In recent times, even before COVID-19 was a word in anybody’s vocabulary, you might have noticed a shift in how your job candidates and interviewees behaved.
Sure, the pandemic might have tilted things back in favor of the employer–but that was short-term.
With the threat of the pandemic lessening, candidates are in the driver’s seat once more. They aren’t interested in working for companies that don’t court them during the hiring process and appeal to their preferences.
Speaking of appealing to preferences, many candidates’ priorities and values have changed in the COVID era.
For instance, many professionals across the US have now experienced, first hand, the benefits of working from home. Thus, they want to continue with remote work.
Below, this blog will take a further look into the current hiring landscape and share some insight on how you can tip the scales back in your favor:
Talent Has the Upper Hand Once More
With the pandemic in its twilight, the job market has proven more competitive than any recent post-recession, according to Times News Express.
Before COVID-19, unemployment had plummeted to 4%, and the landscape had turned into a job seeker’s market.
Then, after the pandemic reared its ugly head, employers regained an advantage when unemployment jumped to 14%. However, the recovery has been swift, with the US reaching a 5.8% unemployment rate as of May.
While not a complete reversal just yet, the job market has almost entirely recovered.
So, what do these numbers mean for employers–including those in the pharmaceutical space?
The shackles of the pandemic are no more. Instability regarding job security has mostly disappeared, and employees are now curious about other career opportunities. More specifically, 40% of the global workforce is thinking about leaving their current roles. On top of that, 25% of professionals 45 and older are contemplating switching careers.
Yes–professionals are eager to find new work. But they aren’t desperate. Many of them already have jobs and will hold firm – or look elsewhere – if not offered what they desire most.
What do Employees Want in 2021?
A growing trend for the past few years (even before the pandemic) is work-life balance for employees.
To the above point, research from 2019 showed that 25% of workers were willing to take pay cuts for more time off. Today’s talent yearns for their employers to offer the freedom to focus on family, friends, travel, and personal development when it matters to them.
Furthermore, according to the previously cited Times News Express article, employees are now more concerned about issues such as:
- Social responsibility
- More straightforward recruiting
Although, as the article points out, the top priority of today’s professionals appears to be flexibility. Much of the flexibility they seek revolves around remote work, as 70% of white-collared workers are still working remotely and likely won’t take anything less.
Winning the War for Talent Centers Around Recruiting
Before you’re given the keys to winning the war on talent, here are a couple of stats to mull over:
- 62% of recruiters are finding it harder than it was five years ago to find qualified candidates.
- 2.3% of employees are voluntarily leaving their jobs, which is the highest “quit rate” in US history. Moreover, 51% of current employees are frequently seeking other opportunities.
These numbers paint a clear picture–companies aren’t recruiting top-performers who wish to stick around and make a long-term impact. Such difference-makers have become diamonds in the rough, and standard in-house recruitment isn’t enough anymore.
Employers need a recruiting strategy centered around something more than an over-extended hiring manager in a market favoring job candidates.
Instead, your company requires a recruiter who’s your partner in building your team. You need a company with well-honed practices and valuable industry connections to find you committed, top-performing talent invested for the long haul.
At The Remedy Group, we have access to high-tier talent with proven track records in the pharmacy and patient services industry. We’ll find you top performers in the sector promptly and successfully. Contact us today to find out more.