Nearly 48 million Americans voluntarily quit their jobs in 2021, according to the Bureau of Labor Statistics. The demand for talent was at an all-time high and remained consistent throughout 2022, leaving a huge gap in the labor market. Employees are leaving companies faster than they can be replaced. Why might you ask? — Because this is a candidate-driven market, and they want to see that employers recognize their value.
After living through a global pandemic, employees are re-evaluating their futures and career paths. Workers are seeking happier, healthier, and more supportive work environments. They also long for more money, more flexibility, and a work environment where they will be valued. Fluffy perks and benefits — free beer, games, catered lunches — will no longer do the trick.
Job seekers have lost all patience with ever-cumbersome hiring processes. If your company has an extensive, drawn-out hiring process, then you may be doing more harm than good. A lengthy hiring process costs time, money, and resources, which are too valuable in today’s tight economy.
The competition for high-caliber talent is fierce. If your internal talent acquisition teams are under immense pressure to keep qualified candidates from abandoning the recruiting process prematurely, then it may be time to implement some changes.
Avoid These Common Pitfalls
A flawless hiring process is never guaranteed but knowing the obstacles and potential setbacks that you and your team might face can help you avoid them.
Letting Too Many Voices Have a Say
The key to a more efficient hiring process is to determine who will have a say and/or be involved in the final decision. Before the hiring process begins, sit down with your team, and narrow down the list of interviewers and decision-makers. Narrowing down this list ensures candidates only speak to the most necessary people, which in turn streamlines the experience.
Succumbing to FOMO (Fear of Missing Out)
You will never make a hiring decision if you live in constant fear of what else is out there. It’s true that when you choose one candidate, you are shutting the door on other top talent. But don’t let this stop you, fear is your foe when it comes to the hiring process. Essentially, if you want to remain competitive, you must act fast or you risk losing your top candidate to a competitor. Overcome your FOMO by working with a CFS Professional. CFS can help you develop a realistic and efficient hiring strategy.
Ghosting Candidates After the Interview
Leaving candidates in the dark is an easy way to pass up top talent. Committed and highly qualified candidates deserve to know where they stand throughout all stages of the hiring process. By being transparent with candidates, you will create a positive experience for potential hires and ensure the most optimal hiring outcomes.
Take Action: Consider Utilizing Our Services
As we all continue to navigate the challenging business climate, CFS is here to offer support, guidance, and resources. CFS can assist your team with remote and/or onsite projects. We have staff immediately available to keep critical Accounting, Finance, and Technology functions running. Contact one of our CFS professionals today! To find the closest CFS location to you, click here.