The unemployment rate in the US has been rising since July and reached 3.8% in August 2023 last month. While it might be concerning to some, this is good news for businesses that are looking for new talents. A larger labor pool means that more talented individuals are available for work.
The economists said this is because hundreds of thousands of people have entered the labor force. This can be seen as counterintuitive when the unemployment rate should be decreasing while the labor force increases. How can an increase in the number of jobless people be considered positive? This is because, according to the US government, people who are actively looking for work are counted as entering the labor force. Hence, an increasing labor force means that people are looking for work.
Attracting top talent is essential for businesses to keep their business performance increasing steadily. However, top talents are rare to find. A high unemployment rate is a chance for companies to look out for these talents. Top talent does not only look good on the resume; having human skills such as leadership and high emotional intelligence are some great traits to look for. Companies must look for potential, not only technical skills.
Although it is not easy to tie them down since they have their own standards, companies can now apply some good strategies to attract top talent. Here is how:
Allow Room For Growth
Top talents are ambitious and driven to continuously improve themselves to become better each day. They need to gain the knowledge and skills to do so. Hence, continuous learning is crucial for them. They also want to have learning opportunities so they can try out new areas that may be challenging but also rewarding. This will also help them discover which areas suit them the most. A company that provides training, workshops, and webinars for them to attend will be seen as attractive to them. These talents know that companies that focus on growth usually have shared values that prioritize innovation, giving recognition, and inclusion, will have a brighter future and can provide them with a long-term career expectation.
Have a Strong Business Rep
A company with strong values and character will be perceived as positive, which will attract great people. This applies to every business. Businesses with a strong reputation have higher employee retention, a positive work environment and strong job security, which are positive signs that can be very appealing and also increase trustworthiness. One of the ways businesses can show their reputation is by using social media platforms that can showcase the company’s value through positive culture, employee recognition, testimonials and case studies. With strong branding, word of mouth will spread and this will attract top talents.
Company Culture
In the era of today’s generation, individuals are more likely to prioritize not only career progression but also the company culture. A good company culture is associated with the words friendly, motivating, and engaging. These companies prioritize values and ethics such as inclusiveness, respect, teamwork, growth and work-life balance. An example of culture is empowering employees to give support, provide ideas, or suggest ideas that will bring innovation.
Streamline Hiring and Recruitment Process
An efficient hiring process brings a good reputation to a company. One of the things that can be a hassle for the potential candidates is that, there are too many things that were asked from them. For example, asking input on work experience when it has already available on the CV. Cover letters are probably not needed when they have attached their work portfolio. The solution to this is by using the modern recruitment technology and applicant tracking systems (ATS), which would not require the candidates to do repetitive tasks to fill in the application forms. With easier hiring process, more job applications will be received, which can have the potential to reach the top talents.
Provide Career Progression
Career progression does not always mean climbing the corporate ladder, achieving a higher job title or rank. It is about gaining skills and experiences that will enhance their careers. Hence, it is important for companies to understand the individual’s career aspirations and goals that align with them. This will help the top talents become more well-rounded and accomplished. In order to get the candidates to accept a job offer, they want to know whether they are able to be provided with training, mentorship, skill development or any exposure to new experiences or opportunities.
Referral Programmes
Attracting talents whether from existing employee, customer or client of the company can save time, costs and energy to recruit top talents. The existing employees or the clients are more likely to accept the offer when the company showed a positive impression and provide a referral bonus when they meet the talents meet the essential criteria. The programme must be well planned to get better quality of hires. If companies want to boost branding, turning employees into brand ambassadors is one of another way that could help to promote recruitment to have a better reach.
