The unemployment rate in the United States currently sits at 4.1%, and there are nearly 6 million job openings at U.S. companies right now. With more spots to fill than almost ever before, businesses are changing the hiring process to best fit their needs in 2018.
So what are these major shifts that businesses are making when it comes to hiring? How can you recognize them if you are a recruit? How can you take advantage of them if you are trying to get a leg up on your competitor?
Read on to discover the three major ways companies are changing the hiring process in 2018.
More Unique Incentives For Recruits
In today’s job market, companies need to offer their potential employees something more than just a high salary. Over the years, other incentives have become an essential part of the hiring process, and 2018 looks to continue that trend in both expected and unexpected ways.
Typical benefits that recruits should expect to see throughout the coming year include health reimbursement arrangements, wellness programs, and student loan assistance, which may be the most important perk that businesses can offer given that nearly 70% of recent graduates leave college with some form of student loan debt. In some extreme cases, such as a 2010 bidding war between Google and Facebook over a staff engineer, an incentive can come in the form of millions of dollars’ worth of stock.
Right now, one of the more unusual ways in which employers are attempting to attract candidates is by relaxing their zero-tolerance drug policy. While most companies remain vigilant when it comes to testing for opioids, methamphetamines, and cocaine, they have begun to become more tolerant of marijuana usage.
A major reason for this drug-policy change is that 30 states throughout America have legalized marijuana in some form. More and more Americans are using the drug every day. Barring any and all marijuana users from employment removes a lot of candidates from the pool.
Businesses are beginning to treat the drug like alcohol: employees should not show up to work impaired or use marijuana on work premises. As long as they abide by those guidelines, they are eligible to be hired.
Less Demanding of Educational Degrees
In recent years, much emphasis has been put on the importance of education. Students have been advised to not only get their bachelor’s degree but their master’s as well in order to increase their chances of obtaining a position in their industry.
However, with so many jobs currently available, that demand for education is beginning to decrease. Employers have taken on a different mindset when it comes to candidates. They no longer believe that higher education equates to higher job performance.
With less applicants and more positions that need to be filled, employers expect hiring managers to look outside the box and discover recruits with raw talent and impressive abilities. Companies want a unique crop of candidates to choose from, and they believe they will no longer find that if hiring managers keep searching through their usual education bubble.
Sped-Up Interview Process
Perhaps the most distinguishable way that companies are changing recruiting in 2018 is the interview process.
Over the years, it’s been common practice for potential employees to be asked back to interview for a position multiple times. Employers would conduct several different interviews with a variety of candidates before making their decision on which person would receive the job.
In 2018, though, time is the most important commodity for everyone. Therefore, to save time, businesses have begun to streamline and sped up the interview process. In some cases, companies will have a team of trusted employees spend an entire day giving recruits a series of interviews and tests before coming to a combined decision on who deserves the job most at the end of the day-long process.
Instead of it taking weeks, those searching for work can now be interviewed and get hired in as little as 24 hours. With so many positions to fill, companies don’t want to waste a second.
While not every single company out there might be making these changes, the majority of them are. Due to low unemployment rates and more available positions, the hiring process is becoming vastly different than it was years ago.
Be sure to keep these trends in mind throughout 2018, whether you are a candidate looking for work or a hiring manager searching for the best employees possible. The job market is transforming right now, and you need to evolve with it.
Do you have any other questions or concerns about the hiring process? If so, please contact us so we can help!