51% of New Hires Quit Before StartingShannon Hall
According to a recent survey conducted by Harris Insights & Analytics (a market research firm in business for over 50 years), 51% of candidates keep looking even after accepting a job offer and 67% of employers report new hires not showing up after accepting a position. The expectations of candidates are rising faster than wages—which have increased 3.1% in the third quarter according to the Bureau of Labor Statistics. The unemployment rate of 3.7% is the lowest since 1969. Here are our tips on how to meet the rising expectations of jobseekers in this highly competitive market.
The onboarding process can make or break the candidate’s opinion of the culture and career potential at a new company. 93% of employers agree a good onboarding experience is critical while only 29% of employees think their company got it right. A good onboarding starts with a streamlined application and hiring process. Candidates expect up-to-date technology to facilitate the ease of their experience such as having mobile-friendly, online application portals. Many online tools for job searching allow candidates to apply with just the click of a single button. Onboarding is the time to make a good impression and show that the candidate is going to be valued as an employee from the very beginning. There should be plenty of opportunity for new hires to ask questions so that they can begin their new role with certainty. Candidates expect to be thoroughly welcomed and prepared to begin their new role. New hires are much more likely to walk away from a job after a poor onboarding experience.
Candidate Experience & Engagement
36% of Jobseekers expect to speak to a recruiter on behalf of the company before they even apply for a job. More and more expect to be actively sought out to fill a position. Jobseekers expect to be treated like they are of interest and value to a company, and they want consistent communication throughout the hiring process. According to Forbes, the national average number of applications received for a single job is 118. This means it’s even more important to invest in the technology required to maintain engagement and communication with this volume of applicants. It’s important to clearly communicate the steps in the interviewing and hiring process, and then follow-up with frequent updates regarding the candidate’s status. If measures are not taken to ensure a candidate stays engaged throughout the hiring process, they will go where they feel wanted. Engagement shouldn’t stop after a job offer has been accepted, however. Candidates also want frequent communication throughout the onboarding process as well as updates on their job performance, especially within the first few weeks or months of working in their new role.
Candidates will not settle for less than the competition, and they don’t have to in the current market. We see people being headhunted out of positions with the offer of significantly better pay, and sometimes this happens soon after beginning a new job. Make sure you are offering the market rate for wages and be aware of changes to market rates. Wages and salaries have jumped by 3.1% which is the highest level in a decade. Ignoring these changes will not help with keeping the interest of jobseekers. According to our own survey, 42% of respondents consider Compensation & Benefits to be the most important contributor to job satisfaction. Benefits are also a large contributor to the attractiveness of your jobs for potential employees. 57% of our respondents consider Medical and Health Benefits to be the most important. Coming up short in terms of the benefits you offer can be a costly mistake in the current market. In order to attract and keep good candidates, there needs to be a competitive offer when it comes to compensation.
Overcommunicate Company Changes
Good people are motivated to look for new positions elsewhere, if they sense uncertainty with a company merger, leadership change, change in office location, or other major business hurdle. Many larger companies have communications experts who are dedicated only to communicating this information to internal staff with memos, emails and special meetings. If these changes are not communicated clearly, many 3rd party recruiters will seize the chance to recruit your best people for more “stable” positions.
The current climate of the job market puts jobseekers in the driver’s seat. We’ve seen the high demand for candidates firsthand. It’s important to know which factors go into attracting and keeping good candidates in order to stay competitive in a market where candidates have the upper hand. Jobseekers have rising expectations which means that employers must rise to meet them if they hope to fill jobs during such an extreme shortage of skilled, qualified candidates.
Bradley Staffing Group is a full-service staffing firm based in Wayne, PA. We are committed to matching A-level talent with best-in-class businesses. Our knowledgeable and well-trained staff brings a combined 70+ years of staffing experience to our clients and candidates alike. https://bradleystaffinggroup.com/contact-us/