You can’t keep doing the same thing and expect different results, this marketing exec says. Modernize your hiring strategy with these 3 tips.
If recent workforce trends have you scratching your head, you’re not alone. Despite layoffs in the tech industry and the highest inflation in four decades, the latest jobs report from the Bureau of Labor Statistics showed 2022 to be a record year for job growth. With the labor market still defying recessionary fears, a shortage of workers will continue to have companies struggling to find the talent they need to fuel their growth. In a still tight labor environment, it’s crucial to avoid a few hiring mistakes as you set strategic workforce and talent goals for the new year.
MISTAKE #1: NOT LISTING A SALARY RANGE:
With pay transparency laws similar to Colorado’s “Equal Pay for Equal Work Act” going into effect this year in California and New York, nearly 20% of the labor force will legally require companies to include salary ranges in job postings. Expect this to make an impression on your workforce.
“Pay transparency will change the game,” said Andrew Flowers, labor economist for Appcast. “In the past, looking for a job in America could be compared to looking for a home on Zillow with no home prices. There will be a reckoning in the labor market as people see what others are earning and what employers are willing to pay.”
Even if your state doesn’t require you to do so, experts say including compensation on a job ad lowers employers’ recruiting costs while greatly enhancing the quality of applicants. In a study spanning more than 10 million job postings listed in 2022, Recruitonomics found including pay ranges in job titles reduced the average cost-per-click by 35% and resulted in a stronger candidate pool.
“Unqualified applicants will self-sort out of the application process,” said Flowers. “You might get fewer applicants but quality improves dramatically because applicants are already on board with the pay and criteria.”
In this case, putting all your cards on the table saves everyone valuable time and money.
Read the complete Fast Company Article BY ANDRES TOVAR: https://www.fastcompany.com/90842025/mistakes-make-harder-hire-top-talent