Improve your hiring with an annual new hire strategy
Many employers hire on an as-needed basis, but that strategy doesn’t work so well in a market where talent is in high demand or you’re in an off-season for hiring.
In a competitive market, it’s like musical chairs. If employers wait for the hiring need to arrive, they may get caught without a chair when the music stops. When it comes to getting people you want to hire, strategy is what separates success from failure.
At least annually, companies should develop a smart hiring plan that will support a growing company. These tips will help you get started.
Take stock of your hiring needs
Speak with your leadership team about your company’s talent needs in the coming year. Consider questions such as:
- What talent needs to be hired over the next several years?
- Are there specific hiring events or cycles to consider?
- What pace should guide the new hire strategy?
Nicole Cox, chief recruitment officer at Decision Toolbox, a 112-employee recruiting firm, says her firm does “tsunami planning” in its annual hiring plan. “We plan for the positive and negative scenarios: ‘What if all of this business came our way? What if all of this business dropped off?'” says Cox.
Hiring ahead of demand is not deemed wise, she says, unless you have a signed contract for new business and make your offers contingent on a signed contract. Instead, revisit the annual hiring strategy every quarter to keep it current.
Evaluate your strategic goals
Consider your company’s strategic goals as you write your annual hiring plan, advises Dave Carvajal, CEO of Dave Partners, an executive-recruitment firm for high-growth technology companies. Map out your company’s strategic goals over time: what do you want to achieve in the next six months, year, or two years?
Many companies aim for three to five major strategic outcomes in a given year in areas tied to market dominance. These areas might include revenue, profit margins, international expansion, entry into new markets and development of a new product line, product or service, Carvajal says. Considering those goals will help you determine what positions you need to fill in the coming year, he says.
Coordinate hiring needs across teams
FreightCenter, a 133-employee third-party freight logistics company, hired 30 new people in one year. How did the company successfully grow its staff in such short order? By coordinating across teams.
In management meetings held every Wednesday, FreightCenter leaders shared information about upcoming hiring needs with the company’s human resources manager, Tiffany Brown. Brown then factored these needs into the company’s annual hiring plan. “We want to make sure we control costs, hire the right talent and keep up with growth projections,” she says.
Once you’re clear on your hiring goals, come up with a plan for recruitment, advertising, marketing and communications. This plan should reflect your hiring timeline and budget.
Create a branded job template
A customized job posting template with your company’s logo and graphics will help your jobs stand out from the crowd and help reinforce your all-important employer brand.
“If I was communicating to software engineers in New York City, I’d probably promote where the engineers we’ve hired are coming from,” says Carvajal. “I’d talk about what their life is like at my company: ‘We follow an agile methodology. We have weekly hackathons.'”
Define the candidate experience
Creating a written interview guide for your team to use with each candidate, along with a standardized scoring system, can make it easier to achieve the goals in your annual hire strategy. You want your candidate experience to be seamless, especially if you’re pursuing top talent.
“When candidates have a variety of choices, you don’t want them to jump through as many hoops,” says Cox. If the company’s career page, online application process, or interview process is bumpy, candidates may not stick around, the experts say.
Create a talent pipeline
You can avoid hiring on an as-needed basis by building a list of potential candidates to recruit. “This can range from a simple database of all applicants to a full-out communications program,” they say. “A cultivation program sends all those in the database recruitment content on a regular basis. This helps keep people connected to your company and alerts them to when a better-fitting opportunity may arise.”
Another way to build a talent pipeline is to host open houses at your company and invite candidates. “Start an almost-invitation-only courtship process,” Carvajal advises. “That way you will get to know them on a deeper level.” Then, the next time to need to fill a new position, you’ll have avoided the usual mad scramble, thanks to your well-considered annual hiring strategy.
Start your new hire strategy today with Monster’s cutting-edge expertise
You don’t have to wait until the end of the year to improve your hiring strategy. Start today by visiting Monster Hiring Solutions, where you’ll find expert hiring tips, the latest in job market trends, and specialized resources to grow your business.