Why Your Company Needs a Recruitment Plan. Now.
If we scanned the brain of your average business owner or CEO, employee recruitment would probably be at the bottom of their priority list. But now, due to the country’s record low unemployment rate (5,6%), this attitude is about to change.
Canadian business owners need to start taking employee recruitment seriously if they hope to succeed in 2019. It’s time to put the Wolf of Wall Street fantasies aside and put all efforts into improving what makes a company great: it’s people. Here are some reasons why you need to develop a recruitment plan ASAP.
Hiring is getting harder by the minute
With so many skilled workers graduating from college or immigrating into the country each year, you would think that finding candidates would be a walk in the park. However, the low unemployment rate — which in some sectors, like finance, is as low as 2% — means you need to be creative and aggressive when looking for new employees.
A good tip that many companies are using is creating candidate profiles based on previous successful hirings. What makes the “best candidate for the job” can vary from one company to another, so making a profile from positive past recruitment experiences could help you replicate those successes in 2019.
High employee turnover is a real problem
As if hiring new people wasn’t hard enough, making them stay is a challenge of its own. According to a study done by Leadership IQ, 46% of new hires in North America fail within the first 18 months due to reasons ranging from coachability issues to a lack of motivation, technical competence, or communication skills.
Being the first to pick candidates might not solve this issue entirely, but it allows you to choose the most promising candidates and gives you enough time to see how well they adapt to your company.
Baby boomers’ retirement will create many job vacancies
Unlike our American counterparts, many Canadian baby boomers are still working well into their late 60s with no retirement date in sight. However, with many of them being expected to retire in the coming years, finding replacements before they’re needed can save you time and money in 2019.
So make a chart scheduling expected retirements in your company and plan your recruitment drives accordingly to fill any vacancy. Furthermore, make sure to keep an eye on boomer retirement trends so you don’t get the bottom of the barrel when hiring new recruits.
Canada’s high employment rate makes for a tough recruiting environment. Nevertheless, it’s still up to you whether you get an early start to pick the top candidates or lag in the race. So make sure to put creating an effective recruitment plan at the top of your priority list to enjoy business success in 2019.
About the author
Matt Erhard is the Managing Partner at Summit Search Group. Matt is a skilled leader in professional and executive recruiting in Winnipeg; he has earned the role of trusted partner to his clients. Through open dialogue and attention to detail, Matt creates long-term partnerships with candidates and clients alike. Follow Matt on Twitter @MattErhard.