Prior to the pandemic, the U.S. was in an employment boom recording unemployment rates of 3.5% in February 2020. However, due to COVID-19, by April the unemployment rate was recorded at 14.7%, just three short months later. This proved to be the highest unemployment rate since the recession in 1948. Now, over a year later, employers are facing a new set of issues: finding interested candidates.
Earlier this year, job listings increased by roughly 8% but hiring only increased by 4%. Many employers are asking themselves, why? After everything that has happened over the last year, wouldn’t people be eager to get back to work? Unfortunately, the answer may not be what employers are hoping for.
People Aren’t Ready To Return
The newest struggle studies have found is that many people simply aren’t ready to return to the workforce. With unemployment being so high, it was no surprise that the government had to take action. Stimulus payments were released and benefits packages were increased. Many people found that despite the accompanying pay cuts, they could easily get by on government assistance alone. Taking this route offered many the flexibility to take their time returning to work. Additionally, a lot of people have admitted that they are unsure if they will return to the same industry.
Because of this, employers are facing unique challenges they haven’t encountered before. This creates the need to come up with new hiring solutions for finding their next great employee.
Hiring Solutions
With the changes brought about by the pandemic, hiring strategies have been evolving. Here are some tips for helping you find your next hire.
- Be Flexible in Your Standards
We understand that hiring is a process. You take value in the community you have created, and it’s easy to see the type of employee who would be the right fit. But, people are beginning to branch out and search for new career paths. Maybe your candidates don’t possess the experience you’re looking for, but finding employees who are willing to learn will go a long way. Investing your time in teaching an employee who is eager to learn will be respected and valued in a way that you wouldn’t see with your “ideal candidate.”
- Creative Hiring Networks
In this digital era, the “usual” job searching platforms may not be enough. Don’t be afraid to search for alternative sources, as there are many out there. Consider offering referral programs for residents, post in Facebook groups, or scout LinkedIn. And, of course, utilizing services offered by employment agencies may also be a great solution for finding the right match!
When posting a job, remember to highlight your company’s benefits and unique traits. Showing that you’re a company that cares will help you stand out and encourage people to return to work.
- Evaluate Your Offer Packages
The multifamily industry is seeing a lot of issues when hiring for entry-level positions. More and more, today’s youth have been straying from trade industries, taking positions that require less training instead. An entry-level maintenance position pays an average of $14.00 per hour in the greater Austin area. On the flip side, McDonald’s has increased their pay to a national average of $11.00-$13.00 per hour with potential growth opportunities to follow.
With the pressure that society has placed on earning a degree, many are choosing to work easier jobs while they focus on school. Society has also downplayed the opportunities available by working a solid trade-based business. Showing the value that your company holds for these positions can help take your team to the next level.
Conclusion
Hiring in today’s world is tough, but it can be accomplished. Take a hard look at your offerings, as well as any changes your company can implement. People are looking for security, so make sure to show them how working with you will give them exactly that. The good news is, experts predict that a hiring increase will return over the next year or so. Remain patient and diligent in your efforts and it will pay off in the long run.
Hire Priority can assist you in your efforts, connecting you with professionals who are looking for work. All of our potential candidates are pre-screened in order to connect them with the right fit. Contact us today to see how we can help with your hiring needs.