Bamboo HR, a Lindon-based cloud-hosted software platform for human resources, has released a new study that found 92 percent of human resources professionals are just as, or more willing, to hire someone who was laid off and 78 percent of employees don’t think any more or less of them.
But, in today’s economy, what does it take to land a new gig and how can companies attract the best talent? Bamboo’s “Financial Anxieties, Layoff Fears: How U.S. Workers Feel About Their Job Prospects” report examines best practices for job finding, hiring and employee retention in{mprestriction ids="1,3"} 2023.
“This study answers some of the common questions that plague people after being laid off,” said Anita Grantham, head of HR at Bamboo. “Employees often wonder if there was something wrong with them or if they could have done anything differently. What they don’t realize is that there are HR pros eagerly searching for the skills they offer and I’m glad we can shine some light on that reality and what HR pros can do to bring those talents in house.”
Layoff Perceptions
“Getting laid off doesn’t mean an employee is undesirable or unhirable. More than half of HR pros believe that uncertainty in the economy provides a larger talent pool of qualified candidates (55 percent) and an opportunity to pick up quality hires from other companies after downsizing (52 percent). However, HR and employees think some are more at risk for layoffs than others:
- When considering layoffs, 65 percent of HR professionals stick to a “last in, first out” mentality, with recent hires more likely to be laid off than longstanding employees.
- Employees believe marketing is first on the list of roles most likely to be laid off (31 percent), with customer-facing roles second in line at 30 percent.
- Boomers are the least likely to change their perception of someone who’s laid off and Gen Z is the most likely to do so.
Best Practices for Getting a New Job
For professionals in the job market, traditional applications aren’t enough to secure open positions. Candidates need to build in multiple touchpoints with HR pros and employees at organizations they desire to work for.
The tactics that HR pros primarily use to vet candidates for open positions include LinkedIn (43 percent), employee references (26 percent) and word of mouth/referrals (11 percent).
Job seekers shouldn’t shy away from talking about their layoff. One in three HR leads are more willing to hire someone because they were laid off.
“Make sure your LinkedIn profile is current and highlights your experience in the market,” said Grantham. “You’re not damaged goods. Don’t be afraid to tell your entire network you are looking for a job. Those are often the people who are talking to their HR lead and recommending quality hires. Never underestimate the power of employee references and word of mouth.”
Transparency Attracts and Retains Talent
The Bamboo report found that in today’s economy, more than anything, employees want to know what they are getting themselves into. Having a clear and respectful onboarding process and open and honest communication about compensation are keys to attracting and keeping people in 2023.
The study said:
- 83 percent of people have had bad experiences during hiring and/or onboarding for new jobs. Discrimination, ghosting and rude interviewers surfaced as common themes.
- 60 percent of people say honesty about the company’s weaknesses and strengths is a top way to attract them.
- 75 percent of employees have thought about leaving a job in the last year and the top reason (43 percent) is because their salary isn’t keeping up with rising inflation costs.
- 70 percent of people say compensation transparency is the top way a company can attract them. Still, nearly half (49 percent) of HR professionals admit their company doesn’t proactively provide total compensation details to candidates.
- When researching a potential employer, 68 percent of candidates look to see what benefits the company offers and 61 percent look into company culture but a third (36 percent) of companies aren’t proactively providing information on benefit offerings to job candidates.
“Layoffs are continuing but that doesn’t mean HR professionals get to sit back and cherrypick talent,” Grantham said. “HR transparency is more important than ever. Employees in the market today want clarity about what their worth is to their employer and what kind of company they are committing to. We have to double down on digital assets and in-person communications that clarify these important points for candidates.”
BambooHR conducted this research using an online survey prepared by Method Research and distributed by RepData among 1,500 adults age 18-plus in the United States who are full-time office/computer workers. Among the sample, 500 respondents are in an HR functional management role.{/mprestriction}
