Supply & Demand in the U.S. Talent Market - And What You Can Do About It
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Fewer people in the United States are actively seeking work across all industries, making hiring difficult for many organizations. Experts say this trend will continue as demand outpaces candidate supply. But there are changes you can make, both small and big, to help you land the talent vital to business success. View these slides to learn about: -Tips to tailor your employee value proposition to match current candidate expectations -Ways to differentiate your job listings & recruitment marketing to attract interest -Examples from leading organizations with proven tactics you can implement now
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Supply & Demand in the U.S. Talent Market - And What You Can Do About It
- 1. June 8, 2021 Supply & Demand In The U.S. Talent Market And What You Can Do About It WELCOME TO TODAY’S WEBINAR ©Cielo, Inc | Confidential and Proprietary
- 3. 3 Offer flexible scheduling with minimal availability requirements Make overtime optional instead of mandatory Reduce experience & background screening requirements Simplify the recruitment process What We See Candidates are… • Expecting a sense of urgency and speed • Not applying to roles that have unrealistic requirements Organizations are… • Adjusting minimum job qualifications • Creating more part-time vs. full-time positions • Increasing efficiency of hiring process RECOMMENDATION ONE REVIEW YOUR JOB REQUIREMENTS & HIRING PROCESS What You Can Do
- 4. 4 Actively participate in discussions across online platforms Reevaluate EVP to create a sustainable, future-focused employer brand Create unique personas for most critical job categories Build a strategy that facilitates an “always-on” engagement approach What We See Candidates are… • Sharing experiences on social media and review sites • Increasing ghosting and no-shows Organizations are… • Reacting quickly without authenticity • Misunderstanding new candidate expectations RECOMMENDATION TWO EVALUATE YOUR EMPLOYER BRANDING & EVP What You Can Do
- 5. POLL Which is your biggest recruiting challenge, hourly or professional? a) Hourly b) Professional c) Both d) Other
- 6. 6 Target hiring in states changing their unemployment benefits Strengthen your employee referral program & its benefits Offer a full benefits package on day one Immediately give paid time off to new hires What We See Candidates are… • Expecting more flexibility in location • Leaving or have left the workforce, especially women and boomers • Wanting more competitive compensation now that many roles are remote Organizations are… • Increasing the use of pay incentives overall • Using sign-on bonuses across a wider variety of roles RECOMMENDATION THREE REVISE YOUR REWARDS PACKAGE What You Can Do
- 7. 7 Create an outcome-driven, consumer-grade, multi-channel recruitment marketing plan Focus on candidate experience and journey to hire Ensure employer promise overlaps with candidate need Encourage user-generated employee content What We See Candidates are… • Increasing offer declines or hiring process withdrawals • Assessing what they want and need from their job and their employer Organizations are… • Relying on single-channel, single- message communication strategy • Delivering an inconsistent brand identity due to changing messaging • Believing pipelining is still a relevant strategy for hourly talent RECOMMENDATION FOUR PRIORITIZE PERSONALIZED CANDIDATE ENGAGEMENT What You Can Do
Editor's Notes
- 2 MINUTES ANNAMARIE Welcome and thank you for joining us for today’s webinar. We will start by getting a few logistic items out of the way and then straight into our content. First, we are live-Tweeting this webinar, and invite you share your questions or comments using the hashtag talentmindset, also be sure to follow us at @cielotalent to get industry news and our latest thought leadership updates. If you have a question for today's presenters, use the chat function within Go To Webinar. We'll get to as many as we can LIVE today, but will follow-up via email on any we're not able to cover. We're excepting an active discussion based on today's topic! And, finally, the question we receive most often: yes, this presentation is being recorded and will be available via email with the presentation deck later this week.
- CASSIE The challenges of workforce re-entry Changing employee and customer expectations As of March, 19 million Americans filed for some form of jobless benefits with a majority of the claims specifically for pandemic relief assistance. This despite a record number of over 7M job openings. But COVID didn’t create these problems. The people shortage was already coming. 2020 and increased unemployment compensation has acted as an accelerant. According to EMSI "The Demographic Drought" article that was published last month, slowing population growth and reduced labor force participation are two of the catalysts. This includes 2.4 million women who left the workforce last year and 3 million baby boomers who retired in 2020 (compared to a “normal” rate of 2 million). Boomers are often vacating higher level and highly valued positions in their companies which means the current labor market challenges aren’t just for entry level or hourly hiring. Delayed college plans, combined with the spike in high school dropout rates during COVID, will continue driving college enrollment numbers down and impact hiring for professional roles long term References: https://www2.deloitte.com/uk/en/pages/press-releases/articles/pandemic-takes-heavy-toll-on-working-womens-wellbeing-motivation-and-careers.html https://hbr.org/2021/05/the-challenge-of-rebuilding-u-s-domestic-supply-chains Side - https://www.mckinsey.com/about-us/covid-response-center/covid-19-impact/impact-on-economies/unequal-america-ten-insights-on-the-state-of-economic-opportunity
- CASSIE – 10 mins total Flexible scheduling – don’t require employees to have availability 7 days per week Make OT optional instead of mandatory Reduce background screening requirements: changes to background screen requirements, opening up requirements to attract more diverse candidates [example – education verification isn’t necessary for hourly roles] Simplify the recruitment process: According to Appcast, apply rates increase by 350% when it is under 5 minutes, consider eliminating resume requirements for certain roles, second interviews & move assessments to end of process if required. A large consumer brand company eliminated their drug screen panel and reduced their background check to only include employment and criminal history over the last two years. Because of these changes, they were able to cast a wider net and find additional candidates to fill vacancies. Rachel- Adjusting min quals- Share Iron Mountain example of Box drivers going from 1 year exp to 6 months, USS created training program for CDL Drivers. Efficiency of hiring process- Introduced automation and chat bot for hourly role. Tripled candidate flow and went from 1.8% to 5.8% conversion rate from Click to application, Make on the spot offers to beat out competition
- MARCO – 10 mins total - Be a part of the discussion, don't hide from it - community management used to be a once a week thing, now it’s daily review. You need to be active in and proactive in connecting with your candidates (and employees) online. You can’t be absent. Always-on candidate & applicant engagement & nurture approach Creating sustainable corporate value has never been more important yet challenging than in today’s changing world. Cultivating an authentic employer brand becomes an organizations competitive advantage. Research, persona development Client Example: McKesson – employer brand for today, always on candidate engagement
- ANNAMARIE 5 MINUTES Live Polling and Discussion Results
- CASSIE – 10 mins total The U.S. Bureau of Labor Statistics reported there were 2.2 million fewer women in the labor force in October 2020 than the year prior. It’s nothing short of a crisis. Battling wage inflation; not sustainable. Money won’t fix everything you’re frustrated with. Be agile, try new things Promote what you're doing and what's in it for your prospective employees Asurion , Campbell– schedule flex Walgreens – remote work Be agile, try new things Promote what you're doing and what's in it for your prospective employees Providing onsite daycare or daycare reimbursement is a differentiator Women in workforce “The World Bank has warned that major measures are required to get women back to work and on the path to gender equality.” https://www.cnbc.com/2021/06/07/world-bank-measures-needed-to-return-women-to-workforce-post-covid.html “Labor economists say it's hard to point to any single reason why 1.8 million fewer women are in the labor force than before the coronavirus pandemic or why in a country that's now facing labor shortages, so many women remain unemployed” https://www.npr.org/2021/06/03/1002402802/there-are-complex-forces-keeping-women-from-coming-back-to-work >>companies like Amazon are focusing on public commitments and call to actions such as hiring 1000 women. Initiatives such as on the job training, flexibity, remote work and increase benefits such as child care subsidies are creative measure to increase hiring success.
- MARCO – 10 mins total Premium attraction experience for all roles – not just premium roles.