As Millennials and Generation Z consume more of the labor pool, talent acquisition trends are changing very fast in today’s recruitment world. Therefore, if you as an employer can meet their expectations, you can hire top talent faster and easier. The current generation in combination with Millennials are the most diverse generations we have seen, which makes it all the more important to keep up with the recruitment trends and for employers to rethink their recruiting strategy and how to approach hiring and retention. Keep in mind, these generations make up almost half of the workforce today!
On any HR platform or LinkedIn news feed you scroll through, you will see signs of the Great Resignation. The global pandemic caught us all off guard which exacerbated an already intense competition for talent acquisition and the need to source the best candidates to fill a rapidly growing number of open roles. Consequently, we can see that the ultimate problem here is there have been more open roles than there have been candidates to fill them.
Employees are rethinking how they want to work
The pandemic has seen a rise in the demand and necessity for “Work from Home” policies, but remote and flexible work was an upcoming trend long before Covid 19 happened. Even though this working style is not everyone’s favorite, for many, hybrid working models are essential to have in their work life today. This desire proves the rise of a candidate-driven market, suggesting that employees want more control on how, where, and when they work.
Employees are demanding change
Dissatisfaction with the traditional ways of working and climbing the corporate ladder is a growing problem today. Given that the number one reason most employees leave their company is due to the lack of learning and development opportunities, it is not surprising that with the proliferation of freelance work, continuing education and potential for advancement, employees are opting to focus on learning new skills to move into roles they actually want. This often occurs without hesitation to search for another company that offers better opportunities if the current employer fails to do so.
Moving forward, companies are working on meeting the new demands and expectations following this recruitment shock, dubbing the “Great Rehire” and its impact on talent acquisition.
A number of employees want remote work options even after the pandemic, while others seek for hybrid working options. A high number of employees see flexible work opportunities as a main reason for staying with their current employer. Furthermore, employees who have more control over their work schedule are less likely to feel overwhelmed and stressed out. The latter also implies that firms should revamp their PTO policy to recognize the need for occasional “mental health days” and provide more flexibility regarding working hours – including, as some forward-thinking organizations have done, offering a four-day work week.
Clarity & Transparency
When it comes down to the recruitment process, candidates seek clarity and transparency with regards to what they can expect from it. Those job postings that mention a competitive salary rate with generous benefits, and state that they are open to salary and overall package negotiation, are the most favored types of job adverts by today’s job seekers. Employers in the near future will only have seconds to grasp the attention of their future workforce amongst a high number of other competitors proposing the same or even better financial offerings. When there is a lack of transparency, candidates can become frustrated with the whole recruitment process and may sway to a competitor instead.
When candidates see that they can have control over their flexible schedules, they are immediately attracted to the job. Rather than a culture where organizations allocate specific work hours and days, over 60% of candidates today desire the autonomy to set these time schedules for themselves, such as decide when they come into the office depending on when it is most suitable for them. As well as this, job applicants have become more selective on the job roles they choose, which means they choose positions where they believe they can enjoy more independence and have control over their career and daily activities. Unprecedented employee power can challenge the 2023 recruitment process.
After the pandemic, training and development budgets were restricted to maintain business continuity. Around 50% of European workers aged 18-34 stated that their opportunities to learn and develop in their job role was reduced in 2020, and now as we approach 2023, they want to make up for the lost time and growth. A lot of the new in-demand skills for 2023 applicants include tech capabilities such as data analytics, web development and UX/UI design, together with softer skills such as communication, negotiation, and leadership skills. Employees strive to upskill in these areas to meet the demands of potential employers, however, businesses can use this desire to their advantage to offer career development opportunities. Many candidates view career growth as a motivational factor when choosing an employer.
In a candidate scarce market, it’s key to ensure your compensation package is competitive. Discuss how you can diversify your benefits package with one of our expert GRS Consultants today firstname.lastname@example.org call the office +357 2534 2720 or +356 2778 0664.