In today's competitive job market, hiring and employee retention are more critical than ever. BLS numbers highlight the need to focus on best talent acquisition practices.
The U.S. Bureau of Labor Statistics (BLS) May 2015 jobs report showed employment increased by 280,000, compared with an average monthly gain of 251,000 over the prior year. Professional and business services added 63,000 jobs and Healthcare employment increased by 47,000 jobs in May.
Our clients are also experiencing growth in their businesses and a critical area of focus remains hiring top talent. With the supply of candidates being substantially below demand, we consult with our clients on implementing strategic recruitment and hiring practices in response to today’s market.
Retaining Top Caliber Professionals
- Accelerate hiring processes by eliminating non-essential selection steps, by using “panels” of two interviewers vs. back to back one on ones and by beginning the interviewing process with the final decision maker.
- Engage promising candidates throughout the process with more frequent calls and emails giving them assurances of interest in their candidacy.
- Ask hiring managers to call or email candidates directly with messages that encourage high potential talent to remain interested in the company and position.
- Be flexible when interviews occur, recognizing that top candidates are most likely working and may need to interview before or after work.
- Make offers quickly once a candidate has been selected. Be prepared to respond to a counter-offer for a top candidate, which will most likely occur.
Individuals seeking career changes are receiving multiple offers from new employers and counter offers to remain with their current employers as evidence of a shrinking talent pool of top caliber professionals. The BLS report indicated that wages increased 0.3% in May, leading to a 2.3% increase over the prior year.
Our Manufacturing & Distribution clients and their competitors have recently become more aggressive with pay rates and now offer anywhere between 15-20% over minimum wage for entry-level positions in order to attract talent. Our specialized manufacturing & distribution recruitment team estimates that there are only 48 hours from the time a candidate interviews to match them to a qualifying position and make them an offer, otherwise they may have accepted employment elsewhere.
The US had 20,100 more temp jobs in May than April, up from an increase of 16,100 in April based on revised numbers. With increased job openings available at competitive pay rates, our recruiters and clients have had to act quickly to engage top talent. As a result, some Eastridge Workforce Recruitment Divisions have significantly added to the size of their recruitment teams to help meet increased client demand. Our recruitment teams interview more than 800 unique individuals per week on average.
How Eastridge Workforce Solutions Is Responding
To address this highly competitive market for employees with specialized skill sets, Eastridge Workforce Solutions has also invested heavily in programs designed to attract and retain the best talent available in the market. Here are some of our recent highlights:
- Promoted employee engagement and celebrated workplace happiness through our #LoveMyJob campaign.
- We enhanced our 401(k) contribution.
- Increased our internal referral bonus.
- Provided employees with an extra company holiday.
- Started a company-wide contest where all employees are eligible to receive a bonus and entry into a raffle to win a 2015 Tesla.
Additionally we have elevated organizational learning and invested heavily in employee training:
- We host a company-wide bi-weekly webinar to focus on best practices, highlight key company news, share case studies, provide insight into our performance and progress toward company goals.
- Provide in-depth weekly training on leveraging our applicant tracking system and integrated applications.
- Provide mentoring, job shadowing/cross training, attendance at leadership workshops or other formal leadership education.
- Support community service with volunteer opportunities through organizations including Junior Achievement San Diego, Second Chance and the Forget Me Not Foundation.
Eastridge Workforce Solutions helps companies manage their internal resources more efficiently. Allow us to share with you how we can enable your company to win the fierce competition for talent through our 9 specialty staffing divisions.