Seemingly every day now, the news media announces the message already well-known to most companies: Recruiting has never been more challenging. Two million less U.S. workers are in the workforce than just prior to the pandemic, while hiring needs driven by a robust economic recovery are simultaneously spiking.
As we discussed in our May labor market update, many factors contributing to the labor shortage are likely transitory, such as generous unemployment benefits, lack of childcare and adult care services, and fear of Covid infection.
However, there are some significant and largely alarming trends that are not likely to alter their course as we transition out of pandemic times:
Employee turnover is projected to rise above 40%.
Baby Boomers are retiring in record numbers, thereby permanently reducing the pool of skilled and experienced labor.
Workers have become more selective in seeking greater purpose in their work and flexibility as to locations, schedules, and conditions.
Talent acquisition teams have never been under more pressure. Job postings are increasingly less productive as response rates and applications are down and candidate fallout is epidemic.
As a leading recruitment process provider for companies with high-volume frontline hiring needs, consider Source2 as a fast and flexible solution. We have worked side-by-side with our clients to successfully assist them with maintaining staffing levels through a combination of the following recruiting strategies:
Communicate the Client’s Unique Value Proposition. Source2 operates “behind the scenes” as an extension of our clients' brand and HR efforts. We deliver a consistent message that promotes what is uniquely attractive about employment with our clients.
Optimize Advertising & Marketing Spend. As specialists in recruiting frontline workers, Source2 has expertise in “casting a wide net” by both leveraging our scale of advertising spend with major job boards, and using social media and other digital marketing to reduce the reliance on job postings.
Find & Engage Passive Candidates. Source2 deploys AI technologies, including text-to-apply, and utilizes social media channels to reach potential candidates who may not be actively seeking new positions. We proactively market to candidates with the skills and experience sought by our clients.
Quickly Scale Up Screening & Interviewing. In a tight market, internal HR needs a partner who, in addition to bringing technology solutions, can flexibly add personnel to tackle the required screening, evaluation, and interviewing that requires human interaction and judgment. Source2’s team easily and flexibly supplements clients’ internal recruiting efforts, bringing needed resources to address “hot spots” and surges in hiring needs.
Design & Execute Rapid Engagement. In tight labor markets, speed is essential to success. Today’s candidates expect immediacy in response to their inquiries and a rapid process from point of interest to time of offer. Source2 specializes in designing lean recruitment processes for our clients that impress candidates and reduce fallout.
Focus on Retention of New Hires Employees. No partner emphasizes retention as much as Source2. In collaboration with clients, we implement AI-driven text-to-retain technology to engage new hires at key milestones during their first 3–6 months of employment. We gather feedback and data through brief texts and identify new hires who are at risk of leaving. We are also able to discover root causes of turnover that allows management to respond in real time. Given our proven track record in reducing turnover, we are prepared to place a portion of our fee at risk based on retention.
Getting started with Source2 is quick and easy. Our client relationships typically begin with a 6-month Pilot Program in which Source2 focuses recruiting efforts on specific classes of jobs or limited geographies. Our fee structure is largely variable based on a per-hire fee, and we can quickly scale a program within about 30 days of contract execution.
For more information, check out our website. If you would like to discuss your company’s specific situation and scaling solutions, connect with our executive team by emailing us at email@example.com or by completing our contact form.