Why the "year of the employee" demands innovation in hiring
Most organizations are feeling it: the labour market is running out of steam — and fast. Employees have never been harder to find and retain. While we know that churn is tough on an organization, this year we are seeing something else: an opportunity.
When an employee resigns, it is often a sign that they were not happy with the work they were doing and were disengaged with your organization. When we have folks in positions that do not align with their core behavioural patterns, we are doing them and our organization a disservice.
This year has been coined “the year of the employee” and it’s clear why. Job listings are plentiful, wages are on the up, and unemployment has dropped. North America is hovering just below the mark for what is considered full employment — an economic situation in which all available labour resources are being used in the most efficient way possible. The Canadian market boasts an unemployment rate of 4.6%, while the American market comes in 1% lower at 3.6%.
So, how can you ensure your opportunities are positioned to attract top talent you can retain?
Consider your current hiring process. You write out a job description with the intention of highlighting the job your company needs done. Candidates apply, and you review resumes hoping to find a fit.
Resumes have served as the backbone in hiring for decades. A resume sought out by employers is one with high grades, a university degree, and a plethora of prior work experience. Candidates are taught to construct their resumes in a quick and coherent manner, which leaves important information about themselves on the chopping block.
Moreover, we know that resumes inherently contribute bias in an employer’s assessment. Candidates that could not afford to pay the tuition fees of a prestigious school or did not have the family connections to gain work experience right out of college are disadvantaged in the application process. In their search for the perfect resume, employers are losing opportunities to find the right fit for a position.
Here's the kicker: once an individual is selected to move forward in the hiring process, the candidate is not the only one being interviewed. In this market, candidates are usually looking to understand your culture, the role, and compensation in the interview, but they are also actively searching for red flags. The interview is a first impression for both parties, and from the moment a job is posted online to the moment a contract is signed, details matter.
All this being said, hiring managers need to get clear on role fit from the beginning. Understanding the job to be done, the way the position will fit into the larger team, and having a plan for succession are all critical for success. Traditional methods often don’t get us there, and many organizations are looking to technology to bridge the gap.
A recent article from the Harvard Business Review argues that resumes are old news and technology is the future of hiring. If hiring managers widen their focus from work experience and bring in a focus on the behavioural and cognitive traits of applicants, the hiring pool widens, professional effectiveness increases, and diversity flourishes.
What drives the candidate? What do they need at work? How do they learn? This holistic understanding of the whole person is the future of hiring — and whether we like it or not, we're along for the ride.
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