Unemployment rates are at a 45-year low, which is good for workers. However, it means that companies face a tight labor market and need to be more strategic about hiring practices. This article will discuss some of the current best hiring practices companies can use to attract and retain top talent.
Rethink Traditional Hiring Approaches
One of the best things companies can do is rethink traditional hiring approaches. Writer Nino Padova makes this point in “4 Important Lessons Every Hiring Manager Needs to Learn” on LinkedIn.
Key takeaways include checking a candidate’s impressive pedigree against your actual hiring needs for the position so you don’t fall into the “ideal candidate” trap. Two additional hiring tips:
- Could you be clear about your hiring needs? What skills and experience are you looking for? What are the key responsibilities of the position? You’d like to make a competitive offer, so researching the market rate for your open position is essential.
- Use a variety of recruitment channels. In addition to posting job openings on your website, you can use job boards, social media, and employee referrals to find candidates.
Focus on Internal Development and Career Pathways
In addition to hiring new employees, companies should also focus on developing their current employees. This can be done through training and development programs and by providing employees with opportunities to take on new challenges and responsibilities.
HR thought leader Josh Bersin makes good points in “Why We are Entering A secular Labor Shortage.” He writes that a combination of demographics, employee agency, and AI innovations will mean leaders need to adjust how they think of the labor pool. Employees will need to be considered trusted assets that can be further developed to ensure long-term business growth.
Companies should encourage talent mobility and provide career pathways. This means making it easy for employees to move within the company and to advance their careers. Having a career development plan in place leads to immediate gains in employee retention.
Fractional Contracts Explained
Fractional contracts are a relatively new hiring practice that is becoming increasingly popular. Fractional contracts allow companies to hire employees for a fraction of their time. This can be a good option for companies needing expertise in a particular area.
Fractional contracts can also be a good option for employees who want to work on multiple projects or have more flexible work schedules. Check out “Fractional Hiring Explained: What You Need to Know” for an overview of this hiring practice.
Wrap Up
Hiring is an investment, but it is an investment that is worth making. Hiring the right people can build a solid team to help you achieve your business goals.
Consider working with an experienced hiring partner. A hiring partner can help you develop a hiring strategy, identify qualified candidates, and conduct interviews and market research. Let me know if I can help, and we can schedule a discovery call.
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