Key Takeaways: The State of Human Capital
August 2023
Every one day increase in the hiring process reduces the candidate pool by one %. A month-long process loses one third of the candidates
Candidates, employees and investors are reviewing social media platforms; Glassdoor, Fishbowl, LinkedIn etc. Companies need to as well and understand that the candidate’s experience does impact the brand reputation with customers. It’s important that the employee experiences live up to the expectation conveyed during candidacy.
Recruiting doesn’t stop when the offer is accepted. Shift from thinking about “employee retention” to considering how to stay attractive to talent over the entire lifecycle.
Understanding your purpose in filling the role (knowing your why) will help to appropriately create interest in a position…should be part of your Human Capital “pitch deck.” Role designs should include the value proposition to the candidate (beyond just pay and benefits). Employers who over-index on compensation and signing bonuses in order to compete for talent risk creating mercenary relationships. Employee expectations have shifted, and it’s important to understand what is important/attractive to the talent you are seeking.
Candidates and employees expect flexibility from their employers. For roles that can be performed remotely, there has to be a very compelling “why” around RTO. Employers who don’t offer flexibility are at a significant competitive disadvantage in the talent marketplace.
If you would like to discuss the topic further, please reach out to the Lewis Manning team;
we would be happy to connect you with one of the panelists.