clearly articulating your company’s values helps you identify people who are genuinely interested in being a part of building, adding to and creating your culture for the business and makes it much more likely that you will retain that talent over time.
Recruiting in today’s job market is tough, but it’s worth the effort. By sidestepping the common errors and focusing on what prospective employees care most about — flexibility, culture and advancement — you can hire and keep top talent.
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