Highlights from BMO’s new Hiring Outlook Report
While jobless rates are hotly debated in the US presidential elections race, a new report from BMO Bank of Montreal entitled, the Hiring Outlook Report shows Canada’s outlook from business owners’ point-of-view is quite positive.
|According to the BMO Hiring Outlook Report,|
hiring is a top priority for 2013.
According to the survey, hiring is a top priority for 2013. One in four businesses plan to expand their work force, and large companies appear to be twice as likely as small businesses (45% versus 22%) to say they are planning to hire more employees.
However, close to half of all Canadian businesses (47%) say it is more difficult now to attract talented employees, than it was pre-recession. According to the report, businesses report their number 1 challenge is finding and retaining talented employees.
This means, if you are among those companies looking to invest in people next year, you may be facing some competition, with other businesses eyeing the same talent.
So, how can you get a leg up on your competitors? The following are some tips on maximizing your hiring plan – key lessons we’ve observed over the years in our role as the connector between employers and job candidates.
Maximize your hiring plan – 5 tips to get a head start for the New Year:
- Secure senior management buy-in of your hiring plan first: this may seem obvious, but you’d be surprised how many hiring managers look for talent, conduct interviews, and get ready to make an offer, only to be shot down from top management who hadn’t bought-off on the plan in the first place.
- Plan ahead: internal approval processes, projections and planning can take some time, especially if unexpected delays arise. So, it’s best to start planning your internal hiring approvals in advance of when you plan to actually put a job posting out (start planning now if you intent to hire in the New Year – confirm titles, job descriptions, salary ranges, etc.).
- Show your brand’s “character” in your job posting: as employers try to “sell” their company to the best talent out there, isn’t it surprising how boring some job posts can be? Consider injecting some of your company culture and brand offering into your job posting to give it some “character” – like-minded individuals may be more likely to gravitate to your posting as a result.
- Found the right talent? Avoid “dilly-dallying” delays: we do unfortunately see companies on a regular basis lose highly sought after talent because of internal process delays or indecision from management. Great people are often scooped up quickly, so when you find the right talent for your team, it’s imperative that you move quickly to secure them too.
- Take advantage of a good recruiter: we can provide you with additional staff and support in your hiring process. But more importantly, you can take advantage of the expertise we’ve amassed – years of experience searching for and interviewing candidates, reading between the lines for cultural fit and for building strong team dynamics. We are expert negotiators too, and we can “sell” a candidate on why they should choose you over a competitor.
Here’s to your hiring success in 2013!