In order to get more insight into the local marketplace, we surveyed hiring managers around Wisconsin. For starters, 39 percent indicated they anticipated increasing head count in 2011, with no one decreasing. Eighty-six percent responded their hiring needs are a result of new head count. Interestingly, no one anticipated hiring needs as a result of turnover! Some companies handled the downturn well, in some cases even paying back lost wages to those who took temporary pay cuts. Others? Let’s just say they didn’t handle the downturn quite as well. A lot of damage was done to companies’ employment brands during the downturn. How things were handled caused serious trust issues with some hiring managers. Even the best companies have turnover, yet it appears many are not planning on it!
Thirty-three percent of companies reduced their internal recruiting teams. Nearly 40 percent are hiring more, yet only 13 percent are adding more dedicated resources to recruiting efforts.
Responding companies plan on sourcing talent as follows:
Interestingly, only 64 percent of those surveyed had an internal referral program with almost 79 percent planning on hiring through this source. Also of note was that no one planned on making outbound cold calls. Not surprisingly, most organizations’ sourcing efforts are heavily weighted on finding active candidates in the market with only some effort on finding passive candidates. This is often a result of resource constraints and is outsourced to search firms, which 50 percent plan on utilizing.
Almost 73 percent view LinkedIn as an important part of their hiring efforts with 9 percent using Facebook. LinkedIn...the perfect excuse to have your resume online without your employer caring! In some cases people aren’t even shy about listing being interested in career opportunities. It is an important tool, but not everyone is on LinkedIn.
So what should you do to be prepared to compete? It’s time to audit your hiring practices. How well do you define your needs? How prepared is your team to evaluate and sell candidates? Are you ready to move quickly when you find the right person? What resources do you have internally/externally to find the best person for the opportunity?
Here are some suggestions of best practices to consider as you evaluate your hiring efforts. Some are old standbys while others may be new to you!
Are you ready? Define your need, come up with a strategy factoring in your resources, and go after the best talent in the market. Your success depends on it!
This article was reprinted with permission by the Wisconsin Institute of Certified Public Accountants.