First, the housing market. What hasn’t it touched? But one way in particular the housing market has affected hiring is that employees simply aren’t as mobile. Many sought-after candidates are tied to their homes, unwilling or unable to sell in such a weak market. Those candidates will either need to be compensated greatly for relocating, recruited to companies close to them, or work remotely. So companies looking to hire will save money by choosing from a local pool of candidates, or relying on recruiters and staffing agencies to do the work of sifting through the candidate pool to match companies with workers who are either local or able to relocate without financial strain.
Second, gas prices. If we were to just scrape the surface, companies may have to negotiate with employees, as workers demand higher pay to compensate for cost of commuting. A more efficient way to compensate for soaring gas prices is to hire candidates in closer proximity to work. In some cases, companies may also offer the option to telework.
Third, social media. Brands are no longer shaped solely by company advertising. Consumers shape brands, through social media. Word of mouth has long been considered the most effective advertising. Social media is word of mouth on steroids. Big, global steroids. Your employment brand is equally susceptible to employees’ and job-seekers’ perception of it. Their perception will help shape your brand. How does this affect your hiring practices? Well, you’ll have to be transparent and authentic about the way you represent your company and your job descriptions. Any misrepresentations or “sugar-coating” can easily be invalidated by employees who’ve experienced otherwise. And of course, the best thing you can do for your employment brand is provide a positive and consistent employee and job-candidate experience, so people have mostly good things to say about you. Because what they say, will be heard.