5 Hiring Tips Every Company (and Job Seeker) Should Know | Nithya Vaduganathan | TED

Understanding the Labor Market Disconnect

The Current State of Job Openings

• There is a significant number of job openings, yet employers struggle to fill them due to an unprecedented rate of change in work requirements.

• Many modern jobs demand new skills that were not necessary a decade ago, such as data engineering and sustainability expertise.

Outdated Hiring Practices

• The disconnect between job openings and qualified candidates is exacerbated by outdated hiring practices that fail to meet 21st-century needs.

• Leaders are often overwhelmed by unfilled positions, which can delay strategic priorities and impact revenue.

Rethinking Job Requirements

• Before posting job openings, leaders should clarify the actual work that needs to be done rather than relying on unrealistic candidate profiles.

• Many job descriptions contain excessive requirements that only a mythical "Pegasus" could fulfill, leading to ineffective candidate searches.

Screening Candidates Effectively

• Companies should focus on screening candidates in based on relevant skills instead of filtering them out with archaic criteria like degree requirements or years of experience.

• Notable companies like IBM have removed degree requirements from many job listings to broaden their talent pool.

Insights from Research

• BCG's research indicates that while high GPA is important for financial advisers, attending a top school or having specific past experiences may not predict success effectively.

• Companies like Seagate Technology prioritize internal candidates and focus on essential skills rather than exhaustive checklists.

Finding Hidden Talent

Expanding Candidate Search

• Managers should look beyond their immediate teams when staffing roles; often, the needed talent exists within the organization but may be overlooked.

• Unilever successfully transitioned 9,000 employees into new roles during COVID, demonstrating the potential for internal mobility.

Innovative Hiring Approaches

• To improve hiring outcomes, managers and candidates can start with low-risk engagements like coffee meetings or micro internships instead of formal interviews right away.

Career Growth and Talent Management

The Importance of Career Advancement

• Employees may feel stagnant due to a lack of opportunities in their current roles, prompting them to seek new challenges outside their teams.

• Managers are encouraged to allow team members to pursue growth opportunities, as retaining talent without advancement can lead to dissatisfaction and turnover.

• A significant 60% of employees who recently left their jobs cited the absence of career advancement as a primary reason for their departure.

• Companies that support internal mobility tend to have more diverse, innovative, and effective project teams, highlighting the benefits of fostering employee growth.