How to hire faster and smarter during uncertain times
Global inflation. Trade wars. A spike in interest rates. The possibility of an upcoming recession. These are the economic factors affecting the world today, which create a lot of uncertainty amongst decision-makers.
Business owners are unsure of the future, and they want to make sure that their companies are prepared if things take a turn. However, the manufacturing industry has proved to be one of the most resilient sectors of the U.S. economy — and it has a promising future ahead.
In fact, according to the results of the 2022 Q2 Outlook Survey conducted by the National Association of Manufacturers, 45.3% of executives don't plan to slow down hiring despite concerns about economic growth. However, 80.7% admitted that attracting and retaining a quality workforce is one of their top challenges.
This can cause a company to feel stuck in slow motion. But in manufacturing, the only way to get ahead is by moving forward. While we can't predict the future, we can help you prepare for it.
What's different about the current talent landscape?
The workforce is changing, and so are the demands of the industry. Manufacturers face a growing skills gap, the loss of experienced workers and an aging workforce. This is why attracting and retaining young talent is more vital than ever.
However, there are also issues of compensation, work-life balance, career progression opportunities and other factors that can cause qualified candidates to look elsewhere for employment.
Deloitte Insights projects that by 2030, the manufacturing industry will have up to 2.1 million unfilled jobs if it doesn't start preparing today. Although inflationary pressures and rising labor costs exist, manufacturers can't afford to leave the door open for competitors to steal away their best talent.
Uncertainty in the industry is the time to ensure your hiring process is as lean, efficient and effective as possible. Here are three tips to achieve that:
1. Review your hiring criteria.
While it's important to require strong, measurable core competencies and skills, if your hiring process is overly complex or doesn't align with the needs of today's job market, then it may be time to review.
Consider how you can make your hiring process more inclusive and accessible to a broader range of applicants. For example, if your job posting requires a four-year degree, consider relaxing that requirement to allow for applicants with relevant experience.
2. Tap into your employees' networks.
If you're looking to hire for a specific position, ask your workforce members who they know might be a good fit for the role.
It's also essential to encourage employees to bring their networks with them when they join your company — for example, by offering employee referral bonuses.
3. Partner with a staffing agency.
A staffing agency can help you reach a more extensive range of candidates than you could on your own, and they can provide support throughout the recruiting process.
Most importantly, they can scale you up or down as economic conditions fluctuate. Partnering with a staffing agency is a great way to ensure you have the right talent in place when hiring is at its most critical.