How does the candidate recruiting experience impact a company’s ability to attract talent?
Brad Beckner: Overly complicated application processes, lack of response to resume submittals or applications, or extensive interviews can cause a potential candidate to take a pass on a company. Conversely, simplifying the process for individuals who express interest in jobs, ensuring good follow-up and leveraging phone or video interviews prior to an in-person interview can create a positive candidate experience and increase a company’s pipeline of new potential talent.
Describe the role that corporate social responsibility has in retaining and attracting talent.
BB: As workforce demographics change and evolve, corporate social responsibility is playing a more critical role in attracting and retaining top talent. Mounting data suggests that traditional drivers of employment such as compensation, standard of living and the acquisition of material wealth are giving way to noble purpose, social benefit and more altruistic considerations. As a result, corporate social responsibility becomes a more significant differentiator when candidates evaluate employment options. It also has the benefit of leveraging an eager workforce that seeks to contribute beyond a formal job description for a greater good.
Are the recent increases in local minimum wage and mandatory sick pay having any impact on current recruiting and retention strategies in the Chicago area?
BB: Yes. Businesses in nearby suburbs are re-thinking their short- and long-term incentives for talent. The reality is a candidate can cross the street and earn $1.75 to $2.75 more per hour. Given these incentives and continued low unemployment rates, businesses need to align their wages with market demands to compete for talent. If they don’t, jobs could go unfilled, or valuable employees could leave their organizations.
Beyond increasing compensation, how can employers retain their high performers in today’s tight talent market?
BB: Compensation is only part of what top performers consider. The new generation of employees seek three things: development/growth, flexibility programs, and reward and recognition. It’s essential to make it clear to your top employees that they’ll have opportunities for advancement. If they don’t see a future with your organization, or if they think that they’ll have to wait too long to advance, then they’ll look for opportunities outside your company. If there’s a flat hierarchy, then expose them to a broad and varied range of assignments so they’ll have what they need to become effective contributors. Flexibility is no longer a “nice to have” but a “must” for so many employees. While reward and recognition fall under employee engagement, it’s the visibility of achievement and successes that are attractive to the newer talent generation.
How does technology and social media impact how companies attract and recruit talent?
BB: Technology isn’t just something everyone’s using to get work done and to stay connected; It’s also impacting how employers recruit great talent and how great talent finds the right employer. Social media-employee branding enables companies to engage with and recruit talent. Applicant tracking systems give organizations the ability to manage a large pool of job-seeking candidates, and create an engaged talent community, beginning with a candidate’s first interaction with a company. Platforms like LinkedIn offer an easily accessible online summary of a candidate’s background and social/professional profile. Mobile recruiting technology offers job seekers speed and ease to express their interest in job opportunities.
How important is an organization’s culture in attracting and retaining high performers?
BB: Hiring based on culture and values increases retention immensely. It’s not just about what’s right for the company; it’s also about what’s best for the candidate. Employees will thrive more in an environment that suits their beliefs and values. They’ll feel that they’re contributing, and will be more engaged. They’ll develop a sense of loyalty that’s based on the right fit.