Finding quality employees is crucial for the success of any business, but attracting top talent in today’s competitive hiring environment can be challenging. To succeed, hiring managers should leverage recruiting tools, including ZipRecruiter, to cast a broader net that reaches the right talent.
The latest Job Openings and Labor Turnover Survey, or JOLTS, showed 9.9 million job openings at the end of February, down some 632,000 from the previous month. But even with some softening in the labor market, many companies continue to hire.
Landing the right employee requires a well-thought-out job description. But just as crucial to a successful recruiting campaign is how the job description is published. ZipRecruiter’s smart matching technology helps employers quickly identify candidates with the right skills in a highly competitive environment.
“Although layoffs have recently accelerated in the tech and real estate industries, U.S. workers continue to have considerable bargaining power in what remains a robust labor market overall,” Julia Pollack, the Chief Economist at ZipRecruiter, said in a recent survey.
Top talent’s demands have shifted since the pandemic
The COVID-19 pandemic has radically changed what job seekers want and expect from employers. One key difference is that an increasing number of employees expect to work from home.
Before the pandemic, this was less of an option. However, roughly two out of three job seekers now prefer remote work over hybrid and on-site opportunities, according to a separate ZipRecruiter report. Moreover, 20% of potential job candidates said they only want to work remotely, while 40% said they would prefer to work remotely most of the time but are open to accepting other arrangements.
“In those industries where remote work is feasible, its adoption continues to expand,” Ian Siegel, CEO of ZipRecruiter, said. “Businesses should take this opportunity to lean into unprecedented access to nationwide talent.”
Top job candidates have the upper hand on salary demands
Remote work aside, top talent in a tight labor market may also have the upper hand when it comes to salary. According to the survey, new hires expected more significant raises and expanded benefits than those hired in past years.
“Be cognizant that job seekers are likely seeking a pay increase when taking a new job, and being transparent about pay and benefits can help you land top quality candidates,” Pollack said. “Job postings that include salary data receive 50% more applications, on average.”
One key advantage for businesses offering a work-from-home option is that younger workers are willing to take lower pay in exchange for remote work. On average, job seekers said they would take a 14% pay cut to work remotely. Workers aged 18-24 say they would forgo the most at 18%, followed by workers aged 25-34 who would accept a 16% cut.
Employers and recruiters can get a jumpstart on candidate searches by browsing ZipRecruiter’s resume database to find currently active job seekers and using “Invite to Apply” to immediately reach out to top candidates.
Additionally, top talent today expects to hear from interested employers immediately rather than the typical two to three-week timeframe they used to operate under. Half of the survey respondents said they heard back from their current employer within three days of applying.
That means businesses today must be prepared to act fast to gain a competitive edge, according to Pollack. Employers should also understand that top talent today may be looking for new employment while they are still employed.
The so-called quiet quitting trend born during the pandemic was followed by “the great resignation” trend. What’s more, workers that leave their current jobs for new ones have been tapped through outbound recruiting, according to the ZipRecruiter survey. Instead of having to search for jobs, 36.2% of recently hired Americans surveyed said an employer came searching for them.