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September 20, 2022 – In the midst of the Great Resignation, competition for talent is fierce. The market is still candidate-driven, which means companies need to examine their employee value propositions (EVPs), but also carefully consider their recruiting process and use this as a competitive advantage when hiring talent for the “most – good athletes”.
In a new report, Julian Reeves, managing partner of Chapel Hill Solutions, a healthcare-focused executive search firm, offers some different ways companies can improve and simplify their recruiting process to ensure better candidate experience, retain talent engagement and beat competitors the offer punch:
Audit your recruitment process
The faster an organization can hire a new employee, the sooner that person can start adding value to the team and driving performance. The longer it takes an organization to find, interview and present an offer to a candidate, the more opportunities are at stake. “To stay competitive, examine your recruitment process and see where candidates are dropping out and examine internal and external obstacles,” Mr Reeves said. “These could be delayed feedback, scheduling conflicts, misunderstanding, total number of interviews conducted, or the length of time it takes to go from sourcing to making an offer. All of these can have a negative impact on the candidate experience. If possible, combine steps to shorten the time between different stages, prioritize feedback and, most importantly, respect the candidate’s time,” he said. “Today, having a seamless and positive candidate experience is critical to retaining talent.”
Determine who needs buy-in
During the interview stages, identify and involve only stakeholders who have a good understanding of the role’s objectives and responsibilities and who will interact with the candidate on a day-to-day basis. Decide who needs “onboarding” for a candidate and prioritize those interviews over others. “Putting a candidate through multiple interviews with many different people in the organization can slow down the hiring process and frustrate the candidate,” Chapel Hill Solutions said. “For those individuals who will be more peripheral when interacting with the role, consider a panel interview and give each person a set amount of time or questions to ask during the interview. Limit the important one-on-one interviews to those immediate players who will be working with this person on a regular basis, and use these more personal conversations to gauge cultural fit and overall work style.”
Leave room for negotiation and empower recruiters
The supply of highly skilled and skilled talent is at an all-time low. As a result, companies and organizations will have to be prepared to pay a premium in terms of salary and benefits. “Conduct market research with talent mapping to find out what other organizations can offer in terms of salary, equity, benefits, rewards, etc., and align your expectations with them,” the report says. “Consider posting a salary range within the initial job description to immediately filter out any applicants who may have inflated or unrealistic expectations. Also, keep compensation in mind during the internal interview once you’re shortlisted. Prepare for senior management compensation discussions and provide recruiting teams with the tools and approvals (within reason) to expedite the negotiation process at the end of the search.”
Best practices for hiring in a candidate-driven marketplace.
2022 will continue to be a strong candidate market as candidates leave the workforce, change industries, start new businesses and transform the world of work, Chapel Hill Solutions said. Employers need to keep this in mind when looking for ‘top athlete talent’ and will need to be flexible, agile and patient to remain competitive as:
- Be flexible with the candidate’s schedule and possibly delaying the start date
- Adapting a role to better suit the candidate’s experience or skills
- Staying patient to find, engage and attract the best candidate for the role.
- Providing flexible working conditions (work from home or hybrid model)
- Proactively ahead of your competition in the recruitment process
- Focusing on talent retention to avoid turnover and loss of high performing employees
- Take a closer look at your EVP and adapt it accordingly
“Like the housing market, the shift in power from an ‘applicants’ market’ to an ’employers’ market’ will not happen overnight,” Mr Reeves said. “Companies can expect candidates to continue to influence conversations and dictate hiring outcomes as we move into 2023. If a company remains nimble, flexible and patient and puts the candidate experience at the center of its recruitment process, they are more likely to win and hire highly sought-after top-level talent.”
Chapel Hill Solutions focuses on healthcare as well as pharmaceuticals, biotechnology, clinical research and medical devices. The firm provides executive search services in these core areas: Healthcare, Urgent Care, Ambulatory Surgery Centers, Information Technology, Healthcare Financial Services, Surgical Services, ED, OR, Urgent Care, HIM and Case Management. Other services include research capabilities, technology support and relocation assessment.
Related: A New Lever for Private Equity Value Creation: Optimizing Talent
With contributions by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsanski, Managing Editor; and Steven Sawicki, Managing Editor – Hunt Scanlon Media
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