Executive Recruiters Deliver Value in a Tight Job Market

Executive shaking hands with new recruit

Executive Recruiters Deliver Value in a Tight Job Market

The job market in America has never been more competitive or exciting. Following a business slump that seemed like it would never end, companies in a wide range of sectors are actively seeking top talent.

Technology and Life Sciences are two areas seeing the biggest surge in demand. Competition for young talent—some just out of school—is high. Some companies, out of sheer desperation, are willing to take a second look at candidates they would not have considered just a few years ago, underscoring the need to partner with staffing agencies who specialize in these niches.

Available jobs today almost outnumber the unemployed – a metric the likes of which has not been seen since the millennium and a drastic swing away from the 2009 post-recession statistic of almost seven people per job vacancy. The ensuing issue, once a candidate has been placed, is how to keep them interested and productive enough that they stay the course.

In a market where companies are scrambling to compete, to innovate, and to establish themselves as a force in their market, working with a professional recruiter just makes sense. With an ability to see beyond a company’s immediate needs, the likelihood of placing a candidate that can go the distance is far greater, delivering value that goes above and beyond.

Today’s tight job market favors the candidate

As the requirement to meet financial as productivity targets continues to be a concern, placing the right person in the right position is more important than ever. Job growth is predicted to slow because companies are having a difficult time hiring the talent they need.

According to PNC Financials’ chief economist, Gus Faucher, this will likely result in businesses being forces to raise salaries in an effort to convince key personnel to stay put. Employees, on the other hand, are leveraging their power and finding that switching jobs is working in their favor.

Research from the Federal Reserve Bank of Atlanta shows that individuals who switched jobs saw an average of 3.9 percent increase in salaries, showing that there is an incentive to keep options open. While this represents a small cross-section of industry in the financial sector, companies in any industry should take note: if employees are restless, they are likely to pursue other opportunities.

Now, more than ever, hiring for fit should be paramount. When placed in the right position, all parties benefit. Employees are happy, challenged, and fulfilled, attrition is much reduced, and business can scale, innovate, and thrive, knowing that their teams are well-placed within the company culture.

How an executive recruiter improves your chances of landing the right talent

While nothing in life is guaranteed, some business decisions will help you buck the odds on the side of success when it comes to recruiting. Executive talent and leadership is not always self-evident. In most cases, it doesn’t simply leap out when an opportunity presents itself.

More often, it is a matter of knowing where to look, and that is where having a staffing professional on your side is going to make a difference. Even if you think you have identified the ideal candidate, building a successful campaign takes a certain amount of finesse and insight, not only into your long-range goals, but as to what they really want – and often, it has little to do with money.

For top talent, you see, money is not the be-all-end-all. Of course, it’s a factor, but finding a good fit for their skills and their passions is just as important. If an employee, whether they are an executive or a researcher, feels at home where they are, they are not likely to leave.

Appealing to their sense of purpose is key, and this requires a nuanced approach. Inevitably, if your candidate is this strong, there will be other recruiters and other companies who will be attempting to turn their heads elsewhere.

In conclusion, landing the right talent is crucial to your success. Studies show that high-performers are at least eight times—400 percent—more productive than their average counterpart. This is a significant argument in favor of hiring well.

If you would like to learn more about how Pact and Partners can help you with your leadership staffing needs, reach out today.

 

Global Recruiting Trends In 2019

Businessman showing upward trend

Global Recruiting Trends In 2019

LinkedIn’s annual global recruiting report for 2018 looked at staffing trends across a wide range of recruiters. The survey solicited responses from almost 9000 recruiters and hiring managers across 39 countries worldwide and looked at issues such as diversity, interview processes, and artificial intelligence (AI).

Here is a summary of the Global Recruiting Trends report findings.

Diversity

Diversity and inclusion were found to be one of the top trends. 82 percent of respondents stated that diversity was a driving force behind their hiring strategy. Key drivers in this area were that companies see workforce diversity as an arbiter of culture and optimized performance. However, 40 percent of companies were still finding it a challenge to locate appropriate candidates and 27 percent found it difficult to retain such candidates once they had hired them.

Interviewing Trends: New Ways to Assess Candidates

Interviewing trends are shifting to accommodate new processes and modern workplace needs. these methods include a focus on soft skills assessment, understanding a candidate’s shortcomings, and mitigating interviewer bias.

Going forward, new tools that will help to streamline the process might include assessments conducted in virtual reality (VR), on-the-job auditions, and meeting outside of the office in more casual locations. The thinking behind these strategies is that it will be more difficult for candidates to overstate their skillsets and that it will be easier for the hiring manager to assess whether they are a good fit for the position.

Data-driven Decision Making

Data is already a key driver throughout the recruiting industry, but going forward, it will become even more important. The study found that almost 40 percent of respondents see data as one of the most important components of the recruiting process.

Currently, only about 65 percent are leveraging data towards reducing attrition, skills assessment, and crafting more attractive offers, but in 2018 and beyond, almost 80 percent say that they will be implementing a data strategy in the hiring process, indicating a significant movement in that direction.

Artificial Intelligence (AI) Will Become Commonplace

AI is penetrating many sectors of industry. From customer service to retail, it is seen as a potential threat to the job market, but in the recruiting sector, it may just be a game-changer. Some hiring managers receive upwards of a hundred resume’s every single day. AI can help them more accurately shortlist for required skill sets and experience, giving recruiters an accurate screening tool that will greatly reduce the time-to-hire and any recruiter bias that may exist.

That said, only 14 percent of hiring managers seem to think that AI threatens their own livelihood. Some of the things that AI simply cannot do include seeing a candidate’s potential and establishing a cultural fit within the organization.

Conclusion

While the LinkedIn report highlights that the recruiting process has become largely transactional, there are trends emerging that elevate the job to a more strategic level, emphasizing the human connection and critical thinking about how to land the right candidates. Going forward, the recruiters who will find the greatest success will be the ones who can leverage new trends and technology through these market changes.

How Employer Branding Can Help Your Recruiting

Your Culture Is Your Brand sign in a conceptual image

How Employer Branding Can Help Your Recruiting

The face you present to the world – your brand image – is an important component of your marketing. In business, it provides a stepping-off point for differentiation, giving your customers and your broader audience something to identify with. No matter how strong your services or products may be, if you are unable to build positive association with your brand, you may never be able to gain traction in your niche.

Your brand, in a sense, is what people say about you behind your back – or at least this is how you should think about it. Taken in context, you need to control that conversation by crafting a clear message and making sure people know who you are and what you stand for.

Branding Takes Your Image to The Next Level

While most people associate branding with landing new business, your public face is important to a lot of other initiatives as well. In the area of recruiting, your brand says a great deal about what kind of employer you are and if you want to ensure you are attracting the right candidates, you need to make sure you are sending the right message.

This is what we call Employer Branding. Employer branding might be described as the action of helping your ideal recruits see you as an employer of choice in your industry.

In order to tailor your message to the right individuals—much like marketing in any industry—you need to understand your target market. Not to be confused with consumer marketing, this involves understanding what people are looking for in a job and developing a strategy as to how you can deliver it.

Conduct Internal and External Analyses

In a broad sense, you need to establish a brand image that is attractive to your target audience. If you come across as an organization that people want to do business with, then it follows that you will be a desirable company to work for as well. Top talent seeks out the best possible placements for their talents. Your task is to become that aspiration.

On an internal level, you should take a close look at your company culture, your staff, and what can be done to make your workplace more desirable. This could involve career development, or it could extend to work-life balance, diversity, or a progressive physical workspace. Employee training also provides a particular allure for some, as many top achievers are always looking to learn, expand their skills, and grow as a professional. If you offer these opportunities, you will likely attract a higher caliber of individual.

How Your Employer Branding Can Help or Harm

If your company had no employer branding whatsoever, it could easily alienate some applicants. As a newcomer who has only surface knowledge of your company, it would be easy to pick up on the more negative aspects. A company that would have you onboard without any potential for development, for instance, is a red flag for many. Nobody wants to feel like they will be stuck in a rut with no discernable future. You want to give the impression that you care about your employees and that you are a good company to work for.

Your employer branding will be a monumental help when it comes time to recruit new talent. Landing high-performers is not a simple task, especially in today’s competitive job market. Your ideal candidates need to have the right mix of skills, experience, and cultural fit if they are going to go the distance. Being their number one choice will give you an edge when it comes time to make that decision.

In closing, spending some time to develop your employer branding will take care of many of the pain points of recruiting. If you are effective in delivering a positive impression, your biggest problem will be shortlisting the hordes of candidates that will be coming your way.

If you would like to learn more about employer branding and how it can help your organization attract top Life Sciences talent, schedule a consultation with Pact and Partners today. With more than 30 years of experience in trans-Atlantic life sciences executive recruiting, we are your rock in a changing world.

How Social Engagement Can Help Your Recruiting Process

hand holding smart phone with application icons interface and globe networking system. concept technology social engagement communication.

How Social Engagement Can Help Your Recruiting Process

The current talent shortage is making for a very creative recruiting environment in the life sciences arena. As vacancies far outnumber the candidates, the landscape is competitive. Candidates hold all the cards, it would seem, and if you are looking to onboard at the executive level you need to discover ways in which you can stand out from other organizations.

40% of Quality Hires Now Come from Social Media Interactions

As part of your toolkit, social media can be an effective tool to help you engage potential candidates as well as clients.

LinkedIn, in particular, has become a gauge of sorts, as it’s often the first point of contact between you and a prospective company. In fact, in LinkedIn Talent Solutions’ Global Recruiting Trends Report for 2017, 40% of quality hires are coming from social media, a metric that is somewhat evenly balanced between referrals and third-party websites. As of 2016, a full 84% of companies were actively recruiting through social media.

That being the case, your company’s LinkedIn profile—as well as those of your recruiters—needs to be notable, noticeable, and different enough that it will garner the attention of the people and companies you want to work with.

Social Engagement as Strategy

It’s not enough to simply have a profile. Your profile needs to be well thought-out and complete, but the buck doesn’t stop there. A static profile with little activity will appear to be standing still. A profile that is actively engaging its followers will draw attention, proving the old adage that the squeaky wheel (still) gets the grease.

Social engagement hinges on being able to provoke thought and start discussions. It provides you with an opportunity to lead with authority, providing proof of your influence and strengthening your position within your niche.

To that end, here are a few tips on how to boost your social engagement on LinkedIn:

Invest Time and Effort into Your Profiles

Your brand, as an entity, consists of a lot of moving parts in the form of recruiting consultants. Each consultant is a brand unto him or herself. While your company’s profile needs to reflect the mission and values of your organization, it should provide the authority upon which your consultants can base their own personal brands. Both company and consultant profiles need to be engaging and active, providing useful, actionable information that represents value to potential clients and candidates alike.

Ensure that all of your profiles are complete and up-to-date. If your candidates have trouble tooting their own horn, outsource their bios to a professional copywriter. Company and consultant profiles should always be in the first person, as social media is a personal platform and you want to be as human and as reachable as possible.

Engagement is a Two-Way Street

By the very definition of the word, engagement requires the input of more than one party. It’s not enough to re-post and cross-post (though that should be a part of your strategy and will help you to connect with others in your niche), you should be creating fresh, original content that represents your unique point of view. If you can post articles and insights that pique the interest of people in your wider circle, your word will travel further, and your circle will grow.

Join a group or two within your niche or think about starting a group of your own. Stepping outside of your inner circle will broaden your reach and will help you connect with voices of authority. Studies show that the most successful recruiting agencies are the ones that are actively interacting and engaging with their audiences.

Another tool you can use to your advantage is the “active” status that LinkedIn provides. It shows you when a user is online and displays when you are signed in and available as well. The more personable and reachable you are, the easier it will be to connect with you.

Post Only Mindful, Relevant Content

LinkedIn isn’t for skateboarding dog videos or pictures of your backyard barbeques. Though these certainly have a place in the social media realm, it’s not about business. The content you post should have some merit and insight into your thought processes, your methodologies, and ultimately, your values – both as an individual and as an organization. If you can manage it, create the content yourself. Blogging is a great way to let your audience know just where you stand on current topics of discussion. Individual insights should reflect the culture and ideals of the organization as well, providing some transparency into your processes and the challenges that you face.

Letting people in your industry know that you are experiencing the same pain points as they are, you may be able to position yourself as a solutions provider who always has their finger on the pulse of what makes the staffing industry tick.

Recruitment is a People-First Initiative

Is it possible to affect transformation through social media engagement? Absolutely. Devise a content and social media strategy that includes a completed LinkedIn profile, active engagement, and insightful content and you’ll be ahead of the curve in no time. As recruitment is a people-first industry, you need to make time to prove you are a real human being. Speak up, voice your opinions, share insights, and do it regularly.

If you have any questions or comments, call to speak to one of our recruiters today.