Insights
5 Considerations for Companies Still Struggling to Re-Hire in 2022
Posted August 31st, 2022 in Articles
With a multitude of factors keeping the U.S. economy on the brink of a recession, and with COVID-19 rates once again on the rise, many companies that were anticipating business as usual in 2022 are still struggling to re-hire. If your company is finding it difficult to attract high-quality job candidates, here are some important considerations to keep in mind:
1. Many Companies Were Struggling to Attract and Retain Talent Before the Pandemic
While much of the current discussion surrounding companies’ hiring challenges centers on the economic impacts of the COVID-19 pandemic and the war in Ukraine, it is important to keep in mind that the start of the “Great Resignation” precedes these events. As explained in a recent article published by Harvard Business Review:
“A record number of workers did quit their jobs in 2021, it’s true. However, if you consider that number in the context of total employment during the past dozen years . . . you can see that what we are living through is not just short-term turbulence provoked by the pandemic but rather the continuation of a long-term trend.”
In light of this perspective, companies that are dealing with hiring challenges should not focus solely on the events of the last few years. Instead, they should conduct a longer-term analysis of the job market trends that are impacting their businesses.
2. Different Companies are Struggling to Hire for Different Reasons
While it is easy (and often useful) to focus on trends, it is also important to acknowledge that different companies are struggling to hire for different reasons. Understanding why your company is facing challenges is critical to making informed decisions.
3. Justified or Not, Job Candidates Have New Expectations
From higher wages to in-office perks and the flexibility to work remotely, in today’s world job candidates have new expectations. With gig opportunities proliferating as the job market stagnates, candidates whose expectations aren’t met are willing to forego what would have traditionally been very attractive employment opportunities.
4. Competing for Top Talent Is Becoming Increasingly Difficult
In order to meet top-quality candidates’ expectations, many companies are offering unprecedented compensation and benefits. As a result, competing for top talent is becoming increasingly difficult in many sectors. This is simply a reality with which companies need to cope.
5. Companies Can Rebuild Their Workforces with Effective Recruitment and Retention Strategies
While very real challenges exist, companies can rebuild their workforces through effective recruitment and retention strategies. This applies from the top down. If your company is struggling to hire, we can help, and we encourage you to contact us to learn more.
Speak with an HR Consultant at Mithras Investments
Would you like to know more about how we are helping companies attract top talent in 2022? If so, we invite you to get in touch. To schedule an initial consultation with a senior HR consultant at Mithras Investments, please call 305-517-7911 or tell us how we can help online today.
