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Where Are All the Candidates?

Where Are All the Candidates?

The hiring process is more stressful than ever. The national labor shortage makes it challenging to recruit and retain employees.

According to Radancy’s August 2022 Labor Market Update, the fill rate of hires to job openings declined by 8.5% year-over-year. A ratio of less than 1 indicates companies hired fewer employees than open jobs. This shows inefficiencies in hiring for the majority of US employers.

As a result, you may struggle to hire enough employees to maintain stability in your staffing levels. The following solutions can help.

Discover three methods to find the candidates you need to overcome hiring challenges.

Your Employees Are Quitting

Employee turnover makes hiring difficult. A 2022 study by Greenhouse showed that 67% of hiring managers said engaging talent is more challenging now than before the coronavirus pandemic. Also, 75% of managers expect hiring to be more difficult in the coming year.

Fortunately, you can increase employee retention levels by offering increased flexibility for your workforce. For instance, provide remote or hybrid positions and a flexible schedule. Also, offer an increased amount of paid time off. Additionally, provide greater opportunities for professional development and career growth. Plus, offer team-building activities and attractive perks that encourage employees to remain long-term.

You Have Few Job Applicants

More workers are looking for multiple income streams to cover rent, food, gas, and other living expenses. However, the Radancy study shows that annual inflation is at 8.5%, whereas annual wage growth is at 5.2%. This means many jobs are paying wages that are significantly lower than inflation. As a result, workers typically avoid taking these jobs because the income would not cover their bills.

To increase your applicant pool, you can offer competitive compensation. Also, clearly display the compensation in your job postings. This will grab the attention of more job seekers and encourage them to apply for your jobs.

Ensure your job postings appeal to a range of applicants. This includes entry-level workers and retired individuals who want to reenter the workforce. These groups typically are willing to learn, adapt, and grow your company. They can widen your applicant pool.

You Lack Time for Hiring

You have other high-priority job duties and responsibilities to attend to. This makes taking the time to hire more difficult than the process already is.

However, the longer you remain short-staffed, the more challenging it is for your employees to maintain their workloads. Taking on additional job duties and responsibilities increases employee stress levels. Over time, this can lead to increased turnover and employee burnout.

To alleviate this issue, work with a staffing firm that specializes in your industry. They can match you with qualified candidates to fill your job openings. This saves you time and money on the hiring process.

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