HR Recruitment Software: Effectively Hire and Retain
Even though U.S. hire and quit rates are slowly returning to pre-pandemic norms, the job market is still tight for employers. During 2023, the U.S. Bureau of Labor Statistics reported that there were roughly one or fewer unemployed persons per job opening, which is close to full employment, meaning that nearly everyone willing and able to work was employed.
An employer who understands the job market and makes a decisive business plan will be better prepared to deal with upcoming challenges. In fact, some researchers believe the market will soon bounce back to its pre-pandemic self. In an article published by Goldman Sachs, economists stated the global economy will perform better than many expect in 2024.
If 2024 does produce more labor force participation, focusing business efforts on recruitment and retention becomes important. Business owners will need to take advantage of technical developments made specifically for industry professionals, since taking these steps may offset some of the challenges affecting businesses seeking talented workers this calendar year.
HR Recruitment software tools
Becoming an employer of choice is a proven method that helps with attracting qualified talent. To start, hiring and employer branding efforts can be made to appeal to potential employees. Naturally, job seekers will want to work for a business that has a positive reputation for focusing on the needs of employees.
Branding will also aid in distinguishing a business from its competitors while fostering loyalty among employees. Satisfied workers are much more likely to make job referrals, which also increases the number of referrals from staffers – another proven method to attract qualified workers that can simultaneously reduce talent acquisition costs.
Begin building and promoting an employer brand by using a popular career site, such as Indeed.com. Since most job applications will come from career sites, this lets employers provide detailed information about their workplace and company culture.
When combined with an applicant tracking system, which is an HR recruitment software tool, employers can further distinguish themselves from competitors by reaching a wider audience of job applicants and performing the following tasks more efficiently:
- Tracking a higher volume of applications
- Processing resumes faster
- Screening more candidates
- Running background checks more expediently
Using Indeed in combination with hiring software, in particular an ATS system, also means being able to review usable data that can help a company better understand the cost of hiring per applicant and where hires originate. For example, hiring teams will know if applicants found the job link online or on a company website.
In high-turnover industries like security and cleaning, it is necessary to reduce the time to hire. That is especially true since qualified candidates will be enticed to find other employment if processing their application or completing their screening takes too long.
According to TEAM Software data, companies that have implemented ATS software have hired 42% faster than the national average. This is important for facility management professionals since ensuring that new hires show up for work on their first day can be a challenge, especially while background checks are being completed before actually hiring a new employee.
Pre-boarding strategies can combat this issue, as HR personnel can take advantage of recruitment tools to stay in contact with new hires and make sure those new staffers remain engaged before their first day.
For instance, the pre-boarding strategy could include sending greeting messages on behalf of a new manager to welcome the new employee to the team. This opens a dialogue for new hires to ask questions about benefits packages. Administrative staffers can then answer questions directly or simply offer helpful links to commonly asked questions.
To offset job market challenges caused by high turnover, companies can invest in earned wage access or on-demand pay to entice employees to stay with their company. Increasing base pay may not be an option for companies in this tight job market. However, improving benefits is a tried and tested strategy to retain talented workers.
Earned wage access, or often called on-demand pay, offers workers access to part of their paychecks before their payday. Workers can use this benefit to protect themselves against financial emergencies or hardships.
Employees can also use this benefit instead of utilizing third-party payday lenders. Avoiding lenders is a way to minimize cycles of debt caused by high interest rates. The calculations and distribution of earned wage access are usually handled by the provider. And the normal payroll cycle of a business continues without disruptions.
Giving workers advanced access to pay they have already earned encourages good electronic timekeeping habits while improving retention rates. For example, instead of waiting for a bi-weekly paycheck or direct deposit, an employee can choose a weekly pay cycle.
This decision can give them the freedom to purchase necessities and pay bills without financial stress. Alternatively, when workers are worried about their budgets, it can be a distraction. Financial stress can take away from performance, which can cause a company issues with productivity on a larger scale.
Integrated application tracking
Integrated application tracking tools, HR recruitment software and onboarding systems can help companies mitigate some of the challenges from such a tight job market. By housing most of the job application process under one roof, employers can empower themselves. Software tools can also help employers retain their employees and minimize the problem of losing new hires while processing background checks and paperwork.
To remain fully equipped and prepared for 2024, employers review valuable labor participation and hire statistics to better understand and predict the obstacles that will surface this calendar year. Also understanding which HR recruitment software solutions exist specifically for security and cleaning professionals. These tools can offer protection while businesses navigate the ever-changing labor market.
Navigating through difficult job market terrain requires information. In this eBook titled Data Report: Labor Trends, we at TEAM Software showcase opportunities for companies to become employers of choice. The content also offers proven strategies to combat high turnover rates and retain workers. Utilize labor market data to strategize and create a sound business strategy to move forward and grow.