The post pandemic job market has left employers and job applicants in uncharted territory with both job hunting and recruiting procedures changing substantially. Both sides have identified frustrations with the process. A U.S. employer survey conducted by Indeed found that more than 43% of employers have lamented the increase in time it takes to hire applicants with another 41% of employers saying it is only getting harder to find quality candidates to interview. On the other side, over 60% of job seekers have reported having negative experiences with potential employers.

Today’s Hiring Process Falls Short

The hiring process has long failed to keep up with the rapid shifts we’ve seen in the job market. Many recruitment sites, including Indeed, started by implementing a pay per click model with job applications. This template made no guarantees of companies acquiring quality candidates, despite the volume of clicks their listings garnered. Companies could spend a hefty penny before seeing results. Indeed’s new options are in direct response to this sizable concern.

If hiring speed is your company’s concern, Indeed designed their Pay Per Application (PPA) model to help secure complete and quality applications in a timely and efficient manner. Under this model, an application cost is determined at the time a job is listed. The price is based on market conditions for that specific job. If the job listing is unique to the area it is being posted to and there are many candidates seeking that type of employment, a job sponsor can expect a lower application cost. However, if there are multiple listings that match the same job description and only a few candidates seeking that type of career, job sponsors can expect a higher application cost to correlate with the demand.

Indeed Offers New Options To Meet Your Company’s Priorities

With PPA, several tools are implemented on the backend to ensure that only qualified applications are getting through, including deal breaker screening questions, which recruiters can set up to automatically reject submissions that do not meet a job’s mandatory criteria. To make sure there are no surprises when it comes to costs, job sponsors can choose to receive a specific amount of applications. Alternatively, they can choose to receive an undefined number of applications until a job is manually paused or closed by the job sponsor. Indeed will allow recruiters to reject an application that does not fill a job’s criteria for up to 72 hours before getting charged for receiving that submission.

Indeed will also offer a Pay Per Started Application (PPSA) option that is aimed to provide a job sponsor with started applications on an accelerated timeline. Job sponsors will be charged each time a job seeker clicks a button to initiate the application process. In this instance, instead of spacing a listing’s budget across a formulated timeline, dynamic price setting can lead to  getting budgets being spent faster or slower than before.

It’s Time To Adapt to Market Demands

According to a survey conducted by Indeed, more than 96% of employers desire a site that can help match them with quality candidates. With millions of companies still hiring, Indeed’s Pay for Results option provides employers resources to skillfully reach those applicants. The timing could not be better as shifting demographics in the U.S. threaten to further impede the job market. A shrinking labor force will only increase the need for competitive job recruitment tools.

Recruiting candidates can also be laborious, taking more than a month to fill a position in some cases. PPA and PPSA options were designed to save employers time and money with crafted tools built for bringing you more quality applications while making sure that qualified candidates see and find your company’s job listing. Today, the market is as competitive for organizations as it is for candidates. Unequipped companies risk losing talent if they are not utilizing algorithms to drive their listings to qualified candidates.

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Weirdly, even if they were personally affected by layoffs, 82% say they’re happy at work most of the time; 92% are completely satisfied with their work; 81% say their work has a clear sense of purpose; and 71% feel they aren’t stressed at work most of the time.  On top of that, the largest percentage of respondents – by far, at 27% – came from the information and communication technology sector, which has been impacted the most by layoffs. Somehow, the bulk of them are still reporting job satisfaction and optimism about their career prospects.

Behind the Numbers

We caught up with Charlotte Jones, Global Employer Brand Leader at Indeed, and she gave us some color commentary around the results.

Are employees happier due to actions of their employers, or is the possibility of recession causing employees to check themselves and reconsider if the grass is really all that greener?

“The results of this survey show us that the work employers have done up until this point is paying off with 82% of survey respondents saying they’re happier at their jobs regardless of company wide layoffs. While the looming recession could change how employees view the world around them, nearly half of the respondents said that they’d still consider going to another job in 2023. This likely indicates that employers are doing a great job at maintaining workplace sentiment but will still need to invest in it in 2023 in order to maintain their headcount.”

Considering that some of the programs in place are costly to maintain, if the perceived ROI shifts will employers begin to cut back on some of them?

“Regardless of the economic uncertainty that could come in 2023, it is still very much a job seeker’s market.  The labor market continues to hold steady with 263,000 jobs added in November and the unemployment rate remained unchanged at 3.7%. Additionally, job seekers are still finding jobs at elevated rates, and our recent Hiring and Workplace Trends Report 2023 with Glassdoor shows that employee happiness and wellbeing are still top of mind for employees. The trends report also shares that hiring will remain challenging for years to come. This tells us that workers will still have the upper hand and will demand the programs that make their lives happier.”

In a separate interview, she adds: “For HR professionals to note, any deviation from practices, processes or standards that employees have become accustomed to will be a potential threat to retention. As much as a focus was to build and strengthen offerings to attract top talent, it is equally critical to examine what is keeping employees in their current roles.”

The Sun Shone, and Hay Was Made

Some of this, of course, may be tied to wage gains. Job changers have seen meaningful income changes when they have switched employers recently.

From April 2021 to March 2022, a period in which quit rates reached post-pandemic highs, the majority of workers switching jobs – about 60% – saw an increase in their real earnings over the same month the previous year. This happened despite a surge in the rate of inflation that has eroded real earnings for many others. Among workers who remained with the same employer, fewer than half (47%) experienced an increase in real earnings.

But, behind that, employees satisfaction has improved beyond simple happiness around income. Additional Indeed-Forrester research found that 90% of people “believe how we feel at work matters,” and a majority think it’s their employer’s responsibility to create a happy work environment. “Get a bad [boss] and you are almost guaranteed to hate your job,” Gallup CEO Jon Clifton wrote as part of the company’s 2022 State of the Global Workplace report.

Good news, but keep in mind it’s more confirmation that the ongoing work is working. Don’t stop.

That said: go on, employee experience team: pop some champagne. Or – in some states, anyways – enjoy a nice edible. You’ve earned it. And then get some rest – 2023 is still one of the 2020s. It ain’t over yet.

You can find the full survey results here.

The post The Kids Are Alright: Indeed Survey Shows Rising Employee Satisfaction appeared first on RecruitingDaily.

Indeed saw strong growth, with unique visitors growing from 250 million in March to 300 million in September. Recruit attributes this to several factors, from tweaks made to how they attract traffic, moving from an external measurement tool (Google Analytics) to one built internally. In addition, according to the company: “There has been a partial or full rebound in the number of people participating in the labor force and an increase in the rate of job switching in many countries in which Indeed operates websites.”

Recruit Holdings also reported continued growth and adoptions of its SMB-oriented business suite Air Business Tools, specifically driven by sales of its applicant tracking system “AirWORK ATS”. The solution is targeted at the Japanese market.

The company has also announced a share buyback of 2.5%, which began mid-October.

You can find the full report here.

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