Fresh Perspectives for Finding the Best Candidates

Thinking Differently: How to Attract and Retain Top Talent

In the ever-evolving landscape of talent acquisition and retention, it's crucial to adopt innovative strategies that address the unique challenges of today's market. On July 9, 2024, Catapult hosted their monthly "Thinking Differently" event, spearheaded by Shannon Leonida , Recruiting Team Lead, and Jill Feldman , Director of Strategic HR Solutions. The event focused on fresh approaches to recruiting and retaining top talent based on the latest industry trends and data.

What Others Are Thinking | Poll Results

What are the top 3 recruiting priorities for the remainder of 2024?

• Filling open roles efficiently (91%)
• Improving candidate experiences (41%)
• Automating the process (41%)

What are the three greatest recruiting challenges you are facing today?

• Lack of qualified applicants (91%)
• Rising wage expectations (87%)
• In-person/hybrid/remote needs (52%)

What source leads your organization to the most qualified candidates?

• Indeed (69%)
• Employee referrals (48%)
• Company website (45%)
• LinkedIn (41%)

Subscribe to our YouTube channel.

The Current State of Talent

One of the significant takeaways from the event was the staggering statistic that talent shortages in the U.S. have more than quintupled in the last decade. By 2030, a global talent shortage of 85.2 million people is projected. The Bureau of Labor Statistics (BLS) reported that in May 2024, the U.S. economy added 272,000 jobs, yet the unemployment rate edged up slightly to 4.1%, indicating a stable but competitive job market. These figures underscore the pressing need for businesses to rethink their recruitment strategies.

Key Challenges and Strategic Questions

The event highlighted several key challenges faced by employers:

• Geographical Region: Variations in talent availability and demand.
• Industry Trends: Sector-specific talent shortages.
• Economic Factors: Financial constraints, such as inflation and budget constraints, affect hiring capabilities.
• Technological Changes: Rapid advancements requiring new skill sets.
• Regulatory Changes: Compliance with evolving business regulations.
• Employee Engagement: Maintaining engagement in hybrid work environments.

Shannon and Jill posed three critical questions for organizations to consider:

1. What is your candidate experience?

2. Are you an employer of choice?

3. Have you adapted your recruitment strategies?

The Candidate Experience

Most candidates apply by phone. So, is your application simple and mobile-friendly? Keeping information succinct and interesting helps keep the candidate present and not leave the process halfway through. Regularly keeping candidates informed throughout the entire process, keeping the process streamlined and quick, and your interviewers prepared is critical.

Becoming an Employer of Choice

To attract and retain top talent, organizations must position themselves as employers of choice. This involves offering flexibility, opportunities for continuous growth, and demonstrating social responsibility. Interestingly, we are finding that social responsibility is becoming increasingly important, especially with younger generation candidates. They want to know what your organization stands for. Compensation and benefits should be competitive and appealing, with a transparent and informative recruitment process. Ensuring a smooth and efficient candidate experience is also vital.

Adapting Recruitment Strategies

Traditional recruitment methods may not suffice in the current market. Companies need to search more broadly, cast wider nets, and consider candidates from diverse backgrounds. This could mean relaxing certain hiring criteria and focusing on cultural fit and potential rather than just qualifications. Alternate candidate pools such as apprenticeships, internships, part-time positions, and outreach to students, military personnel, and the semi-retired should be explored.

Next Steps for Success

To navigate these challenges, organizations should:

1. Set a realistic recruiting budget based on current data.
2. Stay connected to professional organizations and educational groups.
3. Monitor online presence and employee reviews regularly.
4. Invest in branding and keep it updated.
5. Relax hiring criteria to accommodate high-potential candidates with diverse backgrounds.

Continue the conversation with Jill and Shannon at [email protected] and [email protected] .

Register for Thinking Differently

Did you enjoy your experience attending our Thinking Differently webinar? Do you feel more prepared, informed, and ready for what's next? Click here and share your experience with us! We would love to hear from you.

Interested in attending our next Thinking Differently? Register here.

About Catapult

Catapult Employers Association provides comprehensive HR solutions to help employers navigate operational challenges effectively. Our membership plans offer a wealth of benefits, including 24/7 HR advice, employment law support, and access to exclusive networking events and resources.

Explore how Catapult can support your organization's success.

---

Stay tuned for more insights and updates in our next edition!