Finding the right talent has always been important, but it is even more crucial in a tightening labor market affecting the Twin Cities. While we have seen some slack return to the U.S labor market, Minnesota is among 39 states experiencing increased labor market tightness compared to pre pandemic levels according to recent LinkedIn data.
Due to this uncertain economic outlook, local businesses are finding increased competition to attract a select pool of candidates to fill positions quickly. It is imperative that hiring managers revamp their recruiting strategy to attract the right candidates and set them themselves apart from the competition. Doing so will prepare them for the future and ensure success.
Here are 5 trends that candidates are looking for in their job search.
1. Remote/Hybrid Opportunities
The Minnesota job market is facing a tight labor supply, making it increasingly difficult for hiring managers and HR professionals to attract job seekers. To effectively compete in this changing landscape, employers must be willing to adapt their recruiting strategies to meet the demands of job seekers. One such demand that has become more prominent over the past year is increased interest in remote and hybrid opportunities. With many people having already experienced working from home during the pandemic, there’s now an expectation of flexible work arrangements as part of any new position they consider.
Gen Z in particular tends to gravitate towards hybrid over remote positions. During the pandemic they were forced into remote opportunities and are perhaps not eager to return to that solace. Hybrid work offers them both in-person connection and remote flexibility. By taking these needs into account when crafting recruitment plans, organizations can ensure they’re best positioned to draw top talent even during times of low labor availability.
2. Candidate Engagement
Attracting job seekers in a tight labor market can be challenging, but there are strategies that when implemented correctly can help employers stand out from the competition. One of these strategies is incorporating candidate engagement into your recruiting process. Candidate engagement involves actively engaging with potential candidates throughout the recruitment process by providing timely feedback and updates on their applications or inquiries. This strategy not only helps to keep top talent interested but also ensures that the application process is short and sweet for everyone involved. With unemployment rates at historic lows across Minnesota, it’s essential for hiring managers and HR professionals to make sure they have an effective candidate engagement strategy in place if they want to attract quality job seekers.
3. Comprehensive Benefits Package
In today’s competitive job market, businesses need to be creative to attract the best candidates. With the cost of goods and services rising, many potential job seekers are looking for higher pay to offset these costs. However, not all businesses can afford this, which is why leveraging a comprehensive benefits package is key for attracting job seekers. By offering things like PTO, mental health and wellness services, as well as Employee Assistance Programs (EAPs), employers can create an attractive package that will draw in quality candidates while also helping them feel secure in their new position. Such an approach not only helps you draw in top talent but also shows job seekers that you value their well-being. Additionally, offering generous benefits can help with retention rates as people will be more likely to stay if they know their employer cares for them beyond salary alone.
4. Future Career Path Development
Candidates want to know that there is room for growth and advancement in the companies they work for. When advertising job openings, emphasize the career development and professional growth opportunities that come with the job. Encourage current employees to give testimonials about their experiences with professional growth and how working for your company has helped them. This helps to establish your company as a place where people can grow and develop their careers.
5. Focus on Company Culture
More and more job seekers are looking for work that aligns with their values and goals. Local businesses can fulfill this need by advertising their company culture in their job openings. This shows candidates what is it like to work there which promotes a sense of transparency. By showcasing the core values and mission of your organization, you’re better able to attract job seekers who align with those values and have a greater chance of becoming successful long-term.
At Award Staffing we strive to provide our clients with the most up to date market data to inform your business decisions. Contact us or view our services to see how we can help you succeed!