Talent acquisition has faced with several challenges over the years. While many challenges have stemmed from advances in technology, economic growth has also led to an increase in jobs, making it even tougher to attract and retain top talent. As we enter 2019, these same challenges and others are to be expected. Here are some of the most common challenges we see facing businesses in the area of recruiting going in the New Year. Are you taking steps to overcome these obstacles?
Challenge 1: Internal Recruiting
Many companies try to save money by conducting all of their recruiting internally. While this could seem like a good idea in theory, it can also (and does) cause enormous problems—and generally ends up costing much more than it saves. Many small to medium-sized businesses are leaving the recruiting to individuals who simply do not have the knowledge, proven success, and expertise. This can lead to poor recruiting practices, inadequate interviewing processes, and ultimately, poor hires.
Challenge 2: Turnover
Turnover is a huge headache for employers, and this dilemma is growing. In 2014, the US had a monthly turnover rate of just under five million workers. This problem has only increased. In August of 2018, the US Bureau of Labor Statistics reported that the monthly turnover rate had exceeded five million workers. Going into 2019 with a tight labor market, we can only expect to see this turnover rate continue to increase. In this kind of market, posting a job on a job board and calling candidates who submit their resumes it not going to cut it.
Challenge 3: Retaining Top Talent
In 2016, 34 percent of employees changed jobs between one and five years. In 2017, that number of job hoppers increased to 42 percent. Among Millennials, the numbers are even higher, with 46 percent changing jobs every 1-3 years! Today, the challenge for employers isn’t only finding top talent, but also retaining these qualified workers.
With Challenges Come Opportunities
It’s true that these challenges may define your recruiting efforts in 2019. But there are plenty of opportunities to overcome these hurdles with smart HR strategies and techniques.
Opportunity 1: Outsource Your Recruiting
A qualified HR consulting firm can handle your recruiting process from start to finish, not only improving your methods but saving you money. Even if you cannot afford to outsource all of your recruiting, select key positions that are most important to your company’s success and engage with a professional recruiter to fill these positions.
In the end, good hires are worth the initial expense of outsourcing—people are always the most important part of your business.
Opportunity 2: Expand Your Job Candidate Pool
In a highly competitive job market, the best candidates are not always the ones reviewing job postings, which can result in making a bad hire by settling for mediocracy. A limited pool of candidates can increase the chances of
Opportunity 3: Implement Employee Training and Professional Growth Programs
Retaining talent will be a struggle in 2019 as the job market continues to tighten. But a robust employee training program and professional growth opportunities will improve your chances of holding onto your top employees. All companies regardless of their size can provide onboarding and employee development programs. Not sure where to start implementing professional growth opportunities? Consider hiring an HR consultant who can develop the programs and train your management team on implementation.
Our free white paper, How to Win the War for Talent, addresses how to develop your company’s workforce plan and polish your recruiting process. Download it for free here.