According to the US Bureau of Labor Statistics, 47 million people left their jobs in 2021 and 50 million more in 2022.
Anthony Klotz, a former professor at Texas A&M University, called this mass quitting wave ‘The Great Resignation.’ During this period, workers had significant leverage in the job market due to the shortage of available positions. As a result, they could effortlessly secure better job opportunities.
Since May 2023, the trend has been diminishing due to the changing economic situation following the COVID-19 pandemic, marked by rising prices, widespread job cuts and an upcoming recession. The rate at which resignations are happening has reached similar levels of pre-pandemic life.
However, concerns regarding attracting and retaining talent are still at the forefront. In some industries, such as healthcare, manufacturing and construction, the turnover rates are still very high.
The Great Resignation led to employees switching jobs for better pay and more attractive positions or industries. The lesson of this ‘Great Reshuffle’ is that organizations must take action to improve employee well-being and general job happiness, and their employer brand must reflect this. Career marketplaces can be a powerful answer to this challenge, driving the right candidates to your company and keeping them engaged.
Crafting an Alluring Career Marketplace: Your Key to Success
As competition for the best talent in the market is still high, recruiters are looking at new and intelligent ways to refine their talent acquisition strategy to provide potential hires with an experience that will make their organization stand out.
Amidst this challenging landscape, creating captivating career marketplaces can keep candidates engaged throughout their search and help companies win over the talent they need. These platforms should include current job openings and all the essential aspects that potential hires value.
Competing in a Candidate-Driven Market
This rare moment of employee leverage has put candidates firmly in the driving seat. According to the 2023 Job Satisfaction Report by The Conference Board, “Apart from competitive pay, the factors that most influence employee retention center around work experience and culture.” Job seekers value diversity, good culture, remote work, growth, and work-life balance.
As such, HR teams need to be sensitive to this shift and take an honest look at what their company values represent. Understanding the reasons behind this shift in the job market holds the key to how recruitment teams can strategically position companies to draw in potential hires.
Revamping Your Career Marketplace With AI
Millennials and Gen Z candidates expect to find their next job the same way they shop for consumer goods, which is why the traditional approach of posting an opening and waiting for the results to appear is no longer an option. If anything, the Great Reshuffle has only intensified this trend, so talent acquisition teams need to go above and beyond to ensure candidate conversion.
The great news is that artificial intelligence and talent acquisition can work together to achieve this goal. A good example that brings this to life is L’Oréal, a brand that excels at helping potential applicants find their fit through a personalized experience. The French cosmetics company makes the most of Avature’s AI-powered career marketplace to impress visitors by:
- Using semantic search to provide real-time suggestions that enhance job searches, ensuring visitors find precisely what they need. Our powerful algorithms can also convert phrases such as “Bay Area” into geolocations that align with their employment interests.
- Offering candidates to upload their resumes and get job recommendations based on criteria such as skills, work experience and qualifications.
- Getting suggestions based on their browsing history, which delivers further customization. For example, if a visitor clicks to see openings in the finance department, they will see job recommendations specific to their previous searches upon returning to the career site.
Telling a Captivating Employer Story
Engaging potential hires on your career marketplace with custom branding and multimedia resources can help with conversion. Compelling personal stories from employees, pre-recorded office tours for on-site or hybrid work models or interview advice paint an authentic picture of your organization. This approach lets you go beyond traditional job descriptions limited to a list of responsibilities and benefits. Companies like Lenovo take advantage of career marketplaces by providing a thorough understanding of the attractive benefits they offer. On the other hand, Coca-Cola leverages its career marketplace to showcase rich, meaningful content on diversity, sustainability efforts and its excellent company culture.
Team Up Your Career Marketplace With a CRM
Candidates may not always find a job that aligns with their skills. However, this should not discourage you from attempting to build a lasting relationship with them. To better engage potential hires, offering the option to sign up for a talent community is vital.
However, without regular, quality content, these communities risk becoming stagnant. Combining your career marketplace with a CRM that provides powerful recruitment marketing tools allows you to create tailored content via drip campaigns that deliver custom content to your segmented talent pools. Thus, your hiring teams can personalize and automate communication simultaneously, ultimately enabling them to maintain high candidate engagement at scale.
New Strategies for a New Landscape
From the Great Resignation to the Great Reshuffle, candidates seek the best opportunities and expect much more than fair compensation when looking for a job. This can be the chance for your organization to reap the benefits of a comprehensive career marketplace that captures the interest of a newly available talent pool and an unprecedented opportunity to see the remarkable potential of artificial intelligence and talent acquisition working together.
With the right team executing your vision, you’ll be able to attract diverse qualifications and skills that enrich your talent pool in these changing times.