While hiring managers have begun to see it, many haven’t yet…a market once flush with candidates and deep streams of talent is drying up. The economy is on the better side of recovery, and much of the highly-skilled talent has already been snapped up.
Today, this skills gap is cited as one of the major obstacles to achieving business objectives for many HR leaders, as they now have to adapt to the post-recession landscape.
Not too long ago, a simple job posting to a career site would attract droves of candidates, allowing HR to selectively plod along in the hiring process—sometimes it would take months before the offer was made. Nevertheless, candidates always seemed to stay on the line. This high level of interest in a small amount of work allowed hiring managers to offer compensation packages that were not always the most competitive. But back then, it didn’t matter.
Fast forward to today. The talent pools are drying up fast. Many hiring managers are in need of talent on-demand, but are still operating under the guidance of recession-era data. Organizations are ignoring or missing current supply and demand figures and, ultimately, losing out.
RPO is a proactive approach that diminishes the workload of already-burdened HR managers by partnering with a provider who has ready-access to candidate pipelines. These providers also have access to a wide array of data analytics to assess the current market and offer competitive benefits. All of this adds up to the rapid onboarding of candidates…before someone else does.
According to Aberdeen Group research, RPO has many quantified benefits, including:
In the end, there are a lot of strategies for HR leaders, but in the current candidate-driven job market, RPO is among the fastest growing. Year-over-year, RPO usage is expected to grow an average of 15.4%. HR’s workload isn’t decreasing, but the talent supply is. Thus, RPO is on the rise.
Let’s talk spend. Traditionally a concern of procurement teams, spend is a consideration that many people would not associate with HR. But within today’s data-driven marketplace, it’s all numbers…all of the time. In procurement and HR, managers are increasingly pushed to provide the best contingent workforce outcomes at the lowest prices.
It seems simple, but when compounding other HR compliance concerns atop opaque and bloated cost containment processes, the results often inhibit success. And to make matters even worse, aggressively or otherwise ill-applied cost savings strategies can actually increase costs by increasing turnover rates and reducing the quality of the workforce and, ultimately, productivity.
Signal the managed service program (MSP).
Contract labor MSPs can be an HR leader’s life raft in an ocean of rising and falling pay rates, supplier markup rates, and employment regulations. The reductions in complexity and administrative burdens alleviate challenges by creating a hub of highly visible and efficient processes that handle all elements of the lifecycle. According to analysts, companies that employ MSPs experience—on average—a 44% increase in productivity over those that do not employ the programs.
What are the other perks of an MSP?
Cost savings – When it’s all about the numbers, an MSP’s proven track record of reducing costs comes into its own. Reducing operating costs is often an MSP’s primary directive. When the C-suite sees that costs have gone down while productivity is at an all-time high, this is counted as a win.
Compliance – A well-functioning MSP will ensure not only that you know who is on-site at your location, but also that they have passed the proper screenings. More, the processes associated with approving time, expenses, assignment extensions and other contingent labor variables are often automated within an accompanying vendor management system (VMS), further bolstering compliance efforts.
Business intelligence – Nothing in the current business world sounds better to the C-suite than rich data analytics. An good MSP offers full visibility into spend, trends and performance data, enabling you and your MSP partner to analyze and track project milestones and supplier performance.
Culture control – Your company has a culture, and hiring managers spend a great deal of time focused on hiring employees that fit well within your organization. Seeing as many companies are comprised of 25% or more contingent workers, an MSP helps to make sure that the job is done right.
Workforces are only going to get bigger as the economy recovers, and with growth comes complexity—nowhere is this more evident than with contingent workforces. When partnered with an experienced MSP provider, HR and procurement can maximize the abilities of their contingent workforces and gain confidence from the C-suite…all while keeping a firm handle on the numbers.
The workforce as we know it is changing. The rise of the millennial generation and the forthcoming retirement of the boomer generation are the next great shifts. But, as the economy surges, there has been a notable skills gap in the labor market at large. Looking at the numbers, gains in various sectors are seen, as well as deepening lulls.
Throughout the first quarter of 2015, we have been compiling various workforce data points to get a better handle on trends, and what to look for in 2015 and beyond.
Using industry data from CareerBuilder and the Bureau of Labor Statistics, Superior has identified:
For your convenience, we’ve illustrated these findings within one scrolling infographic:
Corporate responsibility is more and more at the helm of an organization, and the Superior Group is no different. While we grow as a company, it is important to us that we monitor continually how our business practices impact the environment and our surrounding communities. Adopting a new plan for monitoring our overall usage was our first step to meeting many milestones of our newly enforced energy management system.
As we continue to make improvements to our internal practices, we want to ensure visibility into not only our strengths, but areas for improvement too. With that being said, it is with great excitement that we announce the launch of our corporate responsibility site within superiorgroup.com!
For the third year in a row, Superior Group has been named by HRO Today to their annual Baker's Dozen list for Managed Services Programs. The results were announced at the HRO Today Forum in Philadelphia.
Organizations on the MSP Baker's Dozen list are analyzed across three categories: breadth of service, size of deals, and quality of service. Results are calculated based on a set algorithm that weighs questions and categories in relation to levels of importance. Each company's scores are determined solely by feedback from buyers of the rated services.
Last week, Superior Group published a new video to accompany an updated job seeker app. The video introduces the app with visual walkthroughs of all key features. The "Superior Jobs" app - which is available on Google's Play and Apple's App Stores - was developed to provide access to all of Superior's job postings in a streamlined mobile app.
You can learn more about the app and view the video below.
There has been a shift in the jobs market since the beginning of 2014, and it is time to get to the root of the change. While talent acquisition throughout the recession years had been controlled entirely by hiring managers’ abilities to be selective in their processes; that may no longer be the case. With the surge in hiring throughout 2014 and into the early quarters of 2015, companies are signaling that they need talent—and candidates know it.
The employer-driven market has become the candidate-driven market. Over the past few years, waves of hiring surges have brought competition back into the hiring process. During the next decade, the Bureau of Labor Statistics estimates that 15.6 million jobs will be added to the U.S. market. This spike in hiring will open new positions and allow current employees to seek out opportunities that weren’t there during the down years of the recession.
While competition heats up for talent, workers have shown a willingness to leave their current positions for opportunities that offer better salary, benefits, and more options for advancement. This is in stark contrast to the employer-driven years of long interview processes with large candidate pools. Now, rather than waiting for weeks, candidates have the option to find better, more competitive offers at organizations that are not undervaluing their skillsets and that are willing to pay market-value.
According to the MRINetwork’s Recruiter Sentiment Study, 31% of recruiters said that candidates rejected offers based on better opportunities elsewhere, while hiring managers were deliberating.
Companies need to realize that they are no longer buyers, but sellers—sellers of their companies and their brands.
How to Attract Candidates
Talent acquisition professionals need to reconfigure their established processes in order to accommodate the new transition in the job market. By routinely assessing and retooling hiring processes to account for the differences in sourcing passive and poised job seekers, organizations can assure that processes remain current and—more importantly—effective.
Shift your processes from an active focus, to a job seeker perspective. The tools that allowed employers to recruit active seekers are not going to be as effective in the candidate-driven market. Convincing talent to join your organization is about selling your company as better than the competition.
Hiring managers can also explore engaging strategic partnerships with RPO providers who specialize in recruiting top talent.
Aligning the type of work a candidate or an employee wants to pursue is integral to talent attraction. If the required work offers limited opportunity for growth, or feels meaningless and unimportant, employees feel disconnected. By fostering an environment of empowerment and growth, candidates and employees will enjoy their work, and want to work for you.
Candidates no longer seek jobs primarily based on pay, but on the company’s culture and reputation. All companies have a “culture,” and candidates are attuned to researching individual companies to determine the right fit. Most candidates can look at your web and social pages to gauge the personality and overall work/life experience that they will experience if they accept a position.
Salary and Benefits
Let’s face it; the prime motivator for a candidate to take a job is the monetary compensation offered. However, candidates are also beginning to look at the amount of benefits they would receive with the offer, with particular attention to paid time off, holidays, and health benefits. If these aspects aren’t aligned with their needs, they have good reason to walk away.
As power shifts from employers to job seekers in recruitment, it is imperative that organizations adapt new recruiting strategies to lure top talent. Companies that display the best culture, along with competitive salary and benefits packages will be able to lure quality to their organizations. If the numbers are any indicator, it will be the hiring managers who adapt that will yield dividends, while those who remain in the recession mindset will be left to play catch up.
Superior Group is excited to be a part of the Customer Advisory Committee for the 11th Annual NY Tech Summit. NY Tech Summit is the premier educational and knowledge-sharing event for information technology professionals in the Northeast.
Taking place on June 4-5, 2015 at Turning Stone Resort & Casino in Verona, NY, this event includes comprehensive educational programming, industry-leading technology exhibitors and valuable networking opportunities.
The NY Tech Summit is currently accepting applications for dynamic speakers with engaging stories to share. Presentations should address the biggest challenges facing organizations today such as Leadership, Staffing, Organizational Innovation and Information Management. If you have an exciting initiative, case study or success story, we want to hear about it! Check out this year's Hot Topics for more detail.
Each year NY Tech Summit showcases the top thought leaders in the industry. We receive hundreds of submissions for just under 30 spots on the agenda. New for 2015, give yourself a leg up on the competition and submit a quick video showcasing your dynamic speaking style and quality content.
All submissions will be reviewed and rated by the 2015 NY Tech Summit Advisory Committee and the NY Tech Summit is currently accepting speaker applications now through January 16th.
Searching for a job can be a stressful endeavor, and being fully prepared for it is critical. The best tool in your arsenal is your resume.
Creating a resume that is as custom-tailored as your interview attire is an absolute must. This document is your biggest advocate and best source of praise, which is why you want to make it count. It not only demonstrates your skills and experience, but its presentation says a lot about you as a person.
You want to create a clean and concise layout for your resume. Humans are visual creatures, and this does not exclude recruiters, or HR representatives. By having a resume that looks clean and well organized, you present yourself as someone who is professional, organized, and took time in developing your personal details. This makes you more desirable than "the other guy," and is far more of a noticeable trait than a resume that is jam-packed with information. Most resumes won't see a full reading—so make it count.
Below are a few simple tips to get you moving through creating a thoughtful and clean resume:
Though you spend hours making your resume stand out, hiring managers just want to be able to easily weed through their very large pile of resumes as quickly as possible. Sending in a clean resume that gets straight to the point will be your best bet at landing the interview.
Stay tuned for more in our Tuesday Tips Series.