This past year the United States unemployment rate dropped to 3.7 percent which is the lowest since 1969. This is also the eighth year in a row that the economy has added jobs while showing a steady increase in employee wages. While low unemployment is great for the economy and society in general, it does spark some challenges for businesses, especially when it comes to hiring top talent. Job applicants now have more offers than ever before, making it vital for businesses to stand out among the competition. Here are some tips on how to attract and retain applicants with the record low unemployment rate.
Focus on the culture
Since job seekers have the flexibility to be more selective in their search, any advantage is a good advantage. In fact, 82 percent of potential hires feel that a strong company culture is a potential competitive advantage during their job search. However, many executives have failed to properly market their culture during the hiring process. In order to attract top talent, executives should focus on what today’s applicants are looking for from an employer and then properly communicate this throughout interviews and applications. For example, a recent survey revealed that 9,700 young applicants view flexibility as a non-negotiable must have. To accomplish this, executives can provide the option for employees to work from home a few days a month, or build generous vacation packages. Be sure to discuss these perks with candidates.
Make the process simple
Have you ever started filling out an application and the system requires you to fill out the same questions over and over? Unfortunately, this is a common reality during the application process, but can also be a detrimental one. This is especially true when you consider that 60 percent of job seekers drop out of the application process because it is too lengthy or complex. In order for businesses to attract top talent and keep them on the hook for a position, the process should be streamlined from the start. For example, instead of requiring multiple submission forms, have applicants submit only their cover letter, resume, and references or even have them email it to a general HR account. This will create an efficient and more desirable experience for all involved.
Keep candidates engaged
Sometimes when communication is lost for a long period of time, you can forget to call or even email someone back. This is the same scenario when it comes to job applicants. If applicants do not hear from hiring managers for long periods of time they may move on in their search and assume they didn’t get the job. To increase the chances of attracting top talent, hiring managers should communicate frequently and clearly. Follow up within at least two days of an interview, even if there aren’t any updates, just let them know where the process stands. Also, use alternate forms of communication rather than just email. The average open rate for an email is 30 percent, but 97 percent of text messages are opened within 15 minutes. By texting applicants periodically instead of strictly utilizing email, you’ll be sure to stay top of mind.
With the unemployment rate at an all-time low, it’s vital that businesses attract and retain top talent. By properly displaying company culture, building a simple application process, and engaging with candidates frequently, businesses will find themselves with quality new hires.
To learn more about what goes into building a great company culture check out our blog on how company culture increases retention and revenue.
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