The World Health Organization (WHO) finally announced the long-awaited end to the Covid-19 pandemic. While this news is prompting many to joyfully push its impact on the US economy to the background, businesses nationwide are still facing a major implication of the pandemic: a lack of talent. While macroeconomic trends such as an impending recession have swung the pendulum in favor of employers, the job market remains shaken on the heels of the Great Resignation.
During the last week of March 2023, there were 9.6 million job openings in America — 1.6 million less than in December 2022. However, employers continue to steadily see employees quitting, citing the need for higher pay, wanting to remain remote, insufficient executive support and lack of professional development. So how can employers navigate evolving workforce trends where economic conditions and employee autonomy converge?
Improve the Onboarding Process and Candidate Experience
The employee screening process sits between a great final interview and an employee’s first workday. Today’s employees expect and demand a positive workplace experience, so creating a positive onboarding experience for the new hire can make all the difference a few months down the line when they decide if they should stay or move to another company. Having a robust and automated screening program reduces hire time, streamlines workflows and reduces the risk of onboarding a potentially bad hire. It’s also important to have an onboarding process that is easy for the new hire to complete from wherever they are.
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Leverage Technology for Background Checks, Drug Testing and Occupational Health Screening
A new hire typically costs $4,700, so if a company consistently deals with turnover due to bad hires, that cost can add up quickly. A screening solution can provide modern background screening, drug testing and occupational healthcare solutions for all talent acquisition needs. This will ensure each company’s needs are met and its brand is protected while confirming vital information via background checks like a candidate’s education and experience, possible criminal convictions, reasons for prior firings and information discrepancies on their résumé.
Having the right tech tools in place and utilizing an accredited screening firm to perform comprehensive background checks, drug testing, health screenings and other pre-employment screenings are critical to identifying top talent and weeding out those who won’t last long with the company, significantly reducing costly terminations and resignations. An in-depth background check will also help eliminate the candidates that falsify information on their résumés, which reduces the risk of problems down the line if they’re hired and unable to perform their job functions accurately.
Improve Talent Acquisition to Reduce Turnover
To recruit and retain quality talent in this market, companies must improve their onboarding process and candidate experience and leverage technology for background checks, drug testing and occupational health screening. By doing so, they can reduce the cost of turnover due to bad hires, protect their brand and identify top talent.