With the unemployment rate in the U.S. on the decrease, the result is a tightening labor market that's left businesses competing for top talent. As near record-setting demand for workers far outpaces supply, the power has shifted to the candidate: they have more leverage to obtain better compensation, more flexible hours and a variable work schedules, and other added benefits an employer is willing to put on the table. Business owners should anticipate this shift as they look to bring more talent on board.
Job applicant ghosting on the rise
What hiring teams probably didn't see coming is job applicants ghosting. In this scenario, applicants suddenly and without explanation withdraw from all communication, effectively disappearing without notice or explanation. How could this be happening?
This trend could be due to the fact that the numbers are in candidates’ favor. In our current economy, qualified job-seekers are often being courted by several employers simultaneously, and may have multiple offers to choose from. And even after they've accepted, they may maintain a “free agent mindset” even after they have started working.
Improving time-to-hire with technology
The challenge for employers is getting talent in the door as quickly as possible. Time-to-hire has always been a point of focus, but the current war on talent is very competitive. To get candidates from application to start date and beyond, businesses need to understand how they can maximize the efficiency of their hiring processes. Manual processes can simply slow down the experience, leaving businesses more vulnerable to job applicant ghosting.
Leveraging hiring technology is often the missing link for many companies. This year’s Paychex Pulse of HR Survey found that HR leaders who do not currently use third-party services identified recruiting and hiring as areas in which technology could help them.
It's a common misconception that this type of technology is for big budgets only. In reality, there are solutions that can help small and large companies alike efficiently recruit the best candidates, uncover information about potential employees, and manage the onboarding process for new hires.
If your current system is manual or inefficient, look for a solution that can help you automate tasks so you can dedicate more time to finding quality candidates. Leveraging applicant tracking software can enable easy connectivity and timely communication with applicants. For example, offering candidates the option to opt in to text alerts during the hiring process is a great way to keep your company top-of-mind. Employee onboarding software is another way to get new hires quickly assimilated into your business, make a positive first impression, and simplify the new-hire paperwork process.
The impact of job applicant ghosting is one that businesses of all sizes may struggle with in today’s competitive labor market. Consider leveraging hiring services to help you manage each step of the process as efficiently as possible.