With COVID retreating, restrictions are loosening, and the world is finally opening up. Getting back to normal means going back to work. It should be an encouraging time for business; however, employers are finding that the talent pool isn’t as bountiful as they were expecting.
As of May 2021, the U.S. unemployment rate was 5.8 percent—which translates to 9.3 million people out of work. Just because they are unemployed doesn’t mean they are looking for work.
A labor shortage is apparent. Millions of Americans remain unemployed while companies of all sizes are reporting difficulty in finding workers. The most cited and logical explanations are:
Generous Unemployment Benefits – Expanded insurance and stimulus payments make it more profitable to remain unemployed in some cases.
Anxiety – After months of wearing masks and social distancing many are still apprehensive about returning to work despite vaccine availability.
Pursuit of Happiness – The pandemic forced people to reconsider their life goals, and as a result, some left the workforce to take care of family, travel, and pursue other interests.
The Great Resignation
Compounding the issue is what is being referred to as The Great Resignation. Due to the uncertainty caused by the pandemic, many employees who would have otherwise quit their jobs during that time did not. As things return to normal, turnover is playing catch up…
In fact, four million people quit their jobs in April of 2021, the most on record, pushing the rate to 2.7% (vs. 1.6% in April of 2020).
Tips for Effective Mass Hiring
Hiring in mass is a challenge, but it doesn’t mean you need to sacrifice qualified employees. It just means you have to be more creative. Here are 4 tips:
Encourage employee referrals
Your current staff knows better than anyone else what the workplace is like and can recommend suitable candidates. Social recruiting means harnessing the power of your employees to draw in fresh talent. Make it worth their while by providing an incentive when their recommendation results in a successful hire.
Accelerate your time to hire
A hiring process flowchart with a timeline is an effective tool for moving candidates quickly through the funnel. The use of knockout questions when screening candidates can quickly eliminate those who aren’t a match. Technology automates routine tasks such as scheduling calls and interviews, gathering feedback, and rating candidates.
Expand your search
The pandemic accelerated the acceptance of remote work. If you are in an industry in which working from home is a viable option, your talent pool has widened. No longer restricted by geography, you can expand your reach and improve chances of finding the perfect fit.
Get new hires onboarded and trained quickly
You want to get your new employees up to speed quickly. Onboarding software can help with the administrative burden of the process, so you can focus on getting your new hires acclimated to their roles. A learning management system can centralize training efforts providing an efficient way to create, deliver, and track online training across your entire workforce even for those working remotely.
With the right tools and techniques, you can mass hire effectively within the current business climate.
Schedule a consultation with us to learn how Balance Point’s technology and services can support your recruiting efforts.