A new report shares the chief worries of talent acquisition professionals—and they are worried. In its first Quarterly Insights Report, Staying the Course In a Challenging Labor Market, talent acquisition provider Employ reports that 63% of respondents say new hires leave in the first 90 days after starting a new job and another 63% said their current hiring volume is greater than last year’s volume.
The drive to hire outstanding candidates is at the top of their minds as well. An estimated 62% of respondents said their top recruiting priority is improving their “quality of hire.”
What it means for HR leaders and recruiters
Job seekers still control today’s job market and are demanding more from their employers, according to Employ’s report, which was compiled from employer and job seeker activity across the vendor’s 18,000 customers. “While the latest Bureau of Labor Statistics Jobs Openings and Labor Turnover report shows that the jobs market is starting to cool off, there are still signs of a tight labor market, and recruiters will continue to face challenges,” said Allie Kelly, chief marketing officer of Employ.
The report also found that 81% of recruiters reported that attracting top talent has become more challenging over the past year, prompting HR leaders and recruiters to reevaluate workers’ expectations to attract and retain high-quality candidates.
But increasing the quality of hires can be elusive if job candidates experience a complicated job application process. Keeping the application length to five minutes or less can boost conversion rates by 365%, Kelly said.
“It’s also important to provide realistic and accurate depictions of the job. Not all candidates are suited for the same work environment or role, and selling an unrealistic representation can result in job seekers feeling misled and ultimately leaving a job shortly after joining a company,” she said. “It starts with creating accurate job descriptions to accompany roles when searching for talent.”
While there’s no set standard to make hiring less challenging, HR leaders and recruiters can implement strategies to address the challenges of today’s labor market. “This involves offering a quick and simple application, providing unique perks and creating a seamless onboarding experience,” said Kelly.
The report also recommends that employers provide workers with what they want: remote/hybrid work options and better compensation. Sixty-nine percent of recruiters believe wages for new hires will continue to increase over the next year.
According to Kelly, “Offering flexible work schedules, fair compensation and better work/life balance have been the most effective ways to attract top talent.”
