Any business’s ultimate end goals involve increasing productivity and efficiency to be profitable (and maintaining profitability thereafter). To do that effectively, businesses should analyze the latest hiring trends each year that result in growth.
This year, there are three primary trends we can look at and incorporate into our hiring strategies:
Shorten the Hiring Process
The most important trend in hiring for business growth is to shorten the hiring process. Prospective employees have been polled, and a majority says that the hiring process is drawn out and reflects negatively on the business when the process stretches past 14 days. Long hiring processes also lead to long-standing unfilled positions, which cause current workloads to be pushed onto other employees, overall lowering employee morale.
To prevent a long hiring process, new interview techniques are being used, such as one-way video interviews and artificial intelligence. The interview is conducted and recorded, and then it can be watched by all of the people who require an interview with the candidate. Once completed, a hiring decision can be made by one single interview. This reduces the time it takes to schedule an initial interview, have the interview, schedule another interview with a hiring manager, and have that interview, and so on.
Lower Turnover Rates
Placing focus on and lowering turnover is another important hiring trend for business growth this year. When polled, most businesses say that high turnover is one of their biggest on-going challenges with rapid company growth. This is likely due to two different factors: First, the company is so focused on hiring for new positions that they are not paying proper attention to current employee satisfaction. Second, in rapid hiring for growth, employers tend to hire solely based on experience rather than finding employees who are a cultural fit for the business. Company culture should remain a top priority during rapid hiring to ensure that new employees are representing the same values as the company itself.
Consider Future Roles Needed
Companies should also consider near future roles that will be necessary for business growth. As the company grows, the roles of employees will as well. When hiring employees, an organization should look at the overall picture of the prospective candidate’s skills, both hard and soft. Why? For one example, a company may be hiring for just an entry-level position at the present time, but with growth, they will need this position to grow into a management or leadership role. Understanding what is needed in the future will help to identify what talents should be selected from a current candidate pool.