The growing demand for talent is forcing organizations to re-think how they acquire talent. In certain sectors, the pressures of scarce talent create a vulnerability to the organization that isn’t well prepared to deal with the demands of acquiring talent in tight labor markets. The natural reaction is to cut corners to alleviate the pressure, resulting in an organization making an offer before the candidate accepts another opportunity. While corner cutting might satisfy the short term demands of filling the opening, it will likely only prolong the cycle of turnover due to circumventing the vetting process.
For an organization to be well prepared to adapt to a shorter talent acquisition cycle, it must find ways to overcome the “data deficit” that results from less interviewing time or another opportunity cost of trimming down the time you allow to make a hire. Over half of talent professionals and hiring managers say new interview tools or mechanisms are a top trend in how they hire. However, prior to the current labor demands, almost two-thirds of those professionals couldn’t effectively assess a candidate’s soft skills. With all these factors in play, organizations are going to quickly see a performance gap develop within critical positions which will impact productivity and other financial metrics in which we measure success.
Even though the labor market may dictate the speed in which you must acquire talent to remain competitive, simply filling the opening is not going to get you very far. You still must gather information, but instead of relying on the interview as the source of that information, find ways to gather it before the interview is conducted. Many organizations are leveraging objective assessments which are often able to be integrated into the initial application process. These tools offer depths of intelligence related to soft skills and suggestions of targeted behavioral interview questions to probe during the interview.
In the end, you must still gather the same amount of intelligence to make the best hiring decision. Increasing pressure of a tight labor doesn’t mean that you have to forgo valuable information which helps you make the best decision. Leveraging technology and an adaptable approach to how you are sourcing, interviewing and selecting your next hire can make the difference between having a cutting-edge hiring strategy that keeps you ahead of the game (and your competitors) and one that is simply reacting to labor forces that will only perpetuate the turnover cycle.
Come have a chat with our consultants today, and let them show you how to get the jump on the labor market demands.