This may sound odd, but can you imagine a laboratory dedicated to increasing the effectiveness of the hiring process? There is such a thing, and the research it does is worth investigating.
The Hiring Lab is sponsored by Indeed, the leading search engine for employment opportunities in the United States and around the world. The Hiring Lab is headed by Dr. Tara Sinclair, associate professor of economics and international affairs at George Washington University.
Dr. Sinclair’s research focuses on examining historical patterns in data to understand both the current and past structure of the labor market and to forecast future movements.
I know, this may not sound overly exciting. However, if you want to increase your proficiency as a recruiter or hiring manager, it’s a gold mine of information.
In a recent study that included millions of different jobs and thousands of different sources (companies posting the jobs), the Hiring Lab discovered and documented three patterns the most progressive and successful companies are using to recruit their new employees. Here is a quick summary of these findings:
Create Your Own Supply Channels
For many organizations, finding candidates who graduate and enter the workforce with the skills their businesses need is no longer realistic.
Instead, leading companies have created internal and external programs that help existing employees and potential recruits develop [skills, competencies, and focus] relevant to today’s labor market.
Source Candidates From New Markets
The Hiring Lab discovered employers often find their most talented employees outside their typical talent pool.
[More than] 81% of currently employed job seekers search outside of their current occupation.
Reread this statistic. Let it sink into your mind.
This confirms what Gallup and other research organizations have documented—most employees hate their jobs.
When “employed job seekers” (these are the most desirable candidates for the real estate industry) search for a new job, they are most often looking for something completely new and different.
Redefine When and Where Work Takes Place
Today’s technologies have made it possible for more work to take place outside of the office, offering flexibility for workers of all kinds and new talent opportunities for employers. Evaluating the part-time, remote, or flexible jobs your organization can offer widens the pool of people from which you can recruit.
Think about these three patterns from a macro perspective. Is the real estate industry well equipped to take advantage of these recruiting trends?
Of course it is! In fact, it may be the best equipped of any industry to do so in today’s economy.
Real estate companies can apply all three of these principles inside of their current recruiting framework. Companies in many other industries will have to retool and change their hiring processes to take advantage of these trends.
Embrace these patterns and embed them into your hiring philosophy and systems. By doing so, you’ll recruit more successfully and be among the most progressive employers in your metro area.
Questions or Comments? Reply to your WorkPuzzle subscription email.
Didn’t get the WorkPuzzle email? Subscribe below. We promise not to share your email with others or use it for any other purpose but delivering WorkPuzzle notices.
