What’s got most employers worried about the 2015 year? In short, the crux of their concerns all centers on compensation. Early this year PayScale published their 2015 COMPENSATION BEST PRACTICES REPORT, which describes many of the compensation’s issues, including “employers are struggling to fill positions—particularly for highly trained employees—as they cite a lack of qualified applicants.” There were several notable concerns employers conveyed in the report. We’d thought we’d feature some of those issues and give a brief recommendation on how to combat those hiring issues:
– “51 percent of employers report a lack of qualified applicants for their open positions.” – Of course this statistic fluctuates depending on industry, but it’s been our experience that it’s often more of a process issue than a lack of qualified candidates. Sure there are some positions that are difficult to fill, but sometimes those complaints are symptoms of bigger issues within the company, department or hiring process. Have a third party evaluate your hiring process to uncover all your hiring hindrances. The quicker you repair those issues identified, the faster you can find the right candidate.
– “Thirty-five percent of employers reported having an open position for 6 months or longer.” – Common stalls in the hiring process are poorly defined job descriptions, missing/rescheduling or delaying job interviews, not evaluating the candidate’s resume before the interview, a poor compensation package and not following up with a status. Again, the best way to reduce this issue is to refine the hiring process. Doing so will highlight hiring hiccups that can be costly to an organization.
– “Lack of qualified applicants (61 percent) was the top reason employers cited for unfilled positions, followed by inability to offer a competitive wage (22 percent). These findings are consistent with findings in 2014 and 2013.” – Across the board in small, medium and large-size businesses, the C-level has the majority of the decision-making when it comes to compensation. The hiring manager and the department manager have anywhere from 6-20 percent of input as reported in the PayScale 2015 Compensation Report. This could be a real breakdown in the process if the compensation that is being budgeted isn’t in line with what industry standards. If this happens often, a company could have a ongoing issue with finding qualified candidates.
A few years back, the Wall Street Journal wrote an article, “Why Companies Aren’t Getting the Employees They Need” dissecting the problem at hand and the evaluating the common complaint about the skills gap. Although there were some legit concerns, the article mentions, “Some of the complaints about skill shortages boil down to the fact that employers can’t get candidates to accept jobs at the wages offered.” Today, it looks as if we continue to have that problem.
The best way to combat a lot of these common issues is to face them head on. If it’s an experience issue, consider implementing an apprentice program. If there are technical skills needed, consider partnering with an education program that will give job seekers the ability to gain the skills needed. And if it’s a compensation issue, look for alternative ways to enhance your compensation package. All these suggestions and more really depend on how committed employers are to finding solutions and ultimately attracting top talent. And if you’re still unsure where to start, hire a third party professional or recruiter to either assist with the hiring process or one that can analyze and refine your process.
If you have any questions or need help finding qualified candidates, please contact us for a free consultation.
ABOUT THE AUTHOR, Ingrid Moore
Ingrid Moore is the Founder and CEO of Corporate Resources of Illinois, an employment & staffing agency withover 20+years’ experience located in Schaumburg, IL. Ingrid and her team assist employers with finding the right hire for their business. For more info, follow us on our LinkedIn Company Page, or follow us Corporate Resources of Illinois‘s Google+ page.