Despite signs of tentative economic recovery and many professionals across the country seeking new opportunities, the predominant hiring trends defy what some analysts might expect. Many of the best and brightest workers expect more from today’s organizations, and unless human resources managers are cognizant of this fact, they could lose prospective hires to rival companies. According to the Bloomberg Bureau of National Affairs, firms must adapt to the changing landscape of hiring if their companies are to succeed in an increasingly competitive corporate environment.
HR managers now must be keenly aware that the hiring process has changed for many professionals. Companies are no longer the sole gatekeepers to candidates’ dream jobs —and today’s professionals have higher expectations than a few years ago.
“In the past, recruiters were really in control,” Matt Singer, senior director at recruiting firm Jobvite, said during a webinar for the Human Capital Institute in December. “Job seekers really felt like every opportunity for an interview and chance to speak with a company was something special. Now things have come full circle and it’s really about the job seeker. This shift in the job market has changed how we hire, the types of jobs we are hiring for and the way candidates respond.”
Although human resources professionals have limited control of the overall hiring process, emphasizing employee training programs and other ways their company is willing to invest in new hires demonstrates that workers’ skills and professional development are valued.
Delving into Data
In the past, recruitment was seen as a one-way street. However, many organizations now see the attraction and retention of skilled workers as a high-level function. The costs of a new hire can be considerable, especially for executive appointments. With this in mind, some companies turn to advanced metrics analysis to minimize wasted recruiting time and funds.
By using sophisticated data analysis tools, organizations can substantially reduce their expenditure during the hiring process. According to Forbes, US companies spend approximately $46,000 on average per year on staff training and development. If workers leave the company after a short period of time, this can result in significant losses in both money and productivity. To combat this effect, some companies such as Xerox have invested in analytics tools to take the guesswork out of hiring.
Several variables are analyzed as part of Xerox’s process, including staff tenure at previous positions and overall professional performance. This enables Xerox to make highly informed and quantifiable decisions about their employment decisions— a move Teri Morse, vice president of human resources at Xerox, claims is particularly important for customer service roles.
“This data has proven that when we hire people who are graded as ‘most likely to succeed,’ they stay on the job longer and perform better,” Morse wrote in a guest column for Forbes. “For one of our clients, it helped increase revenue by 10 percent because we were able to hire better people and keep them on the job longer.”
There is little doubt that employee training plans and other professional development opportunities are crucial to cultivating the skills and qualities desired of the best-performing workers. However, HR managers also need to balance these initiatives with strategic decision-making that enables them to not only attract and hire the best people, but retain them based on their personal qualities and career goals.