Where Did All the Good People Go?
The short answer: They’re there. But your hiring strategy might be structured to look for people in all the wrong places.
People looking to make a career change is nothing new. The reason this phenomenon is now bordering on a hiring crisis is that economists and HR professionals believe this number is around 52% of the talent pool.
And here’s why:
Being a human on earth right now is tough. The events of the past 18 months have given people the time and motivation to reevaluate their lives and think about what they want to achieve with their limited time on earth. For many, this introspection has led them to realize they aren’t fulfilled by what they do professionally.
Life is short and no one wants to spend time doing things they don’t like doing.
For these individuals, it doesn’t matter how much you incentivize them or how strong their direct customer service or loan processing experience is. If they don’t want to do those jobs anymore, they aren’t going to apply to them.
In sales terms: You’re pitching to the wrong audience. You might as well be selling hot dogs at a vegetarian convention.
Of course, this doesn’t apply to every job seeker. Furthermore, not every professional will successfully make that career change. There is, however, one other factor job seekers have on their side right now: time –and they’re taking that time to try to get hired for the jobs they want, not the jobs they need.
What Does This Mean for Employers?
If your business needs to fill openings immediately, trying to engage people who inherently think of your positions as their Plan B is a tough sell for you for a few reasons. It can lead to:
- Lower application numbers
- High drop-off rates throughout your hiring funnel
- Increased time to hire
- Lower morale among HR and TA team members
If you do hire someone using an outdated strategy, and they are biding their time, you open your business up to:
- Low morale that spreads among your team
- Higher turnover rates
- Lower productivity among your team
But don’t become discouraged. For every job seeker who is looking to move out of your industry, someone is looking to break in. Don’t be surprised if your job postings see an influx of applicants who don’t immediately look like a match for your job openings.
To reflect today’s market your sourcing strategy may take on some new tactics. Many job seekers are looking to make lateral moves; their resume might showcase their soft skills from their past experiences. It’s important for hiring managers to be able to read resumes for the core soft skills of top performers in your industry.