New Year, New Hiring Challenges?
The hiring market in the U.S. is starting to slow down after many months of historically high activity as industry-specific layoffs take hold and federal interest rate hikes impact the overall economy. In September, there was an addition of 263,000 jobs and the unemployment rate decreased to a low of 3.5%, according to the Bureau of Labor Statistics’ September 2022 Employment Situation Summary. This marked a deceleration from August, when the jobs market saw the biggest gain since the early months of the pandemic.
To distinguish themselves among today’s candidates, organizations should take a candidate-first approach to recruitment—here’s how:
• Highlight how you’re meeting candidates’ needs
Job seekers have a lot of options in today’s market and come with well-founded expectations around the work-life balance as they look for their next role. The pandemic has shifted candidate expectations in both dramatic and subtle ways, and they are seeking higher compensation, greater flexibility and autonomy, and more fulfillment from their jobs. Because of this, people are increasingly looking for opportunities at companies that value and prioritize employee well-being.
• Show how you’re supporting your workforce
Candidates want to know that there are growth opportunities in an organization. For that reason, we’re changing the way we talk about career paths and development for employees and what we highlight to attract top candidates.
We look for candidates with relevant skills, experience, knowledge, and willingness to grow and develop. We provide employees with a broad range of resources to empower them to acquire new or different skills needed to advance their career or transition into a new career path—to stay engaged, excited and fulfilled.
• Invest in your people
Beyond the hiring process, we solicit employee feedback to enhance our programs, and in turn, the overall employee experience so our people are supported professionally and personally.
All of our efforts are fundamentally based on who we are as a company—one that’s committed to putting people first through ongoing flexibility, supportive benefits, meaningful connections, and creating pathways to long fulfilling careers. Investments in benefits and development programs will ultimately allow organizations to attract and retain top talent while creating a loyal workforce that feels proud to be part of the organization.