Happy Wednesday! With spring well underway, we're thrilled to bring you another edition of our newsletter, filled with helpful content tailored to enhance your hiring strategies and workplace knowledge. Enjoy the read!
Recruiting Insights
ENGAGING THE NEXT GENERATION
It's more important than ever to tap into the potential of recent grads. Our new blog offers strategies?to?not only attract?but?effectively integrate these young professionals into your workforce.
Strategies for Recruiting Recent Grads
- Early Engagement:?Initiate contact before graduation—internships and college job fairs are excellent opportunities.
- Promote Stability:?Highlight job security in your recruitment campaigns to align with Gen Z's desire for stable employment.
- Salary Transparency:?Clearly?communicate compensation, possibly aligning expectations with market realities.
- Digital Proficiency:?Leverage platforms like TikTok and Instagram for recruitment, appealing directly to the digital-native generation.
Benefits of Hiring Recent Graduates
- Innovation and Flexibility:?They bring fresh perspectives and adapt quickly to technological advances.
- Cost-Effectiveness:?Generally, lower salary expectations make them a financially viable option for many roles.
- Development Potential:?Early-career hires can?be groomed?into future leaders who deeply understand your company culture.
Internship Decisions
A STRATEGIC MISSTEP?
This month, Tesla made headlines not for a new car model but for rescinding internship offers, a decision driven by the need to cut costs as the company navigates through profit declines. FastCompany sheds light on why HR experts are calling this a significant blunder.
- Trust Issues:?Rescinding offers might save money?short-term, but the long-term cost could be far?greater. Jennifer Dulski of Rising Team highlights that such actions betray trust, potentially deterring top talent from future consideration.
- Bigger Picture:?Major companies are tightening belts, with some like Google and Apple also making cuts. Yet,?Tesla's move stands out, particularly because?their?intern program was a major draw, offering substantial learning opportunities and a competitive $22/hour wage as reported by Glassdoor.
- Think Twice:?Annie Rosencrans from HiBob suggests that there are better?areas?to trim costs, like unused software subscriptions,?rather?than cutting internship programs which can cause significant reputational damage.
- Training in Hybrid Times:?The shift to remote work makes hands-on training challenging, yet it remains crucial for young professionals who thrive under direct mentorship.
- Interns Scramble:?For many interns, preparations like securing accommodation and flights were in vain, not to mention the lost opportunity to learn from industry leaders.
- Competitor's Gain:?Tesla's?loss is GM's gain, as?they?quickly extended offers to the displaced interns, potentially enhancing?their own?reputation as a supportive learning environment.
Workplace Wellness
UNDERSTANDING AND MITIGATING SHIFT SHOCK
Recently, we addressed the increasingly prevalent issue of shift shock—a phenomenon where new hires feel misled about their roles, leading to frustration and disillusionment. Understanding and addressing this issue is vital for maintaining a healthy and productive workplace.
Shift shock occurs when there is a significant discrepancy between what a new employee expects from their job and the reality they face.?This mismatch can stem from?various?factors, including overly optimistic job descriptions or a?lack of?transparency during the hiring process.
- Changing Workforce Expectations:?Millennials and Gen Z have different expectations from their employers?compared to?previous generations, emphasizing respect and value from day one.
- Post-Pandemic Mindset:?COVID-19 led many to reevaluate their work-life balance,?with?a growing unwillingness to tolerate suboptimal work conditions.
- Talent Shortages:?Competitive job markets pressure companies to oversell roles, which can lead to unmet expectations and shift shock.
- Accurate Job Descriptions:?Ensure job postings?truly?reflect the role's responsibilities and the company's culture.
- Clear Expectations:?Regularly set and recalibrate expectations throughout the hiring process?and beyond.
- Feedback Mechanisms:?Implement new hire feedback surveys and offer channels for employees to express dissatisfaction constructively.
Ignoring shift shock can lead to high turnover, reduced productivity, and a distrustful workplace atmosphere. By adopting proactive measures, companies can significantly enhance employee satisfaction and retention.
Economic Caution
ARE WE HEADING FOR A DOWNTURN?
David Rosenberg, a leading economist and president of Rosenberg Research, is sounding the alarm that the U.S. might be unwittingly heading toward a recession.?Despite Wall Street's?current?optimism, Rosenberg suggests?that?signs of economic cooling are becoming too apparent to ignore.
- Job Market Jitters:?The unemployment rate has nudged up to 3.9%, a near two-year high, hinting at potential economic trouble ahead. This rise aligns with the Sahm Rule, which historically signals an impending recession.
- GDP and Manufacturing Concerns:?The latest GDP growth at 1.6% and ongoing contraction in manufacturing activity underscore the growing economic vulnerabilities. Notably, almost every manufacturing downturn since 1997 has preceded a recession.
- Recession Probabilities:?Current models suggest?nearly?a 50% chance of the U.S. entering a recession within the?next?year. The 2-10 Treasury yield curve, a trusted recession forecaster, has?been indicating?a downturn since mid-2022.
- Interest Rate Implications:?With the Federal Reserve likely maintaining higher interest rates to combat inflation, the risk of an economic slowdown increases.?Market expectations have adjusted,?now?anticipating?fewer rate cuts by year's end.
Rosenberg urges investors and policymakers not to be complacent. The labor market's weakening, a slowdown in services, and cautionary financial signals all point to potential economic strife.
Spotlight on Interviewing
SIDESTEPPING COMMON MISTAKES
Interviewing is an art, and like any art, mistakes can detract from the intended masterpiece—in this case, a successful hire. Our latest blog explores how interviewers can refine their approach to ensure?both?a positive candidate experience and an effective evaluation process.
Quick Tips for Interviewers
- Punctuality Pays Off:?Always arrive on time. A delay can set a negative tone right from the start.
- Strike the Right Tone:?Keep the conversation professional yet welcoming. Too serious or too casual can skew the candidate's perception.
- Focus Fully: Avoid distractions during the interview. Your full attention respects the candidate's time and contribution.
- Transparency Matters:?Answer candidates' questions honestly to maintain trust and manage expectations.
- Navigate Legally:?Steer clear of prohibited questions to avoid legal pitfalls.
Wishing?you?a wonderful?remainder of your week! Remember, at 4 Corner Resources
,?we are always here, just a phone call away, ready to assist you with your staffing and recruiting needs. Our expertise is your resource.
Let's continue to learn, grow, and succeed together. Don't hesitate to reach out to us
. We're here to make your hiring process smoother, more efficient, and successful.
Stay Connected. Stay Informed. Stay Ahead.
