The Covid-19 pandemic disrupted labor markets globally in 2020. Just scrolling your LinkedIn feed or HR platform, you can notice the signs of the Great Resignation, also known as the Big Quit, an economic trend in which employees have voluntarily resigned from their jobs en masse. A staggering 40% of the workforce made a sudden decision to leave their current jobs.
Even before the pandemic, there was a constant struggle between companies for talent, so unsurprisingly the past 30 months have only increased the competition for top talent.
The Great Resignation has forced companies around the world to rethink how they hire and retain their employees. PWC says that around 65% are looking for new job opportunities, and 88% of executives notice high staff turnover.
Despite this, we are entering a phase that many refer to as the Great Rehire. The impact of this economic trend on attracting talent will be as invigorating as the Great Resignation was.
The Great Rehire refers to the massive hiring of people that is set to take place in 2022 and beyond. We can look at this as companies bouncing back from the Great Resignation, however, it’s a lot more complex. The Great Rehire refers not only to hiring new employees but also to reshuffling the existing workforce.
One thing to keep in mind is that the Great Resignation was due to the fact that employees had more influence and control over how they worked, and the Great Rehire will require much more effort and a thoughtful approach to hiring.
These are some of the clearest trends that are prevalent in sourcing and hiring in 2022:
The talent will be in the driver's seat in the hiring process
In a situation where more employees are looking for an opportunity to change positions or careers, the best specialists will be those who will evaluate employers and make the final decisions based on key factors, such as company culture, diversity, compensation, and more. Thus it is a critical time to develop an employment brand that reflects your business, define your company culture, and of course, treat your employees respectfully because company reputation really matters.
One of the key factors will be a fast recruitment process
The need to speed up your hiring process and make it more efficient to find the best talent will be one of the secrets to success. Indeed, in the 21st century, our life is accelerating every day, and people who are used to receiving various services in a matter of days will not wait months for your decision. So if you want to get your perfect candidate, be sure to have an efficient hiring process.
Remote recruiting will become the new norm
Since the beginning of the pandemic, this has become a forced decision, but over time this trend will become the norm, especially with the growth of mobile and social recruiting. Your recruiting teams must reach out to and communicate with candidates across multiple media and platforms, including social media, emails, InMails, and even SMS.
Diversity and inclusion, along with equity
In 2022 more employees are looking for companies that value diversity and inclusion. This demands companies to increase diversity in their sourcing strategies, using technologies that reduce hiring bias, and implementing blind resumes and interviews.
However, your applicants have new expectations generated by the pandemic. These benefits will motivate your candidates to choose you:
Flexibility and remote
✔ Even after the pandemic 65% of candidates want a remote work model;
✔ 76% of workers would be more willing to stay with their current employer if they could work flexible hours;
✔ Your company should have different working models: remote, hybrid, and office-centric, the most important is to be clear and consistent through the whole recruitment process.
✔ Be clear and upfront with your candidates about what they can expect from the recruiting process (how long the decision takes, etc);
✔ Offer all the necessary information regarding benefits, conditions, compensation, etc.;
✔ Around 50% of candidates get frustrated by the lack of transparency in job postings and during interviews, everyone’s time is precious.
Career growth opportunities
✔ One of the top reasons for employees leaving companies is the lack of career growth opportunities, the same applies to candidates;
✔ A possibility of internal mobility and clear statements about it through the recruitment process will play in your favor;
✔ 33% of candidates consider the field for career development a critical and motivational factor.
When it comes to Great Rehiring and recruiters need to attract the best candidates, what really matters is building a robust talent pipeline. It all starts with the right sourcing strategies and tools. There is no single solution to filling the top of your funnel, SourceMultiplier wants to be part of that solution by placing passive, qualified, interested candidates directly into your recruiters' calendars. Fill out this form to see if we can supercharge your sourcing efforts.