Ever since the 2020 pandemic, the talent market has drastically shifted to a system focused on remote work and schedule flexibility. What’s more, wages are at an all-time high, businesses are forced to become online-centric, and hiring teams worldwide are at a loss for what to do in this turbulent economic climate.
Yeah. Times are changing, and there’s no way to stop it. All you can do is educate yourself and prepare your team to adjust to this wild, new setting.
In this guide, you’ll learn everything you need about the talent market as of 2023 and how to optimize your HCM and ERP process to always hire the right people.
Where Is the New Talent Market Heading?
A 2021 report indicated over 90% of hiring managers were looking to fill new roles. Keep in mind this was when the world was attempting to recover from the pandemic, which stretched into 2022.
While the world hasn’t returned to “normal” as of 2023, there is still a large market for new talent as a whole plethora of new job types are becoming more and more prominent.
So what does this entail for the new talent market? In short, it means you’re looking for new types of talent, and your approach will be completely different.
For one, everything’s going remote. This 2022 Zippia study finds that 26% of Americans work from home. It also indicates that 16% of all American companies are entirely remote.
While this may be intimidating if you’re unfamiliar with digital marketing, rest assured because it’s easy to pick up and effective once mastered.
Competing In the New Talent Market
Here are some valuable tips on how you can compete in the new talent market:
Make Sure Your Strategy Is Online-Friendly
It’s clear that the internet is the way to go. Even if your business isn’t remote, your hiring process should still be easily accessible via a computer or smartphone.
A few things you can do to improve your overall digital strategy are posting job openings on reputable job boards such as Indeed and Monster and getting on professional social media accounts such as LinkedIn.
Additionally, you’ll want to ensure that you and your hiring team are easily accessible through email and on the various media accounts you use. Maintaining lightning-fast response times and consistent connectivity are essential when you want to find the best talent on the market.
Streamline the Hiring Process
In a highly competitive, first-come, first-serve talent market, you need things to go through as soon as possible. Streamlining your HCM and ERP can do great things for your company as you’ll be able to find the best talent as soon as they come on the market while avoiding those who might not fit your job description.
In the age of connectivity, speed is everything. If you spend a month getting back to your applicants and go through numerous interviews, you’ll never get anywhere.
Instead, try cutting down the number of interviews you do and use specialized software which helps you organize applicants and manage your time more efficiently. Of course, while the goal is to ultimately reduce hiring times, you’ll still want to maintain quality and produce the best possible experience for the most qualified talents.
Adjust Benefits To Fit the Market
Wages are at an all-time high, and benefits are a must for most entry-level jobs. While this might cost the company more money initially, it’ll be good for it in the long run if you can snag some excellent workers.
And let’s be honest; the best workers are drawn to the best benefits. Sure, you’ll get more applicants overall, but that’s why you’ve got to streamline your process. Once you have got a working hiring strategy down, you’ll always land the big fish when they come around.
Some budget-friendly ways to add benefits to your hiring package is by acquiring a company benefits service that allows you to give your employers various benefits, such as insurance, at lower price points.
If your business has a location, you also might want to add in additional amenities such as a coffee station or break room. You can also consider adding other benefits like gym memberships, annual bonuses, and discounts at various restaurants.
Create a Thriving Company Culture
While this has always been a quintessential selling point during the hiring process, it’s more important during the remote era than ever before.
Workers are more productive nowadays, but a lack of company culture isn’t good for employee loyalty and creating trust between groups. That’s why you’ve got to focus on maintaining an active culture within your brand and always showcase it when looking for new employees.
An added bonus to a thriving company culture is increased employee satisfaction and productivity.
Adjust Company Policies to the New Market
Over 47 million people left their jobs in 2021 as a result of the pandemic. Why was this? Because the working conditions worsened as businesses tried desperately to stay afloat in the economic crisis.
The world hasn’t fully recovered, but it has enough to the point where you can focus on your employees. Having a desirable job is key to attracting hard-working, dedicated employees, and you’ll never have trouble finding people to apply for new openings.
You’ll have to adjust this point to your specific business model, but an excellent place to start is with flexible schedules, giving more time off, and designing an intuitive onboarding process.
Final Thoughts
Keeping an open mind when adapting to the new talent market is crucial for attracting exceptional talent and ensuring that they stick with you once they’ve got you in their sights.
Utilizing HCM and ERP software can streamline your operations. And while there’s no one-model-fits-all policy when converting your business to an online-oriented hiring style, you’ll find that the greatest possible thing you can do for your company is throw out conventional methods that have fallen out of favor and welcome the new.
