The Post-Pandemic Employment Landscape: Part 2
In the first part of The Post-Pandemic Employment Landscape series, we focused on how the current hiring climate is affecting job seekers. In the second and final part, we’ll look at the other side: how employers are impacted by the current job market caused by the pandemic.
From part 1, we’ve identified that while workers may be facing some challenges like busy hiring managers and strong competition, they have the upper hand because of the sheer number of opportunities available to them. But if job seekers have the upper hand, does that mean hiring managers are at a disadvantage?
Not quite. When the pandemic emerged over a year ago, tens of thousands of people were temporarily furloughed or laid off completely, and there’s still a huge number of people looking to get back to work. Although some industries in particular (like hospitality) are struggling with staff shortages, this abundance of job seekers can be seen as an advantage. Here are some more ways the current employment landscape can benefit hiring managers:
Opportunity to find the right person for the job. Although there are more jobs available now than before the pandemic, as of April 2021, there are approximately 10 million people unemployed in the U.S. This allows hiring managers to take their time finding a candidate who has great technical experience, the right soft skills, and is a culture fit at your business. In doing these things you can increase retention, cutting down on long-term hiring costs.
Workers will likely be more engaged. Because job seekers have a variety of options to choose from when looking for a job, filling out an application at your business shows they have a real interest in working for you. When workers are more engaged, it can improve retention and employee morale – two key metrics for measuring the success of your team.
Grow your leadership team. Whether you’re hiring hourly workers or actively seeking to grow your leadership team, and influx of job seekers means you’ll find candidates for leadership positions. Use this opportunity to your advantage and find a great leader who can make an impact on your business.
While there are certain aspects of the current employment landscape that can work to the hiring managers advantage, there are also challenges posed by the large number of open jobs and unemployed workers. Some of these challenges you should be aware of are:
More competition from other businesses. The main challenge hiring managers will be facing is the sheer number of competitors who are short staffed. Right now, job seekers have a fair number of options to choose from when looking for a new job. This means you may not get as many applications or hear back when contacting candidates for interviews.
Candidates know what they want. With so many unemployed during the pandemic, workers have been rethinking what they want out of a job. This may include things like career advancement, or maybe they want to find an employer that cares about social issues. Regardless of their reason, candidates will feel empowered to be pickier when filling out their applications.
Retaining employees may harder. Retention is one of the most impactful ways to measure the success of your team. Even without the pandemic, the first 90 days after hiring someone is crucial to ensure you keep them onboard. But now that job seekers have more choices, they may consider taking another job offer even after accepting yours. Pay special attention to employee engagement during the 90-day period, and make sure you’re hiring employees who are a good culture fit.
During this post-pandemic employment landscape, hiring managers have an opportunity to find the candidates that will be right for their business. And we believe job seekers will be doing the same thing: seeking employers that match their long-term goals. By understanding the state of the job market on the candidate and employer side, both parties can make educated decisions during the hiring process.
Did you miss part 1 of The Post-Pandemic Employment Landscape series? Find it here.
***
Deerfield Employment Solutions works with candidates and clients nationwide to help accomplish their hiring goals, whether in a long- or short-term capacity. Contact us today to learn more.