Hiring Talent - Are you being both compelling and competitive?
Recent ABS data suggests that 1 in 4 Australian businesses are struggling to attract and secure staff. Recently there has been a 60% increase in businesses reporting that they are unable to find the right talent to meet their corporate and strategic objectives.
In the next 12 months, 64% of employers believe the tech skills shortage will impact the effectiveness of their organisation or department.
These are alarming statistics.
In a time were business leaders are forced to innovate…or fail, hiring the right people has never been more important. But what can you do at an organisation level to ensure your process is both compelling and competitive?
In order to get this right, we must first become comfortable with the following facts:
Most candidates you interview will be engaged in 3-4 simultaneous processes. It’s painful, but true.
From a candidates perspective: “Efficiency of a hiring process is a direct reflection on your efficiency as a business”. Less is always more.
It’s a candidates market right now. The dynamics of an interview have changed. Previously the onus of responsibility was on a candidate to show us why they deserved the role… In today’s market, we need to be prepared to show the candidate why we are the best choice for them. In a way, they are interviewing us more than ever before
With borders remaining closed for the foreseeable future, talent shortages in the Tech, Digital & Project sector will remain high. If you have a “must have” list of mission critical skills, we need to think creatively about what really belongs on the “nice to have” list. Being open about “transferrable skills”, and being willing to think outside the box, has never been more important. If you’re hiring for the right culture with an understanding that the rest can be picked up, you’re ahead of the pack.
Increased demand and limited supply has pushed permanent salaries up 10-20% (conversatively). In some sectors such as Software Engineering, there has been an increase of us to 40%. That specialist Investment Business Analyst 6 month who was secured at $130-140k, will now command up to $170k. We need to be prepared to offer rates which are inline with current market conditions.
Strategies to improve your chances of success..
Let’s take a closer at our overall engagement strategy.
Be competitive.
Review your interview process. If you are not Canva or Atlasssian and don’t have people lining up at the door to join you, then we must try to streamline our interview process. I’d suggest, 1 or two interviews max. This should be ample time to assess a candidates suitability and make a decision. Assertiveness and confidence is key here. Drawn out processes often leave the candidate wondering if you know exactly what you want, which is concerning and could be seen as a red flag.
Be prepared to sell during the interview. We must be willing to really understand candidates motivations and appropriately match those aspirations with current opportunities. Personal engagement is your trump card. Talk about your experiences, what you’ve liked and disliked and where you see the real opportunity
Write better job descriptions. If they lack any customisation or personalisation, most candidates will disregard. Tailor the specification to the role you’re hiring, and were possible included milestones, or measures of success. Engagement is key.
Be an open book. Whilst selling a role is paramount, spending time discussing challenges or anything which they should be aware of can be equally as compelling. Transparency is key, and smart people will appreciate this approach.
Let Hussain Bolt, run the paperwork. Nothing kills engagement and momentum like being sluggish off the starting line. If you’ve found someone you like, extend paperwork quickly. If one organisation takes a week to generate a contract, and the other can turn something around inside 24 hrs, who would you prefer?
Put your best foot forward.
Employee Value Proposition. Work with your internal HR and Marketing departments to put together a deck which illustrates why your company is a great place to work. Information that should be included: Personal/Professional Development opportunities, Corporate/Social Benefits, Leave etc.
Gartner provide a great article on facilitating recruitment, and talent acquisition strategies which increase employee attraction. There is also a downloadable template to help get the ball rolling
Review online presence. This is becoming increasingly important. Inquisitive candidates will research you, and your company beyond the website. Be aware of how your company is portrayed across all social media channels and on review sites such as glassdoor.
Always improve. Mike Sarraile and George Randle wrote a book, “The Talent War - How special operations and great organisations win on talent”. You can pick up a copy at Booktopia. For your organisation to win, you need to attract and retain the best talent. But without the right strategy or mindset, you won't be able to do so, and you won't be able to compete. After all, your people, not your product or service, are your strongest competitive advantage.
Fortune favours the brave. Going above and beyond is something we need to consider doing in this current market. Ideas which have worked well in the past:
Team lunch - Organising time for the candidate to meet team members, or other key stakeholders
Business Card - Have a printed, branded business card to give your preferred candidate on your final interview. This should have their name, their title and your companies logo. Tell them you’re excited at the prospect of having them join the team
Offer during the interview - Some of my SME clients have a pre-organised employment ready to give to the candidate, should the final round go well. This is great. Extending an offer verbally during an interview can be a powerful message
Engage your recruiter. If you are working with a recruiter, parter with them. Ask for feedback and discuss your hiring strategy. Good recruiters will love this, as they get a kick out of working closer with their clients on talent acquisition strategies, and want to offer value beyond sending CVs. Remember in some cases your recruiter is the 1st point of contact your business will have. If you treat them like an extension of your marketing department, your chances of success will go up exponentially.
Improving the way we acquire Talent is a valuable endeavour regardless of market conditions.
Doing a deep dive on your current process, and working closely with internal/external stakeholders to build out what future state looks like (improving iteratively) will most definitely increase your chances of hiring in a way which is both compelling and competitive.
You’ll win more, and be disheartened less.
