As the year is slowly coming to an end, it’s a great time to gaze into our crystal balls and see what may happen in the future. In a conversation with Samantha Lawrence, senior vice president of people strategy at Hired, the largest AI-driven marketplace that matches ambitious tech and sales talent with the world’s most innovative companies, she offers her take on the job market.
Lawrence contends that the “winners” will be the forward-looking, progressive organizations that “double down” their efforts on Diversity, Equity and Inclusion. It’s not just a nice thing to do; by attracting and recruiting a wide range of diversity candidates, companies will build a pipeline of top talent.
As companies are going remote, businesses no longer have to settle for candidates that reside within a reasonable commuting distance. They can solicit potential applicants anywhere across the U.S. and around the world. The “losers” will be the corporations that neglect to focus on their people. In pursuit of growth, they don’t pay attention to attrition.
Google and other prominent tech companies have taken a tough approach to remote workers’ compensation. Rather than allowing a person to earn what they made while living in a large city, such as San Francisco or New York, they are adjusting pay lower, if the employee relocates to a lower cost location.
To compete in this new remote environment, Zillow and other companies are doing away with location-based pay. These firms focus on skills, experience, output and productivity over where they happen to sit.
In a hot job market, characterized by both a Great Resignation and war for talent, recruiting needs to change with the times. The standard practice of hiring was to wait for an opening and then recruit to fill it. With millions of Americans quitting their jobs and over 10 million jobs open, there is a dire need to think differently.
Instead of sitting around and waiting, companies looking to stay competitive will need to search for and engage with talent on a continual basis to accelerate their hiring. This could alter the way recruiters work. They’ll need to be strategic and offer a continual personalized reach out to potential candidates. In-house corporate talent acquisition professionals must stay in close touch, nurturing relationships with potential future applicants, and build a solid pipeline, so their company won’t struggle when there is attrition and seats must be quickly filled.
The rapid increase in venture capital investment in human resources software will be critical to support these efforts, by increasing efficiencies and accelerating a strong pipeline of qualified and interested candidates in a way that HR teams alone cannot achieve.
Now that companies can hire anywhere around the world, there will be even more paperwork for HR professionals. As a job seeker, you won’t see all of the things that need to be done to bring you aboard. HR must become cognizant of how states in the U.S. and other countries require employment laws, taxes, payroll, benefits and other matters. With the shift to global employment, HR pros will need new skill sets to operate—and stay compliant—in this new environment.
Businesses advertise their goods and services to obtain customers. In a tight job market, with no end in sight, employers will need to brand themselves as a great place to work, too. Brand recognition has risen to a top priority for companies in 2021. In 2022, businesses will need to effectively communicate benefits, perks, and most importantly, culture to attract talent and stay viable.
HR teams need to prioritize employer brand initiatives—or even define and hire for a head of employer brand role—to convey their culture, values and vision. And this effort shouldn’t end at the exit interview. Company brand and culture should extend further to ensure employees are ambassadors for life