In June, Federal Reserve Chair Jerome Powell cited retirements as a drag on the economy. [i] The COVID-19 pandemic accelerated the rate at which older Americans retired, with 2020 showing a 50% increase in the rate of retirement over the previous year. When older workers retire, they take their specialized skills and accumulated institutional knowledge with them, creating a significant disruption for businesses. While Powell expects the challenges created by an uptick in early retirement to correct themselves within a few years, that outlook is not comforting for companies needing to replace skilled workers now.
The situation is especially concerning for businesses seeking to recruit in engineering and technology roles, where the pool of applicants possessing the relevant background and skills is smaller to begin with. It’s more important than ever that companies in these fields use the most advanced recruiting methods at their disposal to find the right candidates to fill key jobs.
The job market post-2020 has shifted, and not simply due to retirements. As businesses return to something closer to a pre-pandemic normal, the U.S. economy has added more jobs. An improved labor market has given workers renewed confidence to hold out for better pay, better hours, job flexibility, and improved benefits in almost every industry. At least for now, job seekers have the advantage.
This is especially true in high-demand fields such as engineering and tech. It’s almost certain that candidates who possess the right mix of educational and professional experience to fill specialized roles can command multiple offers. If you want to find the right person for your company, you’ll have to find them and make them the right offer before the competition does.
Once, a company might have been able to post a job listing and expect that the right candidate would find them. However, a passive “post and pray” approach won’t get the job done now. Even tried-and-true methods such as tracking formerly successful hiring avenues via a spreadsheet, or casting a wide net with recruiting emails, are unlikely to succeed. A blend of advanced tools and personalized hiring expertise is necessary to find and successfully recruit the ideal candidate.
Technology offers employers powerful tools to locate and screen potential candidates. AI-based recruiting, social media recruiting, and global PEOs are allowing companies to expand their reach, but without hiring expertise guiding those tools, you’re unlikely to get the results you desire.
AI-based recruiting tools, for example, can automate the process of finding great potential candidates, screening resumes for relevant experience, and even gathering information or answering questions via chatbot. While this can save a great deal of time, especially in the early stages of hiring, without skilled human oversight you can potentially miss great candidates who don’t exactly fit the algorithm’s parameters, or turn off candidates with an impersonal approach.
Social media platforms give employers a way to network with potential candidates. In addition to providing opportunities to promote the employer’s brand, the more informal nature of social media recruiting can help evaluate whether a candidate is a good fit for a company’s culture. However, choosing the right social media platform to find appropriate candidates can be a challenge, and it takes work to develop an effective social media presence.
Finally, global PEOs allow employers to recruit internationally without having to set up an international office. When your perfect hire lives in another country and wants to stay there, a global PEO becomes the local employer of record, keeping you legally compliant. Knowing when this is the right step for your company is a matter for a technical recruiting expert, though.
At Integress, our high-touch service puts modern tools at the disposal of our hiring expertise to find the best match for our client. Our extensive experience in placing specialized candidates in hard-to-fill roles in engineering and tech helps us find and successfully recruit the right person for your company. To find out more about our services, contact us here.