Although it has fallen out of the headlines, hiring remains challenging for many firms in 2022. A recent survey by GoodTime shows that nearly half of firms did not meet their hiring goals in 2021. The headwinds cited by the survey included increased demand for talent, increased selectivity by job seekers as well as a lack of qualified candidates.
Many of the in-office benefits which were touted before the pandemic remain ineffective in drawing new talent. 46% of the HR professionals say that creating meaningful relationships is one of the most effective hiring steps. Flexibility in scheduling interview and demonstrating a company’s culture and values are among the best candidate-focused hiring practices. Candidates are not impressed by free lunches, in-office games or tours of the space. They are interested in knowing if they will be valued by the company, does the company have similar attitudes and also does it hold the same values as they do. Building meaningful relationships can be challenging during the hiring process, but it can also increase retention in the long-term.
Although it sounds counter-intuitive, many firms struggled to hire and retain remote workers. 63% of fully remote companies in the GoodTime survey cited “retaining top talent” as their biggest issue. This far surpassed the survey average of 30%. Fully or mostly remote companies also cited a lack of qualified candidates at a rate far higher than the mostly in-office companies (34% compared to 22%). While remote work broadens the talent pool, it also broadens the competition for talent. The broader employer pool also means that remote and hybrid companies have to work harder to retain, attract and hire candidates. This challenge will remain moving forward, even as many employees cite a preference for full-time remote work.
The survey also showed that many companies are seeing an increased time it takes to hire candidates. 60% of the surveyed professionals said it is taking longer to fill an open position than in previous years. Many recruiters said they will maintain virtual hiring techniques as we move out of the pandemic. These techniques helped to shorten the time to hire, which otherwise would have been even longer. Although time to hire might not seem like a big factor, it can have a big impact on the way a company functions. Taking longer to fill an open position can increase the chances of other members of the team burning out and quitting.
Help your business achieve hits hiring goals by talking to one of our real estate recruiters. We can help you hire for any role – from on-site staff to corporate and executive positions. Our recruiters understand the needs of real estate firms and can help you find and hire the right position for your firm