By Jason Banks,CSP,EVP, LLoyd Staffing
A mainstay question asked by employers for many years was always, “Why Should We Hire You” and then sweaty job seekers struggled to articulate their skill sets and reasons for being the top candidate choice. Well, post-pandemic, the balance of power has now shifted in favor of the job seeker, who has considerably more leverage than ever before. September saw a record high of 4.4 million Americans who voluntarily left their jobs in search of “something better.” CNBC recently reported that job changers were seeing faster wage growth than those who stayed in place and hiring incentives were on the rise. The age of the “Great Resignation” spawned many new career journeys and Talent Acquisition teams are now struggling to keep pace with the empty seats left behind.
It’s a truth in hiring – companies spend a lot of time and money identifying and recruiting candidates. Talent branding has emerging catching the eye and interest of companies and the more aggressive of them are offering everything from sign-on bonuses to yoga classes to lure candidates their way. This is not a bad strategy, but what many companies at all stages of growth (public, private and small businesses) truly miss is the honest, genuine, real truth of the why. WHY at this stage of YOUR career, this season of your life, should you be excited, motivated and eager to join this company in their mission, vision and growth?
Patty McCord is the former head of People at Netflix. She offers up eight great lessons on building a company people enjoy working for. She says people want to do work that matters, that means something to them. So how about taking the time to get to know talent and what work will matter to them and present how your company can provide that meaning – that impact.
Now you are creating the, “WOW, what a company, I want to work here!” mindset. In fact, in this market it is not so much a competition between qualified candidates as it is about hiring managers and leaders being flexible and honest and working at presenting their vision as it relates to that candidate. This authenticity will out-compete and win top talent.
At Lloyd, we are always amazed when job candidates tell us that they have just gone on an interview and the hiring manager spent as little as five minutes with them, or looked at their phone more than the candidate. – That three managers explained the position three different ways; or worse, not a single person ever presented the company, the culture, their why and how it matters! Why would a candidate ever want to work there?
Sure, candidates expect to have to sell themselves, but we are now in the most competitive market for talent in many years. Every day the market is changing, candidates are thinking of moving. If you want to attract that talent, listen to the trends. Younger professionals entering today’s job market want an “experience” – a compelling reason to be part of something that is more than just a job and a paycheck. It is intuitive to who this new generation of workers is as a group and it’s time for organizations, TA teams, hiring managers and HR to re-think the interview process. They need to take the “shark tank” dynamic and turn it around. Employers must make their own pitch so that candidates say, “I’m in!” Even the more experienced worker is no longer willing to settle. The pandemic changed mindsets and the desire for smarter, better-balanced lives and a lifestyle where a personal life and a professional life were not at odds. Embrace this change or at least be prepared to speak to your workplace style and culture in the future.
Job seekers are now more-savvy utilizing an average of 6.4 resources in their job search decisions. Debbie Lovich, of Boston Consulting Group, believes the pandemic has finally created a true path towards the future of work and we should not go back to a rigid structure. Regardless, of your company work style… you must share your work style and why!
Those candidates that you have targeted because you want their talent, experience and potential for what they can bring to your company must come away with a true sense of your employer brand and how you engage with your workforce. You need to leave them saying, “WOW! Even if I don’t receive an offer, that was an impressive company!” Think about all those candidates being ambassadors for you because the experience they had interviewing with you was so positive.
The loyalty metric system created by Fred Reichheld, Bain & Company and Satmetrix, the Net Promoter Score (NPS) calculates how likely a customer, client, or in this case, job candidate will be to refer their friends or colleagues to an organization. Maybe it’s time for an Interview Promoter Score (IPS – how many candidates and possible referrals your firm can generate by showing a candidate a GREAT Interview experience. Today’s talent require proof before they commit to you. Referrals are reported to be the most trusted source of information in learning of new career opportunities and the opportunity of joining a desirable work environment. Online reviews have a 69% share for determining the quality of a potential employer/employee relationship. Have you read your company’s Glassdoor, Indeed or Google reviews lately? How is your organization perceived as a place you want to work?
Talent Wins! Now is the time to make your interview process part of your recruiting and marketing plans; once you have this strategy make it a part of your website. Why wouldn’t you drive a model that attracts great talent and makes sure you are together and on point, so that everyone together is highly motivated and ready to help you win?
ABOUT THE AUTHOR
Jason Banks, CSP, is the Executive Vice President of LLoyd Staffing. He leads the direct hire, executive search and contract talent communities of LLoyd. As one of the principals of the company, he continues to handle critical high level searches in verticals such as IT, Healthcare, Finance and more. He welcomes discussing how you can pivot your hiring processes to leverage exceptional talent and maintain a consistent, high performing workforce with a powerful employment brand.
Listen to Jason Banks his views on a wide range of “Learn to Shine” topics for candidates and employers.