The Importance of Recruitment Cycle in Post-Pandemic
With a prominent spike in gig workers have also come new insights into the work environment as a whole, including different strategies for potential employers to maximize return on talent investments.
One such area that’s garnered particular focus is the recruitment cycle. As a necessary component to any onboarding, employers have an excellent opportunity to streamline their hiring process to save money and optimize the quality of their prospective employees and hiring experience. With its massive expansion of over 70.4 million workers, the gig economy has shown there’s much to be learned in this process, especially during a period of massive shortages for traditional blue-collar workers. Employers of such traditional jobs are taking note of this trend, implementing different facets from their rival industry to stay competitive and garner appeal to potential workers. Here, we’ll take a closer look at one aspect in particular that’s been a proven method to generate momentum for all businesses: the recruitment cycle.
Any time spent interviewing, performing background checks, and finalizing employment is money invested for any business. That investment is obviously made with the intention of hiring but is also a calculated risk as any number of factors might influence or derail the process, including offers by other jobs or unforeseen circumstances. This risk makes it all the more important to streamline and fast-track the recruitment cycle as much as possible to get employees working. Gig economies, by and large, have had an advantage with their spike in their numbers due to the pandemic, but now, with some gig companies such as Lyft citing an average recruitment cycle of 3-10 business days, they are falling behind the curve. Massive shortages of drivers for Uber, Ubereats, and more are a prevailing trend across the U.S with no sign of slowing down. While this may in part be due to the pandemic restrictions lifting, in a volatile market favoring candidates, up to 10 days for background checks is a tall order. It isn’t uncommon for a potential worker to simply move on to something else during this time period rather than waiting.
Gig workers in particular are subject to this trend, as most workers seeking gig employment do so out of a necessity to generate income quickly. In fact, over 67% of U.S workers value flexibility as one of their highest priorities in a new job. What’s more, gig work has also shown a pattern of better health and enjoyment for those pursuing it, only increasing the demand. Combined with a receding economy and a workforce recovering from pandemic restrictions, the desire to get back to work and establish a sustainable way of life is stronger than ever, but so too is the demand for better jobs. What do these things have in common? All potential employees want a good job quickly. Where once gig work was the most viable solution, prolonged recruitment times are proving to be the downfall of 2020s most prominent industry in a time when demand is highest.
Accompanying this volatile trend is the act of “ghosting,” or simply put, a potential employee disappearing midway through the hiring process without any word. Ghosting has increased 18% from 2019, only exacerbating employer frustrations in a market with high demand for workers. What can employers do to avoid this trend? One such method has been to minimize the recruitment cycle. With workers wanting a job as quickly as possible, the most proven method has been a fast, high-quality recruitment process. Speed is key, and in a competitive market, whoever can offer the job fastest often comes out on top. This fact has only contributed to the increase in candidates who are ghosting companies, as other jobs nabbing them first are usually the reason for a candidate to vanish.
You can glean some further tactics and trends from the gig industry regarding the current working atmosphere. Maximizing the efficiency of your hiring and recruitment process to stay competitive goes hand in hand with what you can offer potential employees. Better benefits and pay are contributing factors for candidates disappearing, and the gig industry has already started its own attempts to address this issue by offering increased wages and incentives. Combining these attempts to address prospective employee concerns along with the already proven flexibility of the gig economy is all the more reason other industries should take note of their hiring process and what they can offer workers.
The current working environment is far more nuanced than it was even a year ago. Potential employees are taking broader considerations with every job they pursue, and a number of factors contribute to their final decisions, including flexibility, wages, and speed. Every company should consider their own methods to address these concerns and evaluate their strategies thoroughly, but pay particular attention to the recruitment cycle, especially in a rapidly changing environment. Due diligence on any hire is essential, but so is timing. Weigh the two when going about hiring, and learn from the past and present trends to maximize the results for both you and your new employees.
To learn how XOR can help you streamline your recruitment cycle with our own sourcing database, conversational AI, and automated scheduling and reminders, schedule a demo with us!