CEO of global recruitment firm Duffy Group Inc. and author: Revolutionizing Recruitment: How Recruitment Research is Reshaping the Industry.
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As 2024 approaches, have you taken inventory of your company’s hiring needs?
Layoffs have swept through companies in many business sectors, but that doesn’t mean recruiting will be easier. In fact, at last count, the U.S. Bureau of Labor Statistics reported 8.8 million open positions nationwide. In greatest demand are seasoned leaders. Amid a rebalancing of budgets and workforces, some companies traded senior staff members for less-experienced workers—and now they're feeling the effects in the form of lost productivity.
Understanding and acting upon these dynamics will give your company a competitive advantage. In the face of what will continue to be a tight labor market, your best bet is to create a thoughtful and proactive hiring plan. So where should you start?
Define must-have skills for open positions.
Begin forecasting your company’s hiring needs now. Look at how your department or business locations will change, which departments will grow and which areas of the company will be leaned out. Also make note of any planned promotions or staffing changes that will have hiring implications.
With your internal hiring audit in place, define the must-have skills and experience for open positions. For instance, you may need a candidate with a certain level of management experience who's managed at least a $2 million budget and has demonstrated strong verbal and written communication skills. The more well-defined the parameters of the job, the better results you will have in recruiting quality candidates. Be proactive, knowing that the recruitment process can take up to three months.
Vet candidates.
More people are looking for work or are open to considering new positions, but that doesn’t mean the labor market is flush with talent. New BLS data points to a “forever” labor shortage by the end of the decade with the increasing number of retiring Baby Boomers and fewer Gen-Zers entering the workforce.
Regardless of the size of a candidate pool, quality is an important consideration. At Duffy Group, we help our clients establish metrics of success for new hires during their first year on the job. Then, we work backward to identify candidates, including those outside their current industry who have transferable skills and experience.
Know your sizzle.
Just as hiring leaders seek best-in-class talent to join their teams, candidates want to be part of a winning company. You must be able to communicate your organization's sizzle—the things that make you stand out as an employer, such as your niche in the market, points of difference and other wow factors that can pique candidates’ interest. Some key points to consider highlighting are any awards and accolades your organization has received, your stance on growth and development and what your unique culture looks like.
You should then package these details in a compelling way when you post about open jobs. For example, your sizzle may read something like this, "Join a passionate team committed to making a positive difference for families. You will be the face of an award-winning organization that is creating effective policies and partnerships to promote the well-being of families and children while protecting equitable opportunities for education, healthcare and human services."
Re-evaluate compensation and benefits.
Pay and benefits remain important considerations for candidates, so you must consider what your company offers compared to your industry. Consider checking the 2024 Salary Guide from Robert Half, which lists starting salaries for hundreds of positions across multiple industries and occupations.
Take a look at your company’s benefits, including remote and hybrid schedules, as well because they have the potential to set your organization apart. For example, Robert Half's guide states that 61% of workers are more interested in applying for jobs with flexible work options. Understanding what incoming talent may want from their employers can help you determine the most competitive offers you can give.
Remember the value of the human factor.
While using online job postings and AI technology can seem like easy paths to find candidates, it’s important to remember the human factor when filling open positions. Recruiting—especially for high-level roles—is about more than matching candidate profiles with job descriptions. It’s also about uncovering an individual’s strategic mindset and important soft skills like teamwork, communication and the ability to lead an organization effectively.
An evolving economy, shrinking budgets and fewer talent acquisition resources are just a few factors that could impact your opportunity to build a quality workforce. As such, it will be best to create a thoughtful road map to prepare for the year ahead.
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