The most valuable asset your business has is the workforce behind it. The importance of finding and retaining the best candidates cannot be stressed enough, but that’s often easier said than done.
Finding skilled candidates amidst a labor shortage
CNBC.com reports, “America’s labor shortage is approaching epidemic proportions … Economists expect that employers are going to have to start doing more to entice workers …”
The labor shortage is being caused in large part by Baby Boomers retiring from the workforce, and the solution to this labor shortage is tapping into younger generations entering the workforce.
- Millennials are now the largest generation in the workforce, and in a couple years Millennials and post-Millennials (Gen Z) will make up more than 60% of the workforce. (Pew Research)
Members of the Millennial and Gen Z generations have grown up using technology and expect companies to have adopted modern technologies that create efficiencies.
How to attract the next generation of leaders to your business
Attracting and retaining quality candidates starts with the application process. A positive candidate experience and effective onboarding driven by technology are key ingredients to securing the right talent for the future of your organization.
Positive Candidate Experience
- People who are satisfied with their candidate experiences are 38% more likely to accept a job offer. (IBM)
- Nearly four in five candidates (78%) say their overall candidate experience is an indicator of how a company values its people. (CareerBuilder)
What creates a positive candidate experience?
For one, speed. Talent Board, a nonprofit dedicated to the promotion of positive candidate experiences, found that as high as 26% of candidates have withdrawn from an application or hiring process because it took too long.
Another large contributor to a positive candidate experience is communication. Offering candidates multiple channels for communication (phone, email, text) and keeping them well informed during the hiring process creates a lot of goodwill.
- 81% of job seekers say employers continuously communicating status updates to them would greatly improve the overall experience, and 33% want to receive an automated email to confirm their application submission. (CareerBuilder)
HR processes that use automation such as electronic forms and application portals significantly help to reduce lags in timing and communication.
- Organizations with a strong onboarding process improve new hire retention by 82% and productivity by over 70%. (Glassdoor)
- 58% of organizations say their onboarding program is focused on processes and paperwork. (HCI)
How do you make onboarding effective?
The largest overall way to assure your onboarding process goes smoothly, accurately, and quickly is to make sure you have the right technology in place. HR departments that still handle forms and other documentation manually can’t keep up with organizations that have connected their systems and people digitally.
You can learn more about accelerating HR processes by converting to digital in our previous blog.
Using technology to attract the next generation of leaders
If your processes still rely on physical paperwork, you risk losing top performing employees to other companies that have adapted. That is, if you didn’t already push them away due to a frustrating and slow application and hiring process.
Switching your paper forms and documents over to an electronic format, using online systems, and connecting systems digitally are all ways to signal to current and prospective employees that:
- you care about them having positive experiences with your company
- you value them and their time
- you have the tools for optimal efficiency and productivity
- your business is prepared for growth in the future
To start modernizing your business and increasing revenue through technology, contact WCC Business Solutions today for a free business systems assessment.