Hiring? Are you up for the Challenge?
Posted on August 18, 2022
Pop quiz: What’s the average time to fill a position in today’s hiring market?
Answer: 42 days.
Here’s why I ask. With unemployment at 3.6% and an increase in job postings at 83% per day, the average candidate is only on the market for less than 10 days.
What does this data tell us & why should you care?
- Candidates are inundated with job postings and options – making an already tight market, even more difficult to navigate through.
- Long interview and onboarding programs just don’t work – companies need to not only hire faster, but smarter to ensure they hire right the first time.
- In such a competitive market – more companies than ever before are analyzing what they bring to the table – better benefits, better pay, and better schedules.
Why it’s important, and how these facts impact you.
Think about it this way – the lumber and building material industry is facing a battle on two fronts. Not only are they struggling with an “employee-driven” hiring market – but also an aging workforce. Given that the average age in the industry is 48 years – over the next 10-15 years our industry will be seeing a mass exodus like never before. Proving why it’s so important for companies to be looking at building a better bench strength – regardless of the economic market we are in. Companies need to be making hires that can hit the ground running, and make an immediate impact from day one. Moreover, they need people who will not only fit within the company’s culture, but can provide quantifiable results.
The LBM industry has one of the highest employee turnover rates at 25%. The cost of making a bad hire can be up to 30% of that employee’s 1st-year salary. This encompasses costs for recruiting, prescreening, interviewing, onboarding, training, and lost productivity. Let alone the negative impact to the existing team’s morale.
How do companies overcome this?
Truth is – most aren’t. Internal recruiters and corporate HR teams are stretched thin – there’s just not enough time in the day when making critical hiring decisions.
If this troubles you (like I think it should), then we would like to help.
You have the data. You have the instincts. You just lack the results. We are really good at results. Our formula is simple:
- Skill set – more than just checking a box on a job description, does the candidate meet the essential needs of the job?
- Quantifiable results – what are their selected accomplishments that they have achieved and how will they be able to apply that to your company so they can start making an impact on day one.
- Culture fit – will this person “fit” within the existing team, or are they going to potentially rock the boat? Will they be able to help your organization grow, or are they just looking out for “what’s in it for me?”
Are you interested in learning more and hiring right the first time? Call us today for a confidential conversation and allow us to help you, hire right.
Reach out to us today at 603-621-9037!