Candidate Driven Marketplace
For the first time in nearly a decade, we’re seeing a candidate driven marketplace. According to Dice Holdings, Inc., 55% of hiring managers are planning to hire more staff by end of 2014 than they did by end of 2013. Top performers and highly skilled workers will be in greater demand and have bargaining power. While there will still be unemployment in places, economists are feeling a little more upbeat about steady growth in the job market.
Tip: Companies that can engage top talent and act fast will win out. Speed up your interviewing and hiring processes. Delete any unnecessary steps and narrow down who will be involved in the hiring process.
Executives all the way up to CEOs have concerns about succession planning for senior leadership positions. Succession planning requires forethought and the understanding that an unplanned turnover can cause a massive disruption in an organization. Therefore, a well-stocked talent pipeline is needed for every managerial position, from C-suite level on down. But there isn’t a single best practice to follow. It depends on the culture of your company.
Tip: Since there’s not one best way, consider a mix of these three options: identifying an internal viable candidate, bringing in top talent from another organization, or contacting a reputable executive search firm. Succession planning is one of the most crucial elements of long-term success.
While this year may be a candidate driven marketplace, it’s no secret that employers expect more from today’s candidates. They want candidates who are skilled, likeable, hireable, and “coachable” while at the same time fitting the company culture. Being coachable reaps many organizational benefits including higher motivation, better performance, improved knowledge and commitment to change.
Tip: Continue to invest in your people through training, coaching and certification programs. It will undoubtedly affect your bottom line.
Social Media & Mobile Technologies
Social networks and mobile technologies are constantly changing and companies will have to keep pace. Social media is no longer just a marketing or personal tool. It has become an integral part of employee acquisition, communication, recognition, education, etc. Similarly, mobile devices have become central to our professional lives as well. Through both social media and mobile recruiting, hiring managers are able to reach out to prospective talent through a variety of platforms and mobile devices. It is a very effective way for hiring managers to keep in touch with job seekers anytime and anywhere.
Tip: Social media has revolutionized the way in which we see news, education, purchase decisions, brand products and services, etc. It has also become a popular way to attract and acquire talent. So get on board as soon as possible. There are social media consultants and trainers to help you get started.
High Competition for Executive & Managerial Talent
Organizations in the US and around the globe are expressing concerns about the impending leadership shortage. As a result, companies are in hot pursuit of professionals who demonstrate leadership potential, honed industry skills, global exposure, management experience, corporate acumen and cultural understanding. They are also willing to invest more in leadership training. In fact, a recent survey conducted by The Conference Board and Right Management indicates that businesses will spend about 37% more in leadership training programs this year than in 2013.
Tip: It’s imperative that your organization first identify potential leaders and implement new and effective leadership training programs in order to stay competitive.
What trends are you seeing or predicting? Please feel free to share them with me.
About the author: Dan Miller, Executive Recruiter, leads the expansion of Direct Recruiters, Inc's Labels area. Dan's responsibilities include new business development, relationship facilitation, sourcing, connecting and acquiring top tier talent in order to present the best slate of candidates to clients in the label converting industry. He can be reached at 440-996-0868 or firstname.lastname@example.org.