Hiring Top Talent in a Tight Labor Market

Hiring Top Talent in a Tight Labor Market

by on 1 Jun, 2017

While job growth is a good sign for the US economy, it can also bring about a set of new challenges for employers, as it becomes more of a struggle to find and attract suitable candidates. A recent report from iCIMS, Inc., a leading provider of Software-as-a-Service (SaaS) talent acquisition solutions, revealed that employers are having a harder time finding people to fill jobs, and are expending more money and time to find the best-fitting candidates. For many businesses, small businesses especially, there may not be much extra money and time to spend on this effort. What, then, can companies do to ease the process of hiring top talent in a tight labor market? Here are some tips.

  • Put more effort into retaining the talent you already have. It is proven that hiring new employees costs a lot more than retaining current employees. Thus, companies should put more time and money into retention efforts, working to develop current employees and keeping them at the company. There should be a talent management system in place to work on these efforts, and there should be a particular focus on increasing employee engagement.
  • Try out different social media platforms. By now, companies should definitely be utilizing social media for recruitment purposes- SHRM reports that 84% of companies are currently using social media for recruiting. However, many companies are sticking to only a few platforms, like Facebook, Twitter, and LinkedIn, making the competition amongst other employers more fierce. Thus, companies should do some exploring to find new social media platforms where they can solicit applicants. The key is to find platforms that are connected to the industry the company is in, which will be more effective in seeking out candidates that are interested in the position and are more likely to have the skills needed.
  • Enhance the perception of your organization, and work to differentiate your brand from the competition. Many employers may not realize it, but company branding actually plays a large role in recruitment. Companies should consider how prospective employees might view the organization and brand as an outsider, and should evaluate their employer value proposition (EVP), or what employees can expect from the job, and what employers expect in return. Furthermore, employers should make it a point to find and emphasize what truly sets the organization apart from other organizations, and what makes it a unique and special place of work.
  • Tap into current employees’ networks. Word-of-mouth is very powerful, and employees should not overlook the vast networks that exist within the organization already, through its current employees. Chances are the employees of any given organization are connected to hundreds, or even thousands, of potential candidates on social media. When a new position is launched, employers should communicate with employees about sharing the role/application on their own social media profiles.
  • Be diligent about communicating with potential candidates. In this day and age, people searching for a job might send out dozens of resumes and receive only a few responses. This can be very disheartening for the candidate and gives off a negative impression of the organizations that choose not to offer any response whatsoever. Employers should foster relationships with potential candidates, encouraging those that are interested to subscribe to the company newsletter and follow the company on social media. Furthermore, employers should be present throughout the process, whether the candidate is hired or not, and should be open and thorough in communications. This will encourage candidates to stay throughout the process and will boost the reputation of the employer.

The above are just a few ways that employers can find and attract top talent in a tight labor market. The reality is that there is no one magic formula for finding talent, as every organization has different needs. Combining some of these practices with creative approaches and knowledge of the types of candidates that the organization is seeking can be very effective in the process of securing top-tier talent.


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Disclaimer: this article does not represent expert advice and is provided for informational purposes. Please get in touch if you would like expert HR advice.

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