Are you ready to make changes to hit the ground running in 2015, or are you expecting business as usual? If you are considering that everything that worked in the past years is going to work next year, you are misguided and will be actively surrendering candidates to competitors. Why? The battlefield is shifting.
We’ve talked about the recruiting trends you need to understand in 2015, but today, we would like to bring to your attention something noted heavily, something we would like to call the second war for talent. Coined originally in 1997, The War for Talent is characterized by increasing demand along with decreasing supply.
As in common macroeconomics, the power is now shifting to the supplier (the candidate). So, why is this happening? ERE contributor and respected recruiting author Dr. John Sullivan shared six key reasons we are about to enter a new war for talent, the magnitude of which we have not seen since 1999. His reasons:
1. A dropping unemployment rate (lowest since 2008)
2. An increasing turnover rate (46% increase in turnover)
3. Stable salaries internally (wage improvements barely kept up with inflation)
4. More job openings, longer time to fill (Job opening rates increased 22% in past 18 months)
5. Rising demand for qualified talent, more openings, and more offers to the right candidates
6. With more offers come higher expectations from candidates
This means, in part, that the strategies used in the past six to fifteen years will no longer be received by candidates in the same way.
By continuing this ‘business as usual’ attitude, you will be reaching little more than the bottom of the barrel. The top candidates will be fighting off job offers, and if you think that ambiguous job descriptions, slow hiring, and hiring manager arrogance will get you places, candidates will be more willing to walk.
In the next few weeks, we will be sharing advice for winning the war for talent. As said in The Art of War,
“The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand.”
You will need to make substantial changes and calculations before you even begin the battle for each candidate. In the coming weeks, we will share three key weak points in common recruiting strategies:
- Writing to Recruit: Compelling Candidates to Apply
- Candidate Application Experience
- Your Hiring Process: How Slow is Too Slow?
- The Quest for the Passive Candidate
If you feel overcome in the war for talent, maybe it’s time to call in some reinforcements. The Overture Group has successfully placed talent and helped firms hire on all cylinders. Focused on finding the right fit, we know what it takes to win the war for talent and would like to help you. Contact us to learn more about our methodology, values, and success stories.