The unemployment rate of 3.6% is near the lowest in 50 years while the number of job openings is near an all-time high. There are more job openings (6.4M) than unemployed persons (5.9M). This tight labor market is a top concern of CEOs and business owners. According to the Conference Board, “The global challenge in acquiring and retaining talent requires companies to be more strategic – knowing not only what qualities and skills to recruit for, but also how to recruit more efficiently and effectively.”
“In today’s tight labor market, business leaders spend a lot of time worrying about how to hire and retain great employees.”
Good News
There is good news. Companies that have strong talent attraction, talent acquisition and talent activation strategies are winning the war for talent.
Talent Attraction
You can have a fantastic position and a clear job description, but still fail to find good job candidates in this market. Why? Because you’re looking in the wrong places or by simply not looking hard enough. No longer can you just “post and pray”. Using online search software, social media, recruitment marketing and word of mouth to identify and attract the right candidates with the right backgrounds and experiences is your Talent Attraction strategy.
Begin by managing and influencing your reputation as an employer of choice among job seekers. Then promote your employer brand using social media to create an online presence that attracts, engages and nurtures both active and passive job candidates throughout the recruitment life cycle.
Talent Acquisition
After you’ve spent time attracting the right talent to your organization you need to start acquiring them. Talent Acquisition or recruiting is the process of sourcing, screening and selecting candidates to fill open job positions.
A big part of recruiting today is the candidate experience – the job seeker’s feelings and attitudes they experience through the entire recruiting process. The candidate with a positive experience in your recruiting process will be more likely to accept your job offer, reapply in the future and refer others to your company.
Also, in today’s intense talent market, recruiters need new, innovative tools to connect to candidates where they’re already researching and applying for jobs—on their mobile. That’s why texting offers recruiters an incredible way to connect with candidates in real time and engage in conversations that matter.
Finally, once you’ve identified a great candidate, you must move fast. Time is always your enemy in recruiting.
Talent Activation
Having a strong Talent Activation or employee engagement strategy is the best way to combat turnover. Employee engagement relates to the level of an employee’s commitment and connection to an organization and is a critical driver of business success in today’s competitive marketplace.
“If employees truly are a company’s best asset, then leaders and managers should make caring for them a priority.”
Employee engagement is about showing your employees appreciation, giving them a voice and giving them frequent feedback. To improve employee engagement, you must make sure your employees are in the right role, give them the training they need to do their job well, check in on them often through one-on-one meetings and show them a path forward to future opportunities. It’s also important to coach your managers and supervisors on engagement activities and hold them accountable for results.
Bottom Line
In this tight labor market, it is imperative your organization has strong talent attraction, talent acquisition and talent activation strategies if you wish to win the war for talent in 2020. There are no shortcuts.
If you want to learn more about how to build the right team or are interested in ongoing business and leadership skill-development, consider joining a Convene Peer Advisory Group. If you’re looking for a consultant in this space, reach out to the author Bruce Lane here.
You can also learn more about building the right team in this Convene White Paper, “Deciding to Either Manage Tough or Hire Smart”.
About the Author
Before becoming a Convene Chair, Bruce gained 25+ years of experience in Human Capital Management, Organizational Development, Leadership Development and Strategy and has an outstanding track record of maximizing revenue, profitability and performance. His expertise includes helping companies improve their organizational health and optimize their financial and operational performance by aligning their business and people strategies.
To learn more and connect with Bruce, view his profile or connect with him here.