The economy, the Affordable Care Act, ever-evolving EEOC regulations… it’s not surprising that most business owners have a great deal on their mind in addition to keeping their customers happy and their balance sheet in the black. Hiring top-quality staff is often a significant concern so we’ve identified five related employment trends affecting your business right now.
1. Despite a vast candidate pool, hiring the best workers is a continual challenge.
A recent survey by one background check services provider found that finding top quality talent continues to be the top business challenge of most employers. Many cite the ‘skills gap,’ or difference between the skills needed to perform the job and those of available applicants, as a major factor contributing to this trend. In fact, according to the Career Advisory Board, about 83 percent of employers say the candidates applying for their open positions lack some of the skills those positions require.
2. As a result, smart employers are reevaluating their pre-employment screening process.
Unemployment was still at 7.3 percent in August according to the Bureau of Labor Statistics. This extended virtual feast of job seekers has made some employers a bit demanding. While holding out for the best of the best (or the 17 percent that perfectly suit the job), they’ve grown accustom to making applicants jump through hoops ranging from psychological exams to skills tests and a half dozen or more rounds of interviews.
Much of this hiring circus wastes managers’ time and company resources. It also turns off the top-quality talent you want to attract. These professionals will end up working for a competitor with a less cumbersome screening and selection process unless you streamline and simplify your own.
3. They are also exploring other ways to make their companies attractive to top-quality talent.
While some employers are cutting hours to avoid the requirements of the Affordable Care Act, others are improving their benefits packages by increasing the employer share of insurance premiums—a change that can make the difference between a candidate choosing your company or that of a competitor.
Evaluating personal and vacation time packages and finding ways to offer flexible schedules are other steps you can take to increase the appeal of job opportunities at your company. According to a recent survey by Glassdoor.com, 76 percent of employees consider medical coverage an important benefit. Seventy-two percent feel time off from work is also important.
4. Referrals from current employees are becoming increasingly valuable.
According to an article in The New York Times earlier this year, “Employers are increasingly using their own workers to find new hires, saving time and money.” Not only do referrals enable employers to avoid hiring expensive recruiters, but one study by the Federal Reserve Bank of New York also found that referred employees are 15 percent less likely to quit—thereby reducing wasted training costs.
5. Regardless of where they find candidates, employers continue to consider risk management.
Employment screening remains an important tool in the process. Whether you’re hiring a job applicant who came to you by way of an online advertisement, your company’s recruiting page, or an employee referral, employment background checks improve company safety and security by reducing negligent hiring risks, workplace violence, accidents and employee theft. And thanks to screening products such as those found at Advanced Research Systems, quality background checks can easily integrate into any company’s hiring budget.