Whether you are talking about a new war on talent, workforce mobilization, candidate sourcing, or a number of other topics on the subject, the ways to attract - and hire - the best talent these days is changing and evolving. Fast. And constantly.
To discuss that subject, The Business Journals recently hosted a webinar titled “The Secrets to Attracting and Hiring the Best Talent."
The panelists include Kathryn Minshew, CEO of The Muse, and Dana Manciagli, a career expert, speaker and consultant who spent more than 30 years as a Fortune 500 sales and marketing executive, including more than a decade at Microsoft.
They discuss the changes in the hiring landscape companies face today.
"The first is the rise of the Millennial Generation," began Minshew. "This is a demographic that is fundamentally thinking about their careers in different ways than the generations before them. They are looking for different things, and in different ways. On top of that, you have a much more mobile workforce. People are moving around more than ever before, which is great for companies because that means you can recruit from a much larger pool. It also means your competitors are also recruiting from the same pool. So you no longer just have to fight with your competition in the same industry for the best talent, they often have job offers from multiple industries, and from multiple different types of companies. It's important to have a really unique value proposition."
"You no longer just have to fight with your competition in the same industry for the best talent, as candidates often have job offers from multiple industries, and from multiple types of companies."
Manciagli, the author of the book, "Cut the Crap, Get a Job!" said the important changes she sees are visibility, or the ways companies promote jobs to attract and source candidates.
"In the 80s and 90s it was the newspaper era, and now we are in the web era, and the future is going the way of mobility, as in mobile devices, and social media."
She also expects turnover to accelerate. The workforce is no longer searching for that stable, secure employment environment where they might want to spend years, or maybe even an entire career.
According to this CareerBuilder survey from earlier this year, 21% of full-time employees plan to change jobs in 2014. That's the largest number in the post-recession era and up from 17% in 2013.
A drop in job satisfaction may account for the expected rise in turnover, according to the survey. Only 59% of workers are "satisfied" with their jobs, down from 66% in 2013. Salary and a lack of appreciation for their work and value are the reasons most often cited for their dissatisfaction.
“In general, when more workers change jobs it’s usually a sign the labor market is warming up," said Rosemary Haefner, vice president of human resources for CareerBuilder. "During the recession and in its aftermath fewer people voluntarily left jobs because the chances of finding a new or better one were low compared to a healthier economic cycle.”
"This puts a huge strain on recruiters inside a company and hurts your plans for the future," says Manciagli. "Plus, we all know the best employees leave first, so that's a real issue to face."
The speed of the hiring process is accelerating.
The Business Journals webinar panelists say the speed of the hiring process is also accelerating.
"In the past, companies could take their time finding the best candidates," Manciagli stated. "Now, 'speed to hire' needs to be part of an organization's hiring strategy."
"When you look at top candidates today, they're not thinking about their next job, they're thinking about their career," added Kathryn Minshew in closing. "They're thinking about the companies they might want to work for six months, 24 months, or even five years down the line. As a company, if you're not developing a pool of talent or a body of people who are just interested in your brand in general, and your company in general, you are missing out. You're behind the curve."