Winning the war on talent in 2022

Among the impacts of the ongoing pandemic are changes in the labor market. According to the Bureau of Labor Statistics, the unemployment rate as of December 31, 2021, was 3.9% – the lowest it’s been since the start of the pandemic.

Remote work has led many to rethink their work/life balance and career goals, prompting job changes unrelated to the pandemic that weren’t being contemplated two years ago. “The Great Resignation” is well underway, and it’s impacting nearly every industry, including experienced professionals working in law firms and legal departments as well as consultancies and legal technology and service providers.

With so many people leaving their current jobs or willing to consider a move, it would seem the pool of candidates for open positions should be broader than ever. Even if that proves true, though, that doesn’t make finding the best fit for a specific role and convincing them to join your organization any easier. In fact, because employees have so many options today, winning the war on talent is harder than ever.

Offering competitive compensation remains critical, but hiring managers are finding other factors increasingly drive employment decisions, leading many to get more creative in recruitment tactics.

According to a recent Reuters article, law firms are among those finding new ways to attract candidates. In “Wall Street law firm turns ex-lawyers into bounty hunters to ease talent crunch,” Xiumei Dong reports that Shearman & Sterling, for example, is asking its former lawyers and staff to help with its recruiting efforts. The firm is reportedly offering significant bonuses for referrals that lead to new hires, including up to $25,000 for experienced associates or counsel, which the referrer can keep or the firm will donate to a select charity. Dong’s article also addresses compensation, pointing to the M&A boom and resulting demand for litigators that have prompted many firms to continually increase salaries and bonuses.

As Shearman & Sterling knows, current and former employees can be among your best references in attracting new talent. Like trusted recruiting partners who conduct outreach to prospective candidates on your behalf, they serve as brand ambassadors to convey a positive image of your organization to encourage new applicants.

But getting the right people to apply doesn’t necessarily equate to success in hiring. Candidates still must be vetted to confirm their qualifications and salary expectations align with the position and that they are a good fit with the team of which they’ll be a part. Once prospective employees are identified based on qualifications and salary expectations, there are some things you can do to help win the war to sign them.

Top tips for securing the candidates you want:

1.????Speed – A slow-paced hiring process is a fast way to lose out on the best candidates, who often are considering multiple options. Streamline your interview process to speed things along, because if you’re not operating quickly enough, your top choice may move on to another opportunity that’s ready to make an offer.

2.????Courtship – Just as applicants have always strived to make a good impression with prospective new employers, now more than ever, the process requires hiring organizations to court their preferred candidates as well. As they’re getting to know you, what can you do to make a favorable impression on your top prospects? For starters, see tip 1. In addition, prioritize good communication throughout the process. Your top candidates should never question whether they’re on a short list and should always know the next step and when it will occur.

One last piece of advice: be proactive. In the current labor market, assume your team is looking. Even loyal employees who aren’t unhappy in their current positions may be approached from the outside and be willing to consider new opportunities. Many have watched friends and colleagues change jobs and are realizing it’s not so scary and, in fact, making a change can be a good thing. Regardless of the compensation, benefits or promises you can make them, you may not retain them all. So be prepared to move quickly when you need to fill an open position.

Chris Egan | Celeritas Recruiting