As we exit Q3 and lean into Q4 of 2020, we pause slightly to take a breath and assess the roller coaster of upheaval in all areas of our lives. With regard to business, it means taking a look at the last quarter and identifying trends. It means looking closely at needs, and how those needs were met. Ask yourself what changed, what worked, and what needs to keep working as economies become increasingly vibrant. At the end of the day, what can companies do to attract and more importantly hire top talent?
How to Handle Times of Disruption
HIRECLOUT’s area of specialty is hiring and brokering deals in the tech world. As a result, we have some thoughts on what we’re seeing happen in the technology hiring landscape. More specifically what we’re seeing companies doing and our suggestions on how they can swoop up the top talent that is emerging in Q4.
According to Petra Coach, there are 4 steps to move your business from defense to offense during times of disruption. Those steps are defense, stabilize, reset, and offense. It’s pretty clear that recently families, businesses, and countries around the world have all participated on some level in these 4 steps. These 4 steps briefly described are as follows:
- Defense is about actionable safeguards in the early stages.
- Stabilization cannot happen without relentless communication. This includes employees and clients.
- Reset means that you’ve successfully transitioned through the first two steps and now you re-prioritize and focus on new opportunities for growth.
- Offense is a deep mode of shifting where you get back in front of the changes and take back the power of defining your business’s future!
The Offense stage is where companies can find themselves acquiring new, top talent.
The Current Hiring Landscape
In Q2 and parts of Q3 the market was flooded with good talent and companies had a lot of choices. However, there’s been a shift and we saw it toward the end of Q3 and the start of Q4. This shift has defined a more competitive hiring landscape for companies.
In the recent past – even just 6 months ago – a company could interview many candidates for one role and dictate how they’d define their business model. But, times have changed. Remote models have taken hold with many speculating that they’re here to stay. This makes it especially hard for smaller companies who cannot afford to have large percentages of their workforce working remotely.
Yes, companies are hiring, but many people are still worried about getting work and making sure their ends meet. If the workforce is in Stabilization or Reset mode, then it’s even more important for companies to hit their offense hard. Great people are getting multiple offers and they’re not waiting around.
Here Are 3 Things Your Company Can Do
1. Be Quick and Decisive
Your candidates are not going to wait forever. If you like someone, and they seem like a good fit both professionally and culturally, pull the trigger and extend that offer.
2. Be Flexible
Remember, there are some wonderful benefits to the remote model. If you’re a business located in a state where there’s a higher cost of living and therefore higher compensation, consider hiring someone out of state. You could snap up a great new team member because the income will go a lot further for that employee.
3. Increase Communication and It’s Effectiveness
Learn about the different forms of communication technology available to the business world right now and then teach everyone on your team. Make sure that it’s effective, sustainable, and that it combats tribal knowledge. Be fierce about keeping your team and new hires connected and cohesive. This begins with the interview process, the hiring and onboarding of new employees.
Who knows what the hiring landscape will look like 6 months in the future? No one can predict what the mindset of candidates will be at that time or what their needs may be. But, surely it means that companies must also remain nimble, direct, open, and fierce in their approach to hiring and re-building.
HIRECLOUT is a technology recruiting & consulting firm focused on building relationships that deliver. We follow trends and understand the competitive landscape companies face today. Check out the services we offer employers.