How Wage Inflation Can Undo Even the Best Recruitment Programs

Sevenstep Vice President of Client Solutions Yates Baker featured in conversation with HRO Todqy CEO Elliot Clark in a New HRO Today Podcast.

In a new HRO Today Podcast, Sevenstep Vice President of Client Solutions Yates Baker weighs in on the challenges of doing business in the current talent marketplace and what companies can do to thrive in this environment, sharing proven solutions to common problems. Here are some highlights from the insightful and information-packed 20-minute conversation with HRO Today CEO Elliot Clark, with quotes from Baker:

“It’s going to get worse before it gets better.”

It is an unprecedented environment, marked by:

  • The rising cost of goods
  • Inflation at the highest level in over a decade
  • Labor shortages
  • Historic wage inflation (yet for most workers, real wages have fallen

“We have to come up with creative solutions to make things easier for the candidate.”

In this candidate-driven marketplace, companies cannot afford to have application processes that slow down candidates.

“What will you offer employees to entice them to come?”

To attract candidates, companies must consider

  • Competitive salaries
  • Remote options
  • Flexible hours

“What is our ‘true north?’ What are we looking to do as a company? Are we benefiting the world? Are we offering solutions out there to the marketplace that truly are a benefit and betterment to the society in which we live?”

Employer brand matters more than ever to candidates. How can companies do a better job explaining their brand to prospective employees? Revaluate and revise job descriptions and career sites with this in mind.

“Can we innovate? Can we change? The organizations that can have those conversations effectively will succeed in this market.”

Want to hear and learn even more details about what Yates Baker’s best practices and suggestions during in this volatile marketplace? Then click HERE to listen to the 20-minute podcast hosted by HRO Today CEO Elliot Clark. It’s a conversation you don’t want to miss.

To learn more about Sevenstep’s solutions, including recruitment process outsourcing (RPO) managed service provider (MSP) programs, and Sevayo™ Insights, Sevenstep’s proprietary data aggregator, go to our solutions page.