The entire recruitment process can be cumbersome. The entirety of recruitment, starting from: sourcing, recruiting, shortlisting, interviewing, signing, hiring, and onboarding is what keeps the right people coming into the organisation. People describe recruitment as the full process of how talent discovers your brand, learns about it through candidate experience, and joins as an employee.
Employees are a company’s lifeblood, therefore identifying and attracting the best individuals to work in an organisation is critical. Unfilled job roles and lost revenue might result from a poor recruitment attempt, but successful recruitment will bring in the right individuals on time, allowing a company to continue to grow.
When recruiting is done correctly, your employees are engaged, your company thrives, you attract better prospects, you have high ratings on sites like Glassdoor, you reduce turnover, you establish a talent pipeline, and so much more.
The labor market, often known as the job market, is concerned with the supply and demand for labor, with employees providing the demand for jobs and employers providing the supply of jobs. It is an important part of any economy and is intertwined with capital, goods, and service markets.
A labor market analysis reveals how much other companies with similar jobs pay their workers. A salary study can assist managers and supervisors in determining the appropriate pay amount for a new post or an existing employee. It can also assist them in making decisions on employee retention and internal equity.
In recruiting, labor markets are extremely essential. It’s exceedingly difficult, but not impossible, to recruit in a tight labor market. To do so, make sure you’re ready to act as soon as you get a “yes,” so you can immediately advance the finalized candidate to a new recruit. You should also be able to communicate effectively with your managers and potential prospects. Who you hire as workers is influenced by labor markets and recruiting.
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Written By: Kwesi Afful