The number of American’s quitting their jobs right now is higher than ever. In fact, more than 24 million people voluntarily quit their jobs in the second half of 2021 alone, and 40% of employees say they are “at least somewhat likely” to depart from their current job in the next three to six months.
With an unemployment rate higher today than it was pre-pandemic, businesses continue to struggle with hiring new talent. Industry studies indicate part of the reason is due to a recent shift in candidate expectations.
Talent Acquisition in a Candidate-Driven Market
A key component of today’s successful talent acquisition strategy requires businesses to align their company with candidate expectations and explicitly communicate how their organization will meet those expectations. Companies need to be hyper-focused on what workers want and deliver on that promise. With focus shifting to candidate-employee experience, it’s very important to promote the uniqueness of your company’s culture, ensuring that there is a synergy between what’s important to the company and what’s important to the candidate.
The Recent Shift in Candidate Expectations
Employees’ expectations of today’s workplace have changed as a direct result of the pandemic. Compensation and benefits are still an important part of the candidate value proposition but flexible work arrangements, cultural diversity and inclusion, and the opportunity to learn new skills, are just as important. In fact, winning the competition for talent is more about the culture and the people than the money (Nielsen). Companies with diverse workforces are more profitable and have greater chances of attracting and retaining top talent (Paycor), while 94% of employees say they’d stick around longer if the company invested in helping them learn (LinkedIn). Additionally, the pandemic has pushed employees to desire remote and flexible work arrangements. Job searches for remote work saw a 460% increase in the two years through June 2021 (Glassdoor) and continue to trend.
We have seen too many businesses lose top talent because they are inflexible and unwilling to offer a hybrid work schedule knowing that the work required could be done at home. Conversely, businesses that are flexible in their work arrangements, offer great benefits and pay equity, make diversity and inclusion a cultural pillar, and offer upskilling and growth opportunities, are at the leading edge of acquiring the very best talent.
Winning the Candidate-Employee Experience with Open Communication
For the first time in a generation, there are more available jobs than there are candidates, and therefore the applicants hold more power than ever before. This means that recruiters will have to work harder to stand out and attract top talent (Hunt Scanlon). Far too often, the candidate experience is less than great, and the best applicants usually have a lot of options, making communication and authenticity key.
Companies need to have an open dialogue with candidates regarding company culture and the role for which they’re hiring, including what it means to the candidate on a personal level. Top candidates prioritize finding a company that allows them to reach their true potential and if the company’s culture doesn’t enable them to succeed, they will look elsewhere.
How an Executive Search Firm Can Help
The right executive search firm is well versed in the art and science of recruiting and acquiring top leadership talent for privately-held companies. Torch Group’s experience in executive search across diverse industries, along with our competency-based behavioral interviewing protocols and comprehensive Signature Search Process™, allows us to find and reliably evaluate leaders who understand the operating efficiencies, innovative management, and cultural transformation that are the hallmarks of effective company management. Our team takes a consultative approach to recruiting and can help evaluate and improve your company’s hiring process from beginning to end, offering advice on interviewing techniques, onboarding, compensation, equity participation, benefits, cultural fluency and more.
To learn about our Signature Search Process™ and how we can map search and retention strategies for your specific talent needs, please contact Jake Long at sacker@torchgroup.com or 203-536-2249 or complete and submit this form and let us know how we can help.