Based on Organisation for Economic Co-operation and Development (OECD) data, U.S. unemployment rates in 2020 are expected to remain low, and possibly dip even further to 3.5% or less. For job seekers, this continued low unemployment rate is wonderful financial and professional news. Job candidates will continue to have a decent-sized pool of full- and part-time job opportunities to choose from, and likely have the chance to be considered and interview for roles, that in other economic environments, would have been out of reach. On the opposite side of the coin, the tighter job market means employers’ hiring managers and talent recruiters have to be more flexible when it comes to job candidates “checking off all the boxes” on an open position’s “skills & experience” list.
Unfortunately for employers, the fact that 2020 is expected to continue to be a candidate’s job market also means that existing (previously hired) top talent/top performers may be more likely to “jump ship” because of the abundance of enticing external roles and employers who are hiring.
It’s Still Possible to Retain and Recruit Top Talent in a Tight Job Market
All of the above said, there’s still actions employers can and should take to make sure the majority of their “new hires” end up being “good hires.” In addition, despite the tight job market, organizations can and should aim to engage, develop, and retain current top talent, as well as retain any new employees they bring on board in 2020.
By filling in the gap between resume and interview with actionable items, streamlining an effective hiring process, matching prospective employees with jobs that match their inherent capabilities, and successful, impactful onboarding and follow-up, organizations can avoid being dragged down or dragged under by the extended tight job market. Employing one or several PXT Select™ solutions, along with other sound, effective hiring, reference-checking, onboarding, and employee development practices, will ensure you don’t make the wrong hiring moves in 2020, as well as retain both the top talent you have and the talent you recruit. And, all of the aforementioned will equate to your organization saving both time and money by making employee hiring and retention more effective and efficient.
How PXT Select™ Supports Effective Hiring and Employee Retention
As a Certified PXT Partner, we refer to PXT Select™ and its associated solutions as the smart, human approach to all aspects of talent management – strategy, selection/hiring, onboarding, and employee/professional development. We know that each of our clients’ needs are different. We take the time to listen to organization’s needs, and then, recommend practical, customized, and cutting-edge employee recruitment, onboarding, and development solutions, including the following ones that support vs. replace other components of the hiring process (interviews, reference checks, other skills testing):
- Job candidate assessments and instructions for completing. While we can’t provide a crystal ball that will indicate how a prospective employee will perform in the future, we can provide the next best thing – an assessment that focuses and provides feedback on the following three broad measures that impact an individual’s approach to situations in the workplace.
- Thinking style (ability to process information, problem–solving skills, learning skills)
- Behavioral traits (commonly observed actions)
- Interests (this may predict motivation & potential satisfaction related to various jobs)
Via a short survey that shouldn’t take prospective employees more than one hour to complete, our PXT Select™ Assessments will help you assess whether or not a job candidate has the thinking style/skills, behavioral traits, and interests needed for them to succeed in their potential new role.
As part of our solution, you’ll receive an instructional orientation video that you can easily share in an e-mail along with the access link to complete the PXT Select™ Assessment.
- Onboarding reports that will help you coach and effectively manage a new employee and assimilate him or her into your existing team – leading to enhanced employee performance. Contribution, engagement, and retention. We offer the following three types of PXT Select™ Onboarding Reports:
- Coaching Report (provides feedback on how to coach & manage a particular employee)
- Manager-Employee Report (provides feedback on manager-employee compatibility)
- Team Integration Report (provides feedback on how entire team can work effectively to achieve common goals)
- Leadership reports that allow you to create customized leadership development plans for leaders at all levels in your organization. PXT Select™ Leadership Reports identify the six foundational skill sets that are time-proven to create effective leaders, and help you avoid a leadership gap commonly found in today’s organizations. Individual plans tailored specifically to each leader support both an organization’s goals to deepen bench strength and enhance succession planning. Plus, employees who believe they are being “developed” or “groomed” for roles with increased responsibility are far more likely to remain at an organization.
Don’t be unnecessarily swept away by bad hiring decisions or increased employee turn-over that can accompany a candidate’s job market. Contact us today to talk about we can help you implement PXT Select™ solutions that meet your organization’s hiring, onboarding, retention, and development needs for 2020.