Gone are the days when businesses had a wealth of qualified candidates competing over every job opening. With U.S. unemployment hovering around historic lows of 4 percent, a growing number of jobs being created nationwide, and more than 10,000 baby boomers retiring daily, organizations are struggling to recruit top talent from the market while retaining their current employees.
Today’s market for talent is a seller’s market, and the dynamic of hiring is changing as job hunters are now armed with assets that can give them the upper hand. Research shows that a majority of job seekers consult online, crowdsourced resources when looking for their next opportunity. Prospective recruits can see anonymous salary information, reviews of a company’s culture and values, work-life balance and career advancement opportunities. Similarly, the quality of a company’s management is becoming an increasingly decisive factor for whether employees remain at their current organizations. Research by Gallup reveals that nearly half of employees have left a job because of a bad manager, and that 70 percent of variation in team performance hinges on the team leader.
But not all is lost for employers. They are already sitting on a wealth of data that, if leveraged properly, can be a powerful tool in attracting top talent, enabling those workers to do their best work, and retaining them for the long haul. Data can help companies bring precision to the hiring process by sourcing better-fitting candidates, benchmarking and broadcasting their superior management to candidates throughout the recruitment process, and spotting and addressing weaknesses among managers that might be leading to unengaged employees.
Sourcing the right candidates from the start.
Transparency is becoming an increasingly important value in the hiring process. Employers want to know that they are hiring candidates who are interested in the company, qualified for the position and pose a low flight-risk. Meanwhile, candidates want to know they are entering into a position that is aligned with their skill sets and career path, and that the workplace offers a good culture and engaging management. Employers can respond to an era of greater transparency by using data to source candidates that are a better fit off the bat.