March 9, 2023
517K new jobs were added in January 2023. But according to LinkedIn, hiring dropped 23% year-over-year in January. With 105K+ layoffs in tech so far in 2023 and 61% of people considering quitting their jobs this year.
The data suggests that job growth is strong and many companies are hiring, yet there is uncertainty about budgets and candidate expectations. What can talent acquisition teams do to combat the confusion?
If you’re in talent and you’re wondering how to stay on track with your recruiting strategy and hiring goals this year, you aren’t alone. In a recent webinar we hosted with our partners at Employ, our panelists put together the pieces of the current workforce puzzle to provide a clear picture of the job market, industry trends, and how to win with candidates.
Read on for the key takeaways from our panelists David Sidlar, Fetcher’s Head of Operations, Josh Jones, Talent Acquisition Manager at Employ, and Natasha Molina, Senior People Business Partner at Employ. You can also watch the full recording of the webinar below!
Thanks to Nehal Patel, Fetcher’s Chief Customer Officer, for hosting our panel and to everyone that joined in the conversation during this enlightening webinar!
Both Fetcher and Employ shared their own data to shed more light on the job market and candidate sentiment.
Fetcher data on the number of open searches supports the mixed messages of the overall market. Mid-year 2022, searches took a dip as recession concerns hit, but they spiked again as we turned the corner into Q4.
“September was not much better economically, but the unemployment rate dipped to a half-century low, job openings outpaced the number of job seekers that we had, and we saw a reasonable increase in industrial production,” said Dave. “And what we saw from our clients was that they started posting roles again, and reaching out to candidates through December, where we saw it drop off. Now, we see things picking back up again.”
Dave commented that the candidate engagement trends are even more interesting; candidate responses and candidate interest have continuously increased since the beginning of 2022.
Natasha and Josh shared insights from Employ’s January survey of 1,500 workers. With the below context, TA teams have a better idea of what candidates want, so you can attract and retain talent more effectively!
“What we’re seeing in those responses is the ask for transparency and demand for leadership at all levels to be open and honest with our employees,” said Natasha. “In order to retain and engage our employees, we have to show that we are investing in them, that we value them, and make them feel safe and secure.”
On the talent management side at Employ, Josh says that the survey data strongly aligns with what his recruiters are seeing in their day-to-day conversations with candidates.
“Organizations are going to have to remain flexible in terms of working remotely,” added Josh. “Culture is always a big thing…and DE&I is still important to candidates. On almost every call, we get asked about what kind of DE&I initiatives we have going on.”
The survey also revealed that 41% of candidates would quit their current role without another job lined up, which took all of the panelists off guard. In a market that’s still candidate-driven, so how can companies win with prospects and keep their current talent from jumping ship?
Overall job vacancies are high and unemployment is low, so the majority of candidates feel confident that they’ll find a job in today’s market. That means most companies are still battling it out for top talent – with some industries and roles having to fight harder than others. Make candidates feel special and increase personalization as you move them through the pipeline. Here’s how you can keep candidates feeling valued:
Personalize details in your outreach, like previous experiences and skills. Why is the role you’re approaching them about relevant to them?
Make sure each interviewer has background information on the candidate and a summary of their communication with your company so far. For later stages, offer a coffee or lunch chat with appropriate team members – even if it’s virtual!
Excitement translates much better over the phone or a video call, so avoid sending an offer letter only via email. Give silver medalists candidates a quick call (vs an email) on why they weren’t selected to help ease the blow and maintain the trust you’ve built for future roles.
Almost two-thirds of employees say they want to quit their jobs this year – and more than 40% say they’d quit without another job lined up. People are no longer basing their career decisions on salary alone, so to make great hires you’ll have to proactively communicate the whole package that your company offers.
Start conversations about career paths in the interview stage. After asking where they see themselves in X number of years, be prepared to answer what processes and resources are in place to help them progress down that path.
In talking about your culture and values, emphasize the benefits related to professional development and personal well-being such as continued education funds, gym stipends, flex time, and access to mental health resources.
Invest in mentorship programs within your organization, especially for early-career talent.
More than a third of people want fully remote work. While there is a smaller segment that prefers office life, if you are keeping your staff WFH, put that information front and center.
If the hiring process is too lengthy or cumbersome, candidates will lose interest and move on to other opportunities. Don’t give them the opportunity to ghost you! Here are a few simple ways to simplify and speed up the hiring journey:
Automate initial outreach and follow-ups. Relying on manual reminders is tedious and opens the door to candidates falling through the cracks. If they don’t hear from you, chances are, you won’t hear from them the next time you reach out!
Set realistic timelines and communicate them with everyone involved. That means candidates and hiring managers.
Use assessments wisely. Let candidates know the intention behind any assessment you ask them to complete, and the amount of time it’s expected to take.
Use data to pinpoint roadblocks and leaking spots in your funnel. Track the number of candidates that move through each stage of the funnel, and how long those stages take. By identifying areas that are causing slow-downs or drop-offs, you can quickly take steps to remedy and improve processes.
Want to stay ahead of the curve with candidates? Fetcher specializes in sourcing top passive talent for companies of all sizes.
With sourcing off your plate, Fetcher gives you more bandwidth to streamline your recruitment processes and create the best possible experience for your entire talent pool. Learn how we can help you build a high-quality candidate pipeline by scheduling an intro call with our team.
Check out our other blog posts for more talent acquisition tips and insights into recruiting trends.
At Fetcher, our mission is to introduce companies to the people who will help them change the world. Our full-service, recruiting automation platform automates those repetitive, top-of-funnel tasks, so you can focus more on candidate engagement & team collaboration. Simplify Sourcing. Optimize Outreach. Hire Top Talent. Learn more at fetcher.ai.
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