How tight is the labor market?
The national unemployment rate is hovering an all-time low of 3.6% and employers say that turnover is high.
So, how can nutraceutical companies compete for and hire the best talent?
Many large firms like Apple and Google are already leading the way by leveraging an unconventional method: seeking and hiring non-traditional talent with proven experience and skills.
Today, employers are increasingly receptive to hiring candidates without four-year degrees. An astounding 66% say that they will accept recognized certificates in lieu of bachelor's diplomas.
Why It Pays To Hire Non-Traditional Talent
Non-traditional talent can bring definite advantages to nutraceutical companies. Some of these companies have elected to place younger employees on "shadow boards." These employees work with executive teams to propose innovative solutions to challenges. By doing so, they potentially gain visibility within the company.
Shadow boards are just one way to identify non-traditional talent.
Finally, some of the smartest and most successful entrepreneurs in modern business never went to college, so screening by GPA alone is becoming increasingly unpractical.
Challenges of Hiring in Nutraceuticals
Nutraceutical companies and small businesses face several struggles on the journey to operational efficiency, however. Employee retention in the C-suite is declining, hiring costs are rising, and talent pools are shrinking.
The best way to mitigate these challenges is to seek out prospects with non-traditional backgrounds. Look for candidates who are pursuing passionate projects outside of the 9-to-5 grind.
Hiring candidates with non-traditional backgrounds can bring a fresh perspective to the team, while also expanding the available talent pool.
Video Interviews: Synchronous Versus Asynchronous
Synchronous video interviews are generally conducted via a VoIP platform like Zoom or Skype. These interviews can give employers some insight into how an applicant will perform in a time crunch.
Meanwhile, an asynchronous video interview consists of a guided interview process submitted on the candidate's own time. So, there's no need to reconcile scheduling conflicts. Asynchronous interviews have several other advantages. They are consistent, can be saved and re-watched, and retained for more than a year. Asynchronous interviews also allow prospects to re-record their interviews if needed.
Artificial Barriers: Is A Degree Worth More Than Non-Traditional Experience?
Degree inflation, the practice of requiring degrees for even entry-level jobs, is at a significant high. However, its prevalence is difficult to prove. Because of degree inflation, many positions take longer to fill.
Additionally, more candidates are seeking master's degrees, which have been dubbed the new bachelor's. In fact, master's-level education outpaced that of bachelor's by 7 percent over the past year.
The trend is significant, with students paying up to $100,000 or more for some prestigious master's degree programs. The financial burden notwithstanding, students also dedicate the better part of a decade to schooling, instead of gaining valuable experience in the fields of their choosing.
However, many mid-level employees are fighting back by acquiring Ivy League level education for free through Coursera and other MOOC learning platforms. It is this group of employees nutraceutical employees should target.
Recruitment Firms, Competitions, Or Both?
Internal competitions can bring out the best in employees, but may not foster the desired workplace culture. Meanwhile, utilizing recruitment firms can leave internal prospects feeling cold, potentially leading to higher employee turnover. The question is, which option is right for your business?
Recruitment firms can provide laser-focused insights and guide applicants from the initial interaction to on-boarding completion. Recruiters often have very specific hiring processes that optimize screening, interviewing, and on-boarding processes, much like a finely calibrated machine. On-boarding, especially, is a process involving mentor-ship and guidance.
Meanwhile, internal competitions focus on specific goals and milestones within an organization. They help identify the best talent, ensuring that employees are sufficiently engaged and motivated.
The best way to find top talent is not focusing on one single approach, but optimizing multiple paths for success. Hiring employees for trial assignments and pairing them with current employees may provide a meaningful challenge for all parties involved. To leverage a multi-prong approach, work with The Garner Group to fill senior managerial and C-suite level roles in the supplement, ingredient, and functional food and beverage industries.