Now might be the best time to turn to your marketing colleagues for help. That is, now might be the time for recruiters to shift their priorities in order to “sell” their opportunities and companies.
While it’s not exactly news that the war for talent is escalating, giving more power to candidates and lessening the power shift among employers, a new study is shedding light on why recruiters must shake things up now.
The study, titled “Slugging Through the War for Talent: Selection Forecast 2006-2007,” reveals that 73% of staffing directors report competition for talent has increased since 2005, while 79% expect it to further intensify in 2007.
Conducted by Monster and HR consulting firm Development Dimensions International, the survey also shows that 51% of hiring managers are finding fewer qualified candidates available compared to two years ago.
The survey shows that incorporating marketing elements into recruitment campaigns, such as branding, sales, and retention tactics, will help to tap the target market of qualified candidates.
“The recruiting industry has acknowledged for several years that retiring baby boomers, coupled with a tightening labor market, would eventually bring about an acute labor shortage. However, the survey findings indicate that this eventuality is already upon us,” said Neal Bruce, vice president of alliances at Monster, in a release.
As a result, HR professionals should note the practices of their marketing colleagues and focus on what job seekers want to “sell” their positions to the best top talent.
In fact, one of the other key findings of the survey shows that more than half of hiring managers feel they must “sell” jobs to candidates, demonstrating that employers are feeling the effects of the tightening labor market.
The survey also shows that nearly one-third of candidates had been in their current job less than six months, yet they were already on the market for a new position.
While some companies may already realize that they must consider hiring as a competitive practice, the study says employers need to realize the deeper motivation of the candidate sitting right in front of them.
Money, for one, is usually a key motivator. And the survey shows that job seekers cite insufficient compensation as their top reason for leaving a position.
Yet both hiring managers and staffing directors rank this factor third, instead citing external factors as the top reason for turnover.
This global study was conducted in 2006 and included over 3,600 job seekers, 1,250 hiring managers, and 620 staffing directors in the United States/Canada, Europe, Latin America, Asia, and Australia/New Zealand.