a record 4.5 million People left their jobs in the US at the end of 2021. It is no secret that the pandemic has given people time to rethink their careers and many are calling it a great resignation.
Businesses were forced to adapt to COVID-19 regulations, but this poses a new set of challenges for managers who want to keep growing. Employees are constantly on the lookout for better opportunities and businesses need to work on how to hire and retain valuable employees. The average tenure of workers in the age group of 25 to 34 is now only 2.8 years, Hiring people who are not a good fit for your business can provide relief in the short term but can cause bigger problems down the line.
The key is hiring the right people in the first place who will look to grow and develop with your business and create the right environment for other employees. Here are three ways managers can hire candidates who are better connected with their business.
Uncover Silver Medalists
Ironically, businesses that have built a strong workplace brand image have also created headaches for their HR teams. They may need to filter through thousands of people applying for a position. In the later stages, often many candidates are more than qualified for the role but need to make tough decisions; Ultimately, the company was looking to hire a specific number of individuals for the job, not all qualified people.
Other businesses may prefer to have these highly-qualified-though not-hired candidates on board because they have already been through rigorous evaluations and proven themselves competent; These candidates are called Silver Medalists in recruitment circles. Yet often this useful information is not shared between companies, so they have to go through their own expensive and time-consuming recruitment process.
i recently came Junko, a startup with an interesting way of tackling this problem. They work with organizations to maintain a pool of Silver Medalist candidates that companies can share (their entire pool is made up of candidates from under-represented areas, further down.) The interview cycle is shortened. So it’s quicker for the company to find a highly qualified candidate and less grueling on the candidate himself.
Even if you don’t share a candidate pool with other companies, optimizing your recruitment processes is essential to keeping your company’s own silver medalist candidates on file.
Hiring with the Dee and I in Mind
In today’s world, it is bad business sense not to consider diversity, equity and inclusion when hiring. This is not only from the ethical point of view but also from the point of view of creativity and productivity.
a McKinsey’s report found that those in the top quartile of gender diversity were 25% more likely to do better financially than those in the lower quartile. The numbers are even higher for ethnic diversity, with a 36% increase in financial performance. The data is clear. More diverse teams perform better.
When you hire and give voice to people from different backgrounds, you attract even more diversity which contributes to a virtuous circle. It was this conflict that inspired the creation of Junko; The founder saw how hard it was for her to be taken seriously as a woman in tech. Now Junco matches employers with unseen talent from underrepresented backgrounds. The company frees two birds with one key — promoting recruiting diversity by using the benefits of Silver Medalist candidates.
Employers of all sizes should adopt the DE&I state of mind when hiring.
In 2022, the use of CVs in recruitment processes among cutting-edge companies is dying out. What someone has done in the past does not accurately reflect their current skill level or their ability.
It is not uncommon for people to embellish their CV and believe that they can talk about it in an interview.
Job simulation can be a more practical way for stream candidates. Thus they are being evaluated on the basis of what they actually can do rather than what they say they can do. The largest companies may have full teams to create programs for this process. It is not practical for everyone.
Yet a little research revealed the independent company, unboxable, which developed the SaaS job simulator to help companies find their ideal candidates. Their platform can be used by companies of any size.
I was impressed with the results they were able to generate for their customers; Their website claims that hiring managers have a 93% successful hire rate, compared to the traditional average of only 74%. They believe the reason for this success is that they focus on a candidate’s fit with the company, rather than dry skills.
Considering the candidate’s fit with your team and company culture matters a lot.
For some companies coping with great resignations will be an even greater challenge than coping with the restrictions of the pandemic era. However, there are new ways to ensure that you hire the best candidates best suited to your team and vision. When you hire the right people who will be around, you can save significant money and fuel your growth.
To take the first step fast:
Build a Silver Medalist Internal Database
Set a DE&I KPI for your placement in the next quarter
Begin by considering how a candidate would fit in, not just their skills