Over the last two years, one of the most prominent labor market transformations has been a shift from an employer’s market to an employee market.
Businesses are constantly being challenged by recruitment, with everyone-and-their-mother looking to fill one, two, if not multiple, roles within any given industry.
The workforce is desperate, and the age-old sentiment of ‘slow to hire, quick to fire’ isn’t making it any easier.
In fact, in 2022, that sentiment is dead.
The Great Resignation
What’s behind the change?
According to the U.S Bureau of Labor Statistics, as of July 2021, more than 4 million Americans had quit their jobs, peaking in April 2021 and remaining high through the remainder of the year. As of the end of July, more than 10.9 million jobs within the USA remained vacant.
The greatest increase falls in the 30–45-year age demographic with a nearly 20% increase in resignations between 2020 and 2021.
What is clear is that employees want more from their jobs, and they are willing to sacrifice their comfort for their job satisfaction in the meantime.
Why You Should Hire Fast
With a turn in the employment and retention tides, the opposite is now true: business owners and managers should adopt the mindset of ‘hire fast and fire fast’ (and with compassion) if they want to stay on top of the game.
We’re now looking at a hiring climate that puts passive employees in the driver’s seat. Talented potentials are currently employed and looking but won’t make the move without an exciting offer on the table. And you need to move fast.
Back in 2015, the amount of time it takes to fill any given role hit a historical peak, incrementally increasing year by year since then. In 2021, we hit a record high, going from 28 working days to hire – to 30, according to DHI Hiring Reports.
Employers are fearful of making the wrong choice, equating the time it takes to hire, with the accuracy of their decision, and because of this gap, it is increasingly hard to hang onto strong candidates. Putting your best potential hires through three, four, or six rounds of interviews loses the excitement and momentum they may feel, and leaves that candidate available for other options – and taking them!
Hiring Talent in 2022
It’s a well-known fact that we have come to doubt our instincts when it comes to meeting people. We replace confidence with doubt when generally speaking, and our first instincts hit the nail on the head.
Making rapid, confident decisions doesn’t need to be scary. It can ultimately feel very empowering for businesses, who increase pressure on the rest of their team the longer they take to take. In fact, as you wait to fill a role, increasingly multi-tasking in the workplace only increases errors, decreases productivity, and exacerbates employee fatigue.
Instead, according to the author of High-Velocity Hiring: How to Hire Top Talent in an Instant, Scott Wintrip, says instead we should adopt the ‘Fast to hire, quick to inspire’ mantra in order to make quick, effective, promising decisions.
And here’s how:
Tips for Hiring in 2022
1. Always be Recruiting:
Be proactive about hiring and successive planning. Instead of waiting for the right candidate when a role opens up, be on the look for the right candidate at all times and make space for them on your team. When you find someone with exceptional talent and who would fluidly fit with your team – get them on board ASAP.
2. Get Creative with Interviews
When you showcase your talent trying out for any team, you don’t discuss it, you perform.
In the interview process, make sure to ask questions that elicit a tangible response, gauging how that potential hire would handle a real-life/real business scenario. Bring team members across the interview process to get real-time feedback on first impressions and personality fit in the second stage. Regardless of talent, not being a good fit for the team can make or break the hire. Move through this early on and help drive decisions.
3. Be a Decision Maker
Go with your gut. Our first impressions are everything, and those instincts should be discounted. Make strong, decisive decisions based on instincts and handle the repercussions later.
4. Be Intentional
Know exactly what you’re looking for. Hiring based on current projects and immediate needs doesn’t work for successive planning. Know the type of personality and skills you will need to enhance the workflow, atmosphere, and team momentum before you hire. Be very clear on the type of person you want, and don’t be swayed by big talk in the interviews. Stick to your guns.
In addition, make sure you are moving candidates through the process with constant communication and clear expectations on timing. Days or weeks of silence lead a candidate to think you are not interested. Time is not always a friend of the hiring process.
5. Know When to Cut Your Losses
Sometimes a new hire just isn’t a good fit. One bad seed can rot the whole crop, so cut your losses efficiently, effectively, and always with the utmost compassion. Never burn bridges and consider that when you recognize a bad fit and cut them free, you’re doing both of you a favor, creating space for the right hire and equally, their best job.
6. Hire for Potential
Education and skill will only get you so far when you’re hiring for a role. Personality and the aptitude to learn, evolve, and work for the greater good of the team is kin. Hire for a person’s potential, and not necessarily their current capabilities. A potential hire knowing that their singular place plays a bigger role in the overarching team is a quality you can’t develop.
Bring in the Experts
At StellaPop, we have years of experience with corporate recruiting, HR leadership, and talent acquisition. Our team of strategists can help your business develop a fast-recruiting process to attract and hire top talent. For more information, get in touch!