How employers can stay competitive in the race for talent

October 7, 2022

 

iCIMS Staff

6 min read

Organizations worldwide are streamlining their hiring processes to attract talent faster and retain talent longer. It’s not an option: it’s a matter of survival. The virtual race is on, and companies are vying for candidates in a tight and increasingly global talent pool. So, what’s your plan to outpace the competition? 

Keep reading to learn why you need to stay in the race and how to win talent with speed, agility, and innovation. 

To stay ahead, you can’t slow down 

Hiring is still challenging, even deep into 2022. Despite talks of a recession, more than 11 million jobs remain open in the U.S. At the same time, the unemployment rate is low at 3.7%, which means fewer people actively seek to fill those 11 million jobs. As a result, talent acquisition professionals are struggling to attract and hire people with the skills they need.  

For organizations, it’s not just hiring people that’s difficult: it’s keeping them on board too. More than four million people quit their jobs in July. On top of that, at least 50% of the U.S. workforce who haven’t quit may still disengage from their jobs by  “quiet quitting.”  

With these recruiting and retention challenges, TA teams could face a much deeper talent and skills gap if they pause hiring until economic conditions are more favorable. You need every advantage available. To stay ahead, invest in a more efficient recruitment process to build robust talent pools, hire the best candidates quickly, and keep talent longer. 

Higher stakes require new recruiting strategies

Even if your company isn’t currently hiring, you’ll need a talent network when hiring inevitably picks up again. It takes an average of 36 days to fill a job.  

Instead of starting from scratch, TA teams can use recruitment marketing software and a well-defined process to source critical skills from an existing network. This allows recruiters to keep candidates engaged during a slow period and then quickly move them into the hiring funnel when a role opens.

Of course, if your hiring process takes too long, candidates might lose enthusiasm for the opportunity or take another offer.  To win the best talent, you need to move candidates through the recruitment process and put them in seat quickly. 

For Chewy, the e-commerce pet supply company, this looks like a high-touch campaign that starts within the first 48 hours of the candidate’s journey. “Quality candidates turn quickly, and we want the best,” says Nichole Adamson, Associate Director of TA. Early outreach through phone, text and email has helped Chewy stay close to candidates and reduce time to fill by 45%.  

Medallia, the software company, used a manual process to extend offers but found it took too long to go from verbal to written offers. With this knowledge, Medallia switched to an offer management solution that allows them to accelerate the hiring process. The organization plans to automate offer letters by country, reduce time spent on internal back and forth, and provide better visibility to candidates on where they are in the hiring journey.  

These improvements allow companies like Chewy and Medallia to make the hiring process more efficient, and they also deliver a more human candidate experience. These impressions can last well into the new hire stage and influence an employee’s decision to stay or leave your organization.

A great hiring experience is not just a win for the candidate. It’s a win for the company when it attracts and retains critical skills that enable the organization to reach its goals. A recent report of C-level execs found that leaders foresee dire consequences if hiring needs aren’t met:  

• 57% predict an increase in price of products and services 
• 56% anticipate a delay in processing orders  
• 54% expect employee burnout  

Not hiring enough of the right people impacts more than just the talent acquisition team – it can have a direct negative impact on the health of your organization.  

With the right talent, your business can remain innovative and competitive in your market, regardless of economic trends. That’s why your organization needs a powerful recruiting platform. The right technology will act as a cornerstone for hiring and mobility strategies that help you win the best talent and build a winning workforce.

3 ways to stay competitive and win the race for talent 

1. Speed. Recruiters need to move fast to identify the best candidates and move them through to offer acceptance. The right talent technology will help teams avoid bottlenecks, reduce duplicate work, and quickly move candidates through the hiring funnel. With fewer distractions from manual processes, recruiters can focus on what’s most important: hiring top talent that enriches your culture and supports organizational innovation.
2. Agility. Your organization’s hiring needs reflect business goals, economic conditions and other varying factors. The TA strategies set in place today may not be relevant tomorrow. Remain agile regardless of changing objectives with a hiring and mobility platform designed to adapt. HR tech integrations, strategic partnerships and consulting are just a few ways your TA technology partner can help your organization stay agile as business and hiring needs change.
3. Innovation. Talent acquisition has changed from a linear and transactional process to an ongoing lifecycle. As the industry continues to evolve, your organization can benefit from innovative software that stays one step ahead. Invest in a platform that invests in innovation. Through your tech partner’s expertise and eye for the future, you can prepare today to overcome tomorrow’s talent challenges.

The race for talent is on, but you can move fast with an all-in-one hiring and mobility platform. The iCIMS Talent Cloud delivers enterprise solutions across every stage of the talent journey. It’s why IDC named us a Leader in Talent Acquisition. Our speed, agility and innovation help you bring the right talent together to transform your organization. 

See how the iCIMS Talent Cloud helps companies get ahead in the race for talent.