Is Speed Hiring Right For You?

Labor shortages in the U.S. have been a longing issue that businesses have been battling with due to the rise of the Omicron variant and the “Great Resignation.” According to the Labor Department’s latest Job Openings and Labor Turnover report, approximately 4.5 million workers quit their jobs in 2021 which is equivalent to 3% of the total U.S. workforce. Most of the turnovers came from minimum-wage industries such as food services, health care, social assistance and warehousing. In order to combat labor shortages, companies such as Home Depot have adjusted their hiring strategies in order to get their speed hiring perfected.

How Fast Is “Speed Hiring”?

Dubbing the hiring shift as the “speed hiring” era, companies are taking less time to hire in order to expand their workforce. Jobseekers usually have to go through a timely process before obtaining a job. On average, the hiring process takes about 23 days to hire with some industries taking up to 53 days to hire. Not to mention, the jobseeker market is highly competitive as it is candidate-driven. Jobseekers have more bargaining power over employers and have a variety of job options.

Some Companies Offer One-Day Offers

In response to the hiring challenges, Home Depot plans to offer job seekers a position within a day of receiving their application. With Home Depot’s plan to increase their workforce by 25% in the Spring, speed is the name of the game in their hiring strategy. According to Home Depot’s vice president of talent acquisition, Eric Schelling, he states that “We know that the same things that are important to our consumers are important to job seekers — speed, simplicity and controlling the experience to fit their schedule”. 

What Types Of Companies Are Speed Hiring?

With the current candidate-driven market, speed hiring might be best suited for companies who lack the right personnel to run their businesses and need positions to be filled right away. For companies that require skilled workers, speed hiring doesn’t mean that the business neglects their hiring standards. This implies that businesses need to reevaluate their hiring strategies in order to speed-up the hiring process. Especially with a candidate-driven market, speed hiring provides companies with a one-up from competitors who are seeking a similar candidate. 

As companies are eager to acquire top candidates, speed hiring allows businesses to cut back on hiring time and costs, gain access to higher quality hires and potentially increase job acceptance rates. 

Speed hiring allows HR managers and recruiters to reduce the amount of time spent in recruiting, researching, and screening candidates. This also reduces the time spent for HR managers and employees covering the workload for the unfilled position; in which, cuts back on hiring costs.

On average, top candidates are out of the jobseeker market within 10 days. Speeding up the hiring process allows businesses to recruit top qualified candidates before other competitors. This secures businesses with their ideal candidate and prevents businesses from missing-out on quality hires. 

Besides acquiring the top suited candidate, speed hiring increases the chances for job acceptance rates. Providing a faster and more efficient hiring process provides a positive candidate experience, avoids candidate bidding from competitors and prevents candidate drop-out. Providing a timely offer also gives jobseekers less time to interview with other companies or engage with counter-offers from other hiring managers. 

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Where Are Employees Choosing To Live Now? [By Industry]

As professionals, the goal of every worker is to strive for the next step in their career. One way to accomplish this is through getting a promotion. Getting a promotion normally comes with it’s perks such as higher pay, more responsibility, and of course, a new job title. Reaching the next step means that the employer is satisfied with one’s work and one’s contribution to the company. From a career standpoint, getting a promotion signifies personal career growth and serves as a milestone which affirms an individual’s success in their field. 

In numerous cases, it is more difficult for individuals to progress in their career as there are several external factors that play in the mix of promotions such as the type of industry and job location. As individuals in certain states in the U.S. and specific industries have hurdles that slow their career progression. Not to mention, getting promotions have been more of a blur due to the pandemic; with businesses having to cut back on capital spending and implementing lay-offs. 

What are the promotion hiring trends per city and industry? What are the in-demand skills for these industries in order to obtain promotion? 

Product Management Industry 

Product managers guide the success of a product and lead cross-functional teams in order to successfully launch a product in the market. Product managers are responsible for managing  all aspects of a product from market conditions to product release to delivery. Their role varies depending on the company and the product. 

Product managers have 149% above national average internal promotion rate where the top regions include Fayetteville, Arkansas, Austin, Texas and Richmond, Virginia. The top skills in-demand for product managers are product strategy and product road mapping. As product managers work closely with the product, it is important for product managers to expert these skills and have a deep understanding of the product they are managing. 

Marketing Industry 

Marketers all share a common goal of generating revenue for a company, brand, or organization. This is possible through the execution of marketing strategies in order to drive engagement, obtain qualified leads, and generate sales. There are several career paths within the marketing field such as specializing in product marketing, social media marketing, and market analysis. 

Marketers have a 94% above national average internal promotion rate where the top regions include New York City, Boston and Austin, Texas. The top skills in demand in the field are digital marketing, email marketing, and content marketing. With the rise of more emphasis on marketing through social media, it is no surprise why the top skills involve social media based marketing skills. 

Program and Project Development Industry

Program and project development managers oversee the more technical parts of a company in contrast to a product manager that works on specific projects. They are responsible for planning, prioritizing and coordinating project development endeavors based on customer requirements. For example, a program and project development manager in the tech industry is responsible for overseeing the launch of a feature in an app or a website. 

Program and project development managers are 51% above the national average when it comes to internal promotion where the top regions include Wilmington, North Carolina, Fayetteville, Arkansas and Raleigh-Durham-Chapel Hill, North Carolina. The top skills for this role include cross-functional team leadership and agile project management. As program and project development managers manage a larger scale of a project, being an effective leader and being highly adaptable allows them to lead more efficiently which ensures a smoother program or project launch. 

Accounting Industry

An accountant’s basic responsibility is to keep track of one’s personal finances or an organization’s finances. Some accountants may vary in specializations and serve different roles in a company’s or an individual’s finances such as being an auditor, a financial accountant or tax accountant. For example, an auditor would evaluate if a company’s financial statements comply with the generally recognised accounting principles. While tax accounts file an individual’s or company’s tax returns. 

Accountants are 47% above the average national average internal promotion rate where the top regions for promotion include Boston, Denver and Chicago. The top skills being sought after are account reconciliation and generally accepted accounting principles. Especially when handling big clients and company finances, account reconciliation and having a comprehensive understanding of the accounting principles is a must in order to display credibility and reliability. 

Human Resources Industry 

Majority of businesses rely on human resource professionals in managing a company’s employees. From recruiting to employee training, human resource professionals are responsible for managing the employee’s lifecycle. Individuals in human resources may specialize in either recruiting, employee benefits, or conflict resolution. 

Human resource professionals have an internal promotion rate 44% above the national average where the top regions for promotion include Fayetteville, Arkansas, Boston and Raleigh-Durham-Chapel Hill, North Carolina. The top skills in-demand in this industry include onboarding, applicant tracking systems, and recruiting. Especially with the great resignation and surplus in job openings, human resource personnel must excel in attaining top-fitted candidates for open roles and recruiting them for the company. 

Business Development Industry 

As a company continues to flourish, the key for a business’s success is their business development. Business development managers are focused on finding the right opportunities for a business to ensure sustained growth. May it be globalization or finding a new line that the business can benefit from, business development managers are crucial in the future of a company’s success in the market. 

Business development managers have a 26% above national average internal promotion rate where the top regions include Fayetteville, Arkansas, Santa Barbara-Santa Maria, California and Chicago. The top skills in demand for business development managers are their ability to strategize and tableau. 

Finance Industry 

Finance professionals range in different roles such as bank tellers, mortgage managers and investment managers. Due to the pandemic, the role of finance professionals has been substantially crucial for several individuals; as customers and clients sought banks and lending institutions for financial support during the declining economy. Employers in this industry are quick to promote existing employees with in-demand roles in order to ensure they are fully staffed during operations. 

Finance professionals have an 18% above national average internal promotion rate where the top regions for promotion include Boston, Wilmington, North Carolina and Pittsburgh. The top skills in demand for finance professionals are financial analysis and finance modeling. Especially when handling an individual or company’s finances, finance professionals must be critical in their ability for financial analysis and financial modeling. 

Sales Industry

Sales serves as a key profitability driver for several businesses and establishments. The industry relies on sales professionals in order to sell their product or service in the market. With a variety of industries and a wide array of products and services, sales professionals may either directly sell to a customer (B2C) or sell from business to business (B2B). 

Sales professionals have a 13% above national average internal promotion rate where the top regions for promotion include Austin, Texas, Santa Barbara-Santa Maria, California and Raleigh-Durham-Chapel Hill, North Carolina. The top skills for sales professionals include account management and cold calling. Sales professionals that work with larger corporations must drive sales and establish good connections with their clients. Being experienced in account management and cold calling are effective tools for sales professionals to do so. 

Consulting Industry 

Consultants provide businesses with advice and expertise in order for the business to improve their performance. They offer advice based on a business’s operations, profitability, management, structure, and strategy. Businesses tend to hire consultants if they lack in-house expertise, need a second opinion or need help with the company’s business model. 

Consultants are 13% above the national average when it comes to internal promotions where the top regions for promotion include Chicago, Boston and New York City. The top skills in demand for consultants are their ability for business analysis and agile methodologies. As some businesses hire consultants during difficult periods, it is crucial for consultants to be experts in analyzing businesses and coming up with agile methodologies. 

Purchasing Industry

The purchaser’s role serves different functions depending on the business’s field and needs. Purchasers are responsible for the procurement process meaning they ensure the process of purchasing production materials, supply of goods and equipment runs smoothly. For example, a purchaser may order clothes from a direct supplier to be sold to customers. Another example would be a purchaser ordering raw materials from a manufacturer for a company’s product. 
Purchasers have a 12% above national average internal promotion rate where the top regions for promotion are in Fayetteville, Arkansas, Columbus, Ohio and Atlanta. The top skills in-demand for purchasers are strategic sourcing and procurement. Specifically with a larger scale of production, purchasers must be proficient in strategic sourcing and procurement in order to ensure a business’s operations flows efficiently.

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How The Pandemic Has Changed The Way Young Adults Enter The Workplace

The impact of the pandemic has undoubtedly caused setbacks and challenges for everyone of all ages. Especially for young adults, the covid pandemic has caused a disruption with the landscape of their young adulthood. Missed graduation festivities, in-person classes, wedding celebrations, missed quality time with friends are just of the few many. Those young adults who are looking into starting their careers face a more complex decision when it comes to their career paths. Young adults entering the job market find it hard to find their footing since they don’t have that much experience with the in-person onboarding, networking, and training that they would have experienced in the traditional process. To add on, young adults are forced to decide based on the external factors around them such as safety, flexibility and their personal fulfilment. This has caused the majority of young adults to shift their expectations and make the most out of the situation. 

Implications Of Remote Work On Young Adults

One of the outcomes of the pandemic that young adults had to adapt to was the implication of remote work. Remote work gave the ability for young workers and for many others to work virtually amidst the pandemic. This gives them the opportunity to earn money, progress their career paths and have more flexibility with their time. According to a Stanford study, remote work has proven to increase workplace productivity by 13%. This is due to less distractions, employees working more hours, and due to a more convenient workplace environment. As businesses look past the pandemic, a statistical study reveals that 51% of young adult respondents want to remain working from home the bulk of the time and 85% of them want full-time remote opportunities. Clearly, there is a demand for a remote work-structure by young adults and the adaptation of remote work will continue to prevail post pandemic. 

Remote Work Can Hold Young Adults Back

On the other hand, working remotely has prevented young adults entering the job market from experiencing water cooler chats, having their own office workspace, and even face to face time with bosses. According to a survey, 40% of college students and recent graduates would actually prefer fully in-person work. Since the demographic is new to the workforce, they miss on crucial experiences that mold them and allow them to progress in their career path. The lack of interpersonal interaction makes them feel disengaged with their work which could result in poorer work output. Despite the benefits and productivity increase remote work provides, younger people are craving to go back to in-person as they desire the interpersonal connection they develop with their co-workers and bosses.

Young Adults Experience Hybrid Work

The solution companies have come up with in order to satisfy workers who want to work from home and those who want to work in the office is the incorporation of hybrid work. The application of hybrid work as the workplace standard allows employees to have the flexibility of remote work while still having human interaction with the office dynamic through in-person work. A hybrid workplace will also allow those young adults who haven’t experienced working in an office to have a seamless transition into the workplace flow. Distinctly, young adults are open to the idea of hybrid work. According to a McKinsey & Company study on workers’ hopes for the future, it states that 18 to 29 year olds are most interested in a hybrid work set-up, working two to three days a week from home, and the rest in an office. Where 48% of the 18 to 29 year olds respondents said they’d prefer hybrid work. With more businesses reopening their offices and the acceptance of the hybrid work structure by young adults, hybrid work could potentially be the future of workplace structure and workplace flow. 

The pandemic has caused young adults to enter and adapt to new workplace dynamics. One of the biggest industry shifts was the implementation of remote work. Remote work has its perks such as workplace flexibility, better work-life balance, safety from the virus and has been proven to increase productivity; but, at the end of the day, young adults still desire the personal connections they develop in the workplace. A hybrid workplace model allows young adults and workers to still attain remote work-flexibility while being able to develop interpersonal relationships at work.

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What Cities Are Hiring Top Tech Talent Right Now?

This past year has been difficult for U.S. businesses to develop technical talent due to the transition to remote work and with the pandemic halting business advancements. Conducting on-site training is nearly impossible due to the restrictions in place. Renowned tech-hubs such as the San Francisco Bay or the New York City area have experienced a negative shift in migration due to it’s high rent prices. This has caused engineers and top candidate talent to relocate to smaller cities for better cost-of-living. 

Increase Tech Hubs: Madison, Colorado Springs & Raleigh-Durham-Chapel Hill

Smaller cities in the Midwest, South, and Mountain time zones have been experiencing an upwards trend of qualified engineering workers and top candidates migrating to smaller cities. According to a 2021 research study, Madison, Colorado Springs, and Raleigh-Durham-Chapel Hill served as the top three cities where there has been an increase in tech-hubs and pool of engineers. 

Amazon Relocates To Madison

Madison, Wisconsin, named as the most resilient tech hub has progressively been making a name for itself when it comes to engineering talent where they experienced a 4.6% growth in the tech talent pool. This shift has caused top companies such as Amazon to relocate their recruiting into these smaller towns since talent is readily available. Amazon’s business units such as Amazon Web Services and Shopbop have already been on the lookout in Madison, Wisconsin for talent offering over 46 new jobs just for tech talent. 

Cybersecurity Flourishes In Colorado Springs

Colorado Springs, taking the number two spot is renowned for its cybersecurity expertise. A software company named Ivanti has taken notice of the increase in talent in Colorado and has been actively growing its presence in Colorado. The company is planning to hire 50-75 of new candidates in Colorado Springs in pursuit of making the city Ivanti’s “center of gravity” for two main software lines. 

Consider Hiring From Outside Your Normal Geographic Area

Much of the talent that has moved from large urban areas are unlikely to return due to cheaper costs of living, particularly for housing, and improved quality of life. Organizations need to develop their company’s technology infrastructure and organizational culture in order to support remote and hybrid work. Especially with the rise of digital workspaces, companies are continuously expanding and reaching out to smaller states to find top talent. Companies that adapt to the new geography of work will not only cut on their costs by decreasing the requirement for real estate, but they will also gain a competitive advantage in attracting and retaining highly mobile people. 

Could Remote Hiring Be The Best Fit For You?

Considering the growth of smaller city’s talent, the gig economy is a powerful solution to reaching out to a wider range of candidates. The gig economy allows your company to attract top candidates virtually from anywhere. Besides that, you can cut on costs without compromising on the quality of work. The way the gig economy works is that an employee enters into a formal agreement with a company to provide the necessary services. Factors such as hours worked, benefits offered, and duration of contract are just a few of factors in consideration when pairing up staffing needs with a potential gig worker. With the gig economy, the opportunities for company expansion and growth are truly endless. 

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Is Now The Right Time To Quit Your Job?

Is Now The Right Time To Quit Your Job?

Change is coming and the big shift is right around the corner. With the gravity of the ongoing pandemic, it would make sense for individuals to seek the safer option when it comes to their career — which is to stick with the job they already have. However, people have used this time to reflect on their life priorities and their career. Many have decided that they need to make a career change. This fluctuation has been dubbed “The Big Shift” and “The Big Resignation.” 

During this trend, people are overwhelmingly shifting careers, either from being laid off or choosing to explore a new job. According to Microsoft, more than 40% of the global workforce is considering leaving their current jobs this year. The main motivation includes pandemic-induced burnout and the erosion of work-life balance. Higher salaries, a different role or field, and higher fulfillment of personal life ambitions are primary goals for job changes. 

Should I Quit My Job? 

Keeping your mind open to other job opportunities can help you navigate what you actually want out of your career path. There are times when you may be leaning more on quitting your job, but, instead, it could lead to other changes within your current place of work. This might lead to a new position or an increase in responsibilities.

Ask yourself how you are feeling about your current position. Does your work feel repetitive? Do you feel like you are stuck in your current position, with little chance for advancement? Does your current job match your life priorities? Is your employer’s culture consistent with your values? Quitting your job is a big decision and reflecting on your ambitions could help you have a deeper understanding on what you truly want out of a role. 

What Should I Do If I Decided To Quit?

The worst thing you could do is to burn bridges. When leaving your job, you want to leave a positive impression on your boss and co-workers. Your last actions will often be the most remembered ones, so take care you don’t ruin your reputation at the end. 

You’ll want to maintain good interpersonal relationships with executives and coworkers, because you never know what could happen in your future.Greener pastures might not be as wonderful as you anticipated, so it’s important to keep your options open. You may be in need of a quick return or future recommendation from a colleague at your current location. 

Recruiters and employers often call previous supervisors when evaluating a potential hire. You wouldn’t want a bad few weeks to ruin a future opportunity.

How Should I Tell My Boss?

Aside from the expected two weeks’ notice, your boss should be the first person you inform about your resignation. Schedule a face-to-face meeting and ask what tasks need to be accomplished before you leave. This allows for a smooth transition for your team, which helps you to leave with a good last impression. 

Any feedback you provide in your exit interview should be constructive. An exit interview is not the time to air grievances. Your last day is not the moment to tell your boss how you really feel about them. Be honest about your reasons for leaving, but you don’t need to go into too much detail at the sake of risking relationships.

How About My Co-Workers? 

Word of your resignation will most likely spread around to colleagues. Make sure to tell your closest coworkers first — such as your direct reports and department teammates. Express your gratitude toward them and how they have provided a positive work experience. 

It’s in poor taste to badmouth the company to your colleagues, since you’ll want to be remembered in a good light. Show your support towards them and exchange contact information to keep in touch in the future. 

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