The post-pandemic world along with regional and global economic unrest, ever-restricting economic migration, rising prices/inflation and of course war being fought on our doorstep has seen unexpected or at least exacerbated, supply and demand challenges. None more so than when it comes to hiring specialist talent in the engineering and technology space.
For hiring companies (of which there are record numbers as I write this in April 2022), the game has changed!
Yes, of course most have experienced a candidate driven market before and perhaps hired during times where talent is scarce, but this is not the usual “pendulum swing” to a candidate driven market.
Attitudes have change; lives have been reflected upon during our periods of lockdown. We’re (collectively) not prepared to go back to the pre-pandemic status quo! “The Great Resignation” coined by Anthony Klotz has been a clear demonstration of this - not just in the US which (as an example), saw 4 Million of its workforce up and quit during July 2021, but in the UK where a recent poll suggested nearly a quarter of workers planned to move jobs in the coming months. Note those workers are NOT all moving to like for like jobs.
For recovering organisations or those who are investing in growth, this is bad news and has the potential to have a worsening snowball effect.
The result: (at best) hiring mediocrity, higher costs and protracted hiring timeframes. (At worst) lost revenue, skills gaps, employee burnout, further resignations and postponed growth.
So what to do…?
One such method, practised by a growing number of recruitment professionals “with unparalleled success” has been to deploy performance based hiring strategies. First developed by Lou Adler of The Adler Group 35 years ago. Performance based hiring has become a shining beacon of how hiring should be practiced due to the numerous benefits it creates (like better talent, greater ROI, less attrition, greater diversity – to name a few). What’s more its methods have stood the test of time and are as relevant today as they’ve always been.
Why Performance [based] Hiring
Clearly, hiring in what Lou calls a “talent scarcity market” requires different strategies than those deployed for times of “surplus talent”, yet most hiring firms and their recruitment suppliers prefer to double down on their wasted efforts rather than figure out a more effective approach.
This is where Performance Hiring methodology comes into its own by:
ATTRACTING talent through personalised “high touch” strategies. Not simply weeding out applicants who are perceived incapable of doing the job.
ENGAGING talent with career opportunities that actually align with their career aspirations. Not setting barriers to entry with dull forms to complete or communicating “yet more” mind-numbing job ads that only talk about the company and the skills needed.
ASSESSMENT that focuses on candidate performance against job objectives as one of its key criteria to judge future success. Not judging candidates against a list of arbitrary skills and experiences that do not translate to actual success on the job. (Oh, and this alone can improve diversity within the hiring process)
Talent in the Engineering and Technology sector is scarce at the best of times, let alone during a candidate led market where all the usual rules no longer apply. This perfect storm of a post-pandemic spike in productivity and growth coupled with the significant shortage of talent to meet the demand is impacting every company; from new - unknown start-ups with shoestring budgets to huge household names with deep pockets.
What performance hiring offers is something different, a SOLUTION.
Not just a solution for now, when all the usual hiring methods have failed, but a solution for the long term. Providing predictable hiring outcomes no matter what new flavour of challenge presents itself in the future. And importantly, Performance hiring “levels the playing field” or even provides a competitive advantage for organisations who do not have the brand recognition or huge salary budgets that are perceived as prerequisite to attract the top performers in their field.
And for your quarry: (the prospective candidate you dream of hiring). Performance hiring offers them an experience that is different from what they expect and what they are used to. A positive PATTERN INTERUPT with tangible results. Like better insight and introduction to a business that could otherwise have not been on their radar; it ensures better aligned objectives that meet their capabilities and future aspirations meaning a greater chance of long term success and value; it offers a positive hiring experience even for those who are unsuccessful (further enhancing the employer brand).
So, is Performance Hiring the silver bullet in a Candidate Driven Market? Well, those that practice Performance Hiring or have experienced the strategy as a hiring manager or candidate would certainly think so, just look at the testimonials we have collected over recent times. But to answer that question you need to experience it’s benefits for yourself.
If you want more information on how we can help you during this challenging time details can be found below.
Jon Salt is the usual brand of “flawed human” who just happens to have a passion for connecting the best technical talent with best firms to solve the challenges of the day; particular focus is on Control & Automation and Sustainable Emerging Tech for a better future. Providing Performance Hiring strategies to firms hiring senior engineering and technology talent throughout the UK, Europe and North America.
Jon’s unique TAP (Talent Acquired through Performance) programme combines performance hiring methodology, cutting edge “RecTech”, and market knowledge to hire the best talent available.
For more ideas on how we can support your hiring activity with incredible results, please click the button below to schedule a call.