According to the 2016 MRINetwork Recruiter & Employer Sentiment Study companies that want to attract and retain the best talent will need to revisit their interviewing and talent management approaches to create a strong employer brand. 86% of recruiters and 62% of employers included in the study feel the labor market is candidate-driven in their industry sectors.
The study discovered lengthy hiring practices and misconceptions about what motivates top candidates to make a job move are causing companies to lose out on high performers in an already tight talent market. Employers listed “accepted another offer” as the primary reason for offer objections, according to the report and candidates confidently reject undesirable job offers.
Half of companies cited the lack of suitable talent as their No. 1 challenge to hiring. However, recruiters complained that companies take too long to hire, even when they do meet ideal candidates. Employers now extend offers between three to six weeks from the candidate’s first interview, a shift from one to four weeks in the second half of 2015.
Additional highlights and conclusions from the MRINetwork survey include:
Newly created positions are still the primary reason for job openings followed by vacancies from resignations.
Increased vacancies from retirements was the third most selected reason for job openings.
In addition to accepting other offers and low compensation packages, employers listed counteroffers as a top reason for rejected offers.
Unless HR practices are upgraded to assure an adequate flow of quality candidates companies will likely miss critical measurable results. Knowledge-based enterprises will continue to be most vulnerable to these patterns. Learn about The Talent Management System from the Talent Management Institute.com
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