Candidates: Are you interviewing and need support?
The first time I heard the term “sheltering in place” regarding jobs it was a little hard to take it seriously. Then more and more HR analysts started talking about how they were seeing a significant uptick in resignations as vaccine rollouts increased and the economy started to bounce back.
Fast forward to today and you can’t open a news site without reading about labor shortages, and now, predictions about what exactly inflation will affect next.
I’ve always been a data guy, and with so much uncertainty, it’s more important than ever that business leaders leverage available insights to see if we can make meaning out of the noise. And with nearly a million interviews every thirty days, HireVue is uniquely positioned to provide valuable observations about what’s going on in the market according to our customers.
From where we stand, the first quarter of 2022 hiring numbers continue improving as covid numbers wane in most of the world and demand for goods and services are still high. In the first quarter of 2022 our customers:
I know there are a lot of legitimate concerns from consumers out there about inflation, but economic growth continues to outpace price increases overall, and I’m excited by what we see in our numbers.
According to the Kiplinger Economic Forecast, current trends show that the US economy will be back to pre-pandemic employment level by summer. As covid continues to recede, employment gains were especially robust at restaurants, hotels, recreation and miscellaneous services. We see this reflected in our data by the industry figures below:
These numbers aren’t surprising as kids are almost exclusively back in schools, governments are still flush with covid-relief cash, and goods still need to be transported.
HireVue surveyed 1,500 job seekers at the beginning of the new year, and overwhelmingly they reported how critical it is that a process is responsive. 1 in 3 rejected a job offer because of a negative experience during the hiring process. Of that group, 2 in 3 said their experience was negative specifically due to poor communication. Other issues listed by respondents were a lack of transparency (41%), a process that’s too complicated (40%), and a process that’s too lengthy (40%).
Employers who were doing things well pre-pandemic and Great Resignation are seeing the same quantity of candidates per position at the top of their hiring funnel – and as industries like food and beverage accelerate hiring post-covid, talent teams need to lean into efficiencies or risk an unresponsive process that candidates explicitly reject. This means texting is no longer a nice-to-have, and neither is a 24/7 chatbot that can answer basic questions after hours. Candidates who can’t get answers from Company A when they need them will take another offer from the more responsive Company B without thinking twice.
Supply chain shortages, mini covid spikes and talent migration aren’t going anywhere. Not to mention the terrible tragedy unfolding every day in Ukraine. Companies that prioritize talent experience management as a business continuity issue are poised to keep hiring the best candidates ahead of their competitors and filling their critical roles in spite of tumultuous world events. That continuity is going to require end-to-end solutions that prioritize three things: always-on communication, a flexible blending of virtual and in-person touchpoints, as well as explainable, objective processes that promote fairness.
To learn more about how HireVue can future-proof your talent strategies, schedule a demo and we can help achieve your hourly, campus, professional, and public sector hiring goals.