As we entered 2020, the job market was tight. Unemployment was relatively low and the top prospects could be choosy about where they went to work. Then came COVID-19 and it changed everything. People started to reassess their careers and their priorities. As people starting working remotely, it opened up new possibilities for employers and employees. As we wrap up Q3 and head into Q4, here are some of the hiring trends and recruitment strategies we’re seeing.
Hiring is Industry Specific
Hiring has slowed dramatically in the tech industry. IT jobs in the UK, for example, dropped more than 56% in April. At the same time, the ratio of applicants to jobs rose 134% over the previous month. More applicants were seeking fewer jobs. There was also a significant increase in the number of IT professionals that were concerned about losing their jobs. These two trends together may create unprecedented opportunities to hire highly-qualified tech workers if companies can provide some stability and take advantage of the right tools.
In the financial sector, vacancies for tech workers has increased. New positions have opened up as organisations look for ways to automate or build digital infrastructure – leading to an increase in job listings of 46%. In the finance industry. It will still be a challenge to recruit, hire, and retain top talent.
Outbound vs. Inbound Recruitment Strategies
To be successful at hiring top talent, companies have to excel at both outbound and inbound recruitment. Inbound recruiting brings candidates to you. In outbound recruiting, you’re searching for candidates.
Inbound is a long-term recruitment strategy. The days of posting a job and sifting through all the resumes that come in are over. An inbound strategy goes beyond job listings. It means creating an inviting environment and culture and then showcasing that culture in ways that will attract candidates. You’re selling your brand and beliefs and hoping to attract like-minded job seekers.
Outbound recruitment is a more short-term strategy but is often necessary when you have key positions to fill. It’s much more time-consuming. It means research time, cold calling prospects, and convincing candidates to look at your positions. If you find yourself in this position, strongly consider working with an agency that has expertise in this area.
The Rise of Mobile Recruitment Strategies
It’s a big change for a lot of industries, but mobile recruiting is on the rise. 58 million people in the UK have smartphones. In business, it’s ubiquitous. Nearly 90% of job seekers say they are using their mobile devices for searching. 45% of those looking to advance their career say they check their mobile for jobs at least once a day.
Besides browsing job listings, most are researching employers on mobile devices. If a company doesn’t have a site designed for mobile, they’re missing a significant opportunity to attract top candidates. Job seekers need to be able to apply online – on mobile – and company sites need to be device agnostic and adaptable.
How can you improve your mobile recruitment strategies? Well, most executives are using desktops or laptops when they look at their company sites. Try doing it on a mobile phone. If your site doesn’t respond the way you expect, or your company doesn’t look great on mobile, you need to change things up. Companies that have a robust and professional mobile experience come across as digital and tech-savvy – which is key especially for Millennial employees.
Even virtual job fairs are becoming more prevalent as a fast way to communicate with multiple candidates simultaneously.
Reframing the Interview Process
As we move forward, companies and job candidates will be much more selective about travel and in-person interviews. We’re going to have to get more comfortable with doing interviews – especially the preliminary ones – over Zoom or other video conferencing platforms. This will be a big change for hiring managers used to sitting down with job seekers and spending time with them in the work environment.
Managers will have to become more comfortable making decisions based on a shorter engagement and possibly without ever having face-to-face contact.
One question that’s sure to come up is whether companies will allow employees to work remotely. As workers have had a taste of working from home, many don’t want to return to a typical workplace. Make sure you have the answer ahead of time. If you are willing to allow remote work, it can be a significant competitive advantage. It also opens up the talent pool because you’re not limited to candidates living nearby.
The Importance of Diversity & Inclusion Efforts
Diversity and inclusion efforts in your recruitment strategies have never been more important.It makes sense from a business perspective. Diverse backgrounds and experience provide broader perspectives. Companies with diverse backgrounds typically outperform their competitors.
While there may be more people looking for jobs due to layoffs and downsizing, job seekers are being more selective than ever when it comes to where they want to work. By demonstrating that your company values diversity and inclusiveness, you are opening up your company to a broader pool of candidates. 67% of active and passive job seekers report that a diverse workforce is important when evaluating job offers.
It’s not just the right thing to do, it can be a competitive advantage.
Hiring the Best Candidates
Whether you’re looking to hire in industries as diverse as technology or financial services, things have changed. Companies that are growing and need to hire quickly, but don’t have the time or resources to employ a dedicated recruiter on staff, or smaller companies that have to compete with big companies for top recruits, will benefit from using a recruitment company to surface and compete effectively for the best candidates.
Redimeer offers a wide range of recruitment services with the necessary tools and expertise to help grow your business. We partner with our clients from start to finish, focusing on their needs while producing new ideas, developing effective strategies, and designing high quality and scalable solutions.
Got questions? We’ve got answers to your hiring needs. Contact Redimeer today and speak to one of our hiring specialists.