Panel, Fireside Chat
Strategies for Navigating the Hiring Process
- Bank of America projects that 50% of small businesses prioritize specific hiring criteria, with the remaining half split evenly between experience and cultural fit, while emphasizing that trustworthiness and work ethic are "ingrown" traits that cannot be taught.
- LinkedIn forecasts that over 60% of hiring managers will continue to identify soft skills screening as a significant challenge, prompting advice to assess six specific traits: adaptability, culture fit, collaboration, leadership, growth potential, and prioritization.
- LinkedIn anticipates that employee referrals will remain the most cost-effective and rapid hiring method, with referred hires expected to demonstrate superior performance and longer tenure compared to candidates from other channels.
- Steve Strauss predicts that a combination of low unemployment rates and perceived millennial restlessness will create a difficult talent acquisition and retention environment, requiring competitive pay, benefits, and the ability to offer diverse tasks and training.
- Bank of America expects that businesses with short-term needs should utilize 1099 contractors, whereas long-term commitments require full-time associates, while warning that misclassifying employees as independent contractors carries significant IRS penalties and legal risks.
- LinkedIn reports that 87% of professionals, particularly millennials, express a preference for working at companies with 200 employees or less, suggesting small businesses can leverage personal interactions and direct access to owners to compete with larger corporations.
- Bank of America suggests that accountants and bankers can serve as non-traditional talent sources, while LinkedIn warns that failing to recruit a diverse workforce will stunt growth and place businesses at a competitive disadvantage against those leveraging diverse perspectives.
- LinkedIn plans to release a study on small and mid-sized business recruiting trends in October, following the anticipated release of Bank of America small business owner report data to provide further hiring insights.
- Specific screening strategies include asking behavioral questions to assess problem-solving, utilizing job boards to position postings to specific candidate pools, and leveraging social networks to reach passive candidates who may offer strong cultural fits.
- Steve Strauss advises that asking unexpected personal questions can help employers understand a candidate's character, while also noting that creating a supportive work environment with accolades can improve retention without incurring additional costs.
- LinkedIn projects that businesses adhering to the top three hiring sources—employee referrals, online job boards, and social networks—are most likely to successfully recruit the talent necessary for business growth.
- Bank of America anticipates that thoughtful preparation before the hiring process and aligning the workforce with the business's specific culture and target demographics will result in higher confidence in talent retention.
- John Doust predicts that hiring individuals who genuinely need the job leads to full attention and commitment, whereas those hired merely to "fill days" may show less dedication.
- The outlook includes a prediction that hiring individuals through verified references and social media checks will help confirm soft skills claims made during interviews, ensuring better alignment with organizational needs.