Hiring managers are being pressured to locate and land top performers so they can build successful teams and stay competitive. However, hiring managers first need to navigate through five big talent challenges that are expected to continue through 2015:
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Speed in Hiring. Lucrative offers are snatching up the most in-demand talent. However, data show that most hiring managers still aren’t moving as fast as they should. A 2014 survey conducted by The McQuaig Institute, specialists in talent acquisition (www.mcquaig.com), revealed that 45% of hiring managers take two months to fill a key role, 25% take one month, and 21% take 3 months. If you don’t want to miss out on the best talent, don’t sit on a resume or referral for even one week before responding.
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Rise of Contingent Workforce. As manufacturing businesses expand, there’s a greater need for temporary workers, contractors, independent consultants and freelancers. Yesterday’s full-time long-term employee is becoming tomorrow’s temp worker. Overall in the U.S., almost a third of the workforce is contingent and the number is expected to grow well into 2018.
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Millennial Job Hoppers. Millennials, also known as GEN Y, are notorious job hoppers. They have a short attention span when it comes to employment and do not expect to stay with one employer for more than five years. This comes at a great cost to employers. The Chicago Tribune reported that 30% of companies surveyed lost 15% or more of their Millennial employees in 2013; and 87% said it cost $15,000 to $25,000 to replace a former Millennial worker. While we can quantify the cost of turnover, we can’t measure the amount of talent and knowledge that is walking out the door.
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Increase of Hybrid Workers. Innovative new technology, remote connectivity, and the desire to have a work/life balance has created an increase in the number of hybrid workers…employees who work from home on suitable projects and from the office for projects that require main office resources and interactions. Both employers and workers agree that this work model has its pros and cons. Pros include increased productivity and a budget savings. Cons include lack of real time interaction and network loss. However, what’s most important here is to identify what can and cannot be done remotely.
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Talent Poaching. Aggressive recruitment of your superstars is nothing new but with today’s continuous advancements in technology and its wide reach through multiple platforms, you can’t stop it, even if it’s happening on company time. Combining that with current surges in growth and hiring, it becomes open season on your best employees. Your only defense is to bolster your employee retention programs. Give your team a better future with your company than they would have elsewhere.
As the economy improves, more talent issues and challenges will emerge in 2015 that will continue to keep hiring managers up at night
Dan Charney is president of Direct Recruiters, Inc. (DRI), an executive search firm in Solon, Ohio. Contact Dan Charney at 440-996-0589 or [email protected] and follow him on Twitter @DanC_DRI.
