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The world of recruitment is changing. In today’s age where the unemployment rate is low, the competition is no longer among jobseekers but among recruiters who are battling to win over the best candidates in the market. Good candidates typically have multiple job offers in hand and they have the upper hand when it comes to selecting the organisation they want to be in.
In the competition for the best talent in the pool, the ability to understand the challenges of hiring and the knowledge to overcome them is more important than ever in the success of recruitment.
In this article, we looked at the most prominent challenges faced by businesses and recruitment companies in Singapore today and a few tips on how to overcome them.
Challenge 1: Tough competition for talent
Job openings are at its peak but the supply of talent is scarce. According to data from Indeed, the number of job posting for specialisations such as cybersecurity, machine learning and data analytics have increased tremendously in the last two years. However, the increase in job searches is nowhere near the increase in number of job postings. In such a tight market, it will be difficult for employers to stand out. This is bad news for companies trying to fill crucial roles.
A way to overcome this is to expand your search channels. Companies traditionally employ a “fishing” approach that involves putting up a job post on a job portal and waiting for the right candidate to submit his or her application. While this approach works well in a market with abundant candidates, it is hardly suitable for booming sectors such as information technology.
Consider using other channels to help you get to the right candidates, especially strong candidates who are typically not actively searching for jobs. You should always be building a strong talent pipeline, even during times when you aren’t necessarily filling a position. When decisions are made to begin the recruiting process to fill a vacant or new position, time is typically not on the HR or hiring manager’s side. By having a talent pipeline already in place, you can find suitable candidates in a much shorter time.
Challenge 2: Difficulty to hire fast
Before you begin the interview process, you have to make sure that you are identifying the right candidates for the interviews. This is important since the interviews are a huge time investment that typically involves a number of interviewers, not to mention that many of them are senior members in the company.
Identifying the right candidates for the interview is not a simple feat at all. As mentioned previously, the best candidates for the position are often not actively applying. There is still a chance of finding the right one, but only after going through hundreds of applications. Depending on the skillsets you are looking for, this process itself could take weeks or even months. Apart from assessing if the candidate has the right skills for the role, you have to actively build rapport with the candidate and find out his or her motivations, career goals and whether he or she is a good culture fit.
Often times, businesses want to hire as fast as possible because the longer a position is left vacant, the more it can cost money and delay operations. However, making the wrong hiring decision can be costly too. As such, companies tend to take a cautious approach to hiring, interviewing as many suitable candidates as possible for the role and having several rounds of interview. While this approach has its advantages, the company may risk losing candidates to companies that can extend an offer quicker.
If you are able to speed up the interview process, you appear more sincere to the candidate and gain a higher chance of the candidate accepting your offer. The key is to make the full process as tight as possible – the moment you identify a suitable candidate, contact him or her immediately. Use the first phone conversation to quickly assess if the candidate is suitable. If the candidate is found to be suitable, invite him or her to the interview as early as possible. Ensure that you follow up closely after each round of interview too. This may sound like a lot of work, but who said hiring was easy?
Alternatively, partnering with a recruitment agency in Singapore can help speed up your hiring process. An experienced recruiter would have an established network of the best candidates in the industry. Apart from that, he or she would be able to help you coordinate the full interview process, build good rapport with the candidate and keep the candidate interested throughout the process.
Challenge 3: Adapting to the new job market
Another recruiting challenge today is the major demographic shift wherein millennials are now the future of work – these younger, tech-savvy and always-on jobseekers have different attitudes and expectations from previous generations and are creating a far-reaching social, cultural and economic impact in the industry.
Besides salary, millennials also have a desire for job flexibility, challenging tasks and autonomy at the workplace. Businesses have to learn and understand how best to respond to such attitudes and new ways of working. Recruiting strategies will have to be realigned to better prepare for the changes and problems that may arise.
Hiring isn’t easy but by planning ahead, you can be more prepared to deal with the challenges. A recruitment agency can help in many ways. Learn more about how Evolution Recruitment Solutions can help you create a great recruitment experience for you and your candidates.
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