When forecasting hiring needs, the most important thing is to understand where your firm is today and set goals on where you’d like to be in the future, says Tony Sorensen, CEO of Versique Search and Consulting and McKinley Consulting, a leading Minnesota IT and business consulting services group.
“Setting a timeline with achievable goals will help you stay on track and know when it’s time to hire on a new team member in each area of your business,” says Sorenson. “Keep the lines of communication open between you and other team leaders within your organization and understand that your plan will have to be fluid to allow for employee turnover and other unknowns that may come up in the future.”
A thorough and honest audit of where your company is and what you may need to change will be the best resource for planning ahead, adds Sorenson.
Are you planning for growth? The majority of companies are. In fact, Seventy-four percent of executives say their businesses will expand in 2015, according to a survey conducted by Korn Ferry, a single source for leadership and talent consulting services.
As employers work on finalizing their recruiting plans for 2015, there are many factors impacting their decision making, including the unique job market we have today, says Ingrid Moore the Founder and CEO of Corporate Resources of Illinois, an employment & staffing agency with over 20+ years’ experience located in Schaumburg, IL. Moore and her team assist employers with finding the right hire for their business. Moore outlined some trends that will impact recruiting in the coming year, including:
Baby Boomers: There have been many discussions on the Baby Boomer generation retiring and how companies need to be prepared for those changes, says Moore. Although not every Baby Boomer is ready to retire, they are still a factor employers should evaluate in order to understand how they’ll impact their business. The Washington Post wrote a special “Fact Checker” article recently, Do 10,000 baby boomers retire every day? In the article it mentions one organization (Social Security Administration) discussing the Baby Boomer impact. “By 2015, almost 33 percent of our workforce, including 48 percent of our supervisors, will be eligible to retire. In FY [fiscal year] 2011, we lost over 4,000 employees due to retirement and other reasons. We expect this trend to continue. During this same timeframe, the baby boomer retirement wave continues to have a significant effect on our workloads.” This organization provides just a snapshot of what other businesses will be facing.
“Smart planning will keep your business prepared,” says Moore. “Our recommendation is to be ready for those employees looking to retire and keep an open mind to all Generations (X, Y & Z). Find the recruiting method that works best to target each group.”
Social Media and Mobile Recruiting: As more and more job seekers become dependent on their devices, employers need to be active in some sort of a social platform that entices and engages job seekers, says Moore.
“This area will continue to grow so employers must take an active role in enhancing if not implementing a social and mobile component,” adds Moore.
To reiterate some stats, the International Data Corporation (IDC) predicted “the worldwide smart connected device market will accelerate past 2B units by the end of 2015, attaining a market value of $735.1B.” The number of job seekers already using the technology is staggering and promises to increase.
Says Moore: “Make sure you carve out enough strategy in your planning to take into account that job seekers are mobile. Ignoring their mobile trends in any way could be detrimental to your 2015 recruiting strategy.”
Big Data: Moore points out how companies are using the data they’ve collected to-date to enhance their recruiting efforts. Making sure your analyzing your job seeker data will vastly improve your efforts, she says. Targeting, searching and communicating to job seekers in the coming year will be a big part of your success. Be sure you use and analyze your data to create an effective 2015 strategy.
Recruiter Partnering: One trend Moore’s company has noticed since the slow revival of the economy is that hiring managers’ workloads have increased and they are in much need of support. Many employers will require professional support to meet their hiring demands in 2015.
“Working with a reputable recruiting firm during the planning process and throughout the year can be an enormous help and cost saving to a company,” says Moore.
Backing up Moore’s points is an article by Forbes titled, 10 Workplace Trends For 2015, which references some definite parallels with recruiting such as Generation Z interns, Millennial candidates and mobile recruiting.
What’s more, the Korn Ferry pointed out that 71 percent of executives anticipating growth plan to increase staff salaries in 2015. In addition, executives indicate that 2014 will end on a positive note, with 90 percent planning to give year-end bonuses and 36 percent expecting to increase bonuses this year (2014) versus the previous year (2013).
“Bonuses and salary increases underscore that there is a huge cost to replacing great people. Executives know this and there is incredible competition for talent,” said Nels Olson, Vice Chairman and Co-leader of Korn Ferry’s Board and CEO Services Practice. “The bottom line for most companies is in top line growth. Executives indicate that the number one reason they would increase hiring is an increase in consumer demand. In this environment, those who are driving sales and revenue are in a much stronger position to secure bigger bonuses and increases.”
According to Latest Manpower Employment Outlook Survey, 2015 is expected to kickoff with steady hiring throughout the U.S. What happens across the country – and globally – can affect, alter and impact hiring. Things can change quickly.
“As overall demand improves, we continue to see consistent, gradual strengthening in U.S. employers’ hiring plans,” said ManpowerGroup CEO Jonas Prising. “There’s a little wind at our backs, as evidenced by the broadly positive hiring plans, and we see that as boding well for 2015.”
According to Manpower, employers have a positive Outlook in all 13 industry sectors included in the survey, with Leisure & Hospitality, Wholesale & Retail Trade, Transportation & Utilities and Professional & Business Services employers reporting the strongest hiring intentions.
Employers in all 50 states, the District of Columbia and Puerto Rico have positive hiring Outlooks. Those in Hawaii, North Dakota, Delaware, Michigan and Texas indicate the strongest Net Employment Outlooks, while New Jersey, Alaska, New Hampshire and Rhode Island employers project the weakest Outlooks.
Among employers in the 100 largest metropolitan statistical areas, the strongest job prospects are expected in:
- Cape Coral, Fla.
- McAllen, Texas
- Deltona, Fla.
- Grand Rapids, Mich.
- Milwaukee, Wis.
- Oxnard, Calif.
The weakest Outlooks are projected in:
- Spokane, Wash.
- Portland, Ore.
- Syracuse, N.Y.
- Rochester, N.Y.
- Indianapolis, Ind.
“Employers are acutely aware that the economic situation could change on short notice due to unfolding geopolitical events or a slowdown in Europe, and that is contributing to moderate global jobs growth and a continuation of the patterns we’ve seen in prior quarters,” added Prising. “It remains a very slow and uneven labor market recovery globally, and employers are reacting to an uncertain environment with a degree of caution.”
The reality is this: The race for talent continues unabated, says Kurt Rakos, founder and Partner at SkyWater Search Partners a search firm which dedicated to the placement of sales, marketing, IT, accounting/finance, and HR personnel. As 2014 closes, there’s a new trend that’s shaping up to be the key to attracting talented performers from your rivals in 2015 – employer branding. Use these tips to drive your successful recruiting and hiring needs, according to Rakos:
Talent is passive
The high achievers are passive, that’s to say, they aren’t seeking alternative employment but if they spot an opportunity or are approached by a headhunter, they will consider their options. Their key priority is to remain ahead of their game with a company whose ambitions and values match their own.
“The top performers stay up-to-date with industry trends and take note of the employers who stand out in their sector, which comes down to branding,” says Rakos.
A good story sells your brand
The aim of most employers is to become the type of organization that passive talent wants to work for. This won’t happen if your online presence is tired or promotes a negative message, says Rakos. The most successful brands are always connecting and engaging with passive talent via their online content, whether that’s through articles, videos, social media posts or through their careers website.
“All content is carefully created to promote their core values, company ethos and a consistent brand message to attract the top talent,” says Rakos. “Companies that allow that talent to register their interest whether or not they have an existing vacancy means that when it comes to filling their next key role they have a ready-made talent pool to tap into.”
Attract a better quality of candidate
Higher-caliber candidates mean better referrals and an increased interest in your company. Take a look at global brands such as Zappos, Google, Apple and Microsoft – these are all brands that prioritize employer branding, says Rakos. A better caliber of candidate means that your chances of a bad hire are reduced and employee retention levels soar.
Employer branding is open to all
Attracting passive talent is achievable for all businesses, large or small, when you design and communicate messages that reflect your brand. An online presence, consistent messages and regular updates via your website, blogs, social media websites and professional sites such as LinkedIn will enable you to build your own talent pool.
“The ultimate aim of employer branding is to attract the talented performers that will enable your business to succeed in a competitive market,” says Rakos. “Before beginning to promote your brand, understanding your core values and the type of employee you want to recruit is a must. Invest time and effort into your branding strategy to attract the talent you need in 2015.”
