When you’re evaluating your annual staffing needs, it’s imperative to get it right. You want to avoid costly hiring mistakes at all costs. Are you ready for successful talent acquisition and management in 2016?
The Outlook for the New Year
The overall unemployment rate in the United States is just above 5 percent: Its lowest point in nearly eight years. For candidates with college degrees, that rate is cut in half to 2.5 percent. Job openings in July 2015 rose to 5.8 million – the highest level since 2000.
The nation is slowly but surely emerging from the crippling recession of a few years back. As a result, it’s a tougher market for employers. In most cases, you can no longer drag your feet when making hiring decisions. Top talent will be gone within days.
The time has come to evaluate your staffing needs based on your business performance in 2015. Include these key elements in your 2016 strategy:
This may be the most critical aspect of your hiring success. Salaries are forecast to increase 4.1 percent in the next year – and nobody wants to be lowballed. Be sure that your compensation package is competitive and tailored to the individual candidate.
Sure, it’s about money. But it doesn’t end there. Get to know your preferred candidates and their benefits needs. Healthcare and retirement plans remain highly attractive. But especially among millennials, who have emerged as the dominant employment population segment, work/life balance is critical.
Your best new hire may already be part of your team. Create incentives for your existing employees to step up their game and demonstrate that they’re ready for more responsibilities. This makes for a shorter search and an easier transitional period, since your candidates are already under your roof and familiar with your company, working environment and culture.
- Boost your employer value proposition. Build your reputation as an employer who promotes from within, offering growth and advancement potential.
An Employee Referral Program
Incentivize your employees to help you recruit new talent. Offer bonuses for bringing in qualified candidates.
On a related note, make yours a comeback culture. Keep the door open for former employees who left on good terms. They often will consider returning if they know they are welcome.
Take a big-picture view of your 2016 staffing needs. If your current employees are overloaded and new work is consistently available, it’s probably time for a full-time hire. If your needs are shorter term, you may want to consider short- or long-term contract employees or project staff. These reinforcements can help shoulder the burden of additional work without adding permanent headcount. You can adjust personnel levels up and down to accommodate workload fluctuations.
As you solidify your 2016 staffing strategy, consider working with a recruitment expert from Select Group, Inc. Contact us today to learn more.