5 Hiring Tips Every Company (and Job Seeker) Should Know | Nithya Vaduganathan | TED

TL;DR

Discover how the labor market's struggle to fill jobs is due to outdated practices and learn five tips to unleash hidden talent.

Transcript

So there's an interesting thing happening in the labor market. On one hand, there are a whole lot of job openings. And on the other, there are a lot of employers really struggling to fill them. Now we get this in part because we're experiencing an unprecedented rate of change in the nature of work. So many jobs today require new skills. Ten years a... Read More

Key Insights

• 🔍 The labor market is experiencing a disconnect between job openings and employers struggling to fill them due to rapid changes in the nature of work and the need for new skills in the workforce.
• 🔑 Outdated practices in hiring are exacerbating the problem, causing strategic priorities to be put on hold and products to be delayed, impacting revenues.
• 💡 The key to solving this issue is to unleash the hidden talent that is already available, helping leaders and managers shift their focus to delivering value rather than stressing over unfilled positions.
• 📝 When writing job descriptions, leaders should focus on defining the actual work that needs to be done, rather than creating unrealistic requirements that only a Pegasus could fulfill.
• ✅ Screening candidates based on outdated criteria, such as time in role and degree requirements, is not predictive of success. Companies should consider removing these barriers and focusing on skills that matter the most.
• 🤝 Companies should look beyond their own teams and floors to find hidden talent within their organizations. Internal mobility and upskilling programs can help employees grow and fill open positions.
• ☕️ Starting with small-scale paid projects or micro internships, like coffee dates, can serve as a low-risk way to find hidden talent and increase the odds of a good match between candidates and companies.
• 🌟 It is important for managers and leaders to support and encourage career advancement for their employees, even if it means letting them go to pursue their dream jobs. Talent hoarding is not beneficial and can lead to employee turnover.

Questions & Answers

Q: Why are employers struggling to fill job openings despite a high number of job opportunities?

Employers are struggling to fill job openings because there is an unprecedented rate of change in the nature of work. Many jobs today require new skills that were not needed in the past. This mismatch between the required skills and available talent is causing the disconnect in the labor market.

Q: What is one reason for the disconnect in filling 21st-century jobs?

One reason for the disconnect in filling 21st-century jobs is the use of outdated practices. The traditional approach of listing extensive requirements and screening candidates based on narrow criteria is not effective. Employers need to rethink their approach and focus on the actual work that needs to be done rather than creating unrealistic job descriptions.

Q: How can employers improve their hiring processes to find the right candidates?

Employers can improve their hiring processes by designing job profiles based on the actual work that needs to be done. Instead of focusing on a long list of requirements, they should screen candidates based on the skills that are most important for the job. This approach allows for a wider talent pool and gives candidates who may not meet all requirements the opportunity to prove their potential.

Q: What approach can managers and candidates take to increase the chances of a good job match?

Managers and candidates can start with a lower-risk approach, such as having coffee or engaging in micro internships. This allows both parties to get to know each other before committing to a long-term working relationship. Micro internships, especially for college and graduate students, provide an opportunity for companies to identify hidden talent and for students to gain practical experience.

Q: How can organizations discover hidden talent within their own company?

To discover hidden talent within a company, managers and leaders need to look beyond their immediate teams or floors. Talent may exist in other departments or areas of the organization, and it's important to consider employees from different backgrounds and skillsets for open positions. Companies like Unilever have successfully moved employees to new roles internally, demonstrating that the talent needed often exists within the organization itself.

Q: Why should leaders support their employees in pursuing new career opportunities?

Leaders should support their employees in pursuing new career opportunities because holding onto talented individuals in the same role for years can lead to frustration and dissatisfaction. Lack of career advancement is a common reason for employees to leave their jobs. In contrast, companies that actively support internal mobility and encourage employees to grow and explore new roles have been shown to have more diverse and innovative project teams. Talent hoarding, which prevents employees from advancing, is not beneficial in the long run.

Summary & Key Takeaways

• There is a disconnect between job openings and employers struggling to fill them due to an unprecedented rate of change in the nature of work and outdated hiring practices.

• To address this, leaders and managers should focus on identifying the actual work that needs to be done and designing job profiles based on that, rather than listing excessive requirements.

• Companies should rethink their screening criteria to focus on relevant skills and experiences, and consider alternative approaches like micro internships to find hidden talent within and outside their organizations.