The Recruiter's View: Candidate-Driven Market to Present Retention Challenges in 2015 Among Top Performers

U.S. employment had its challenges during the winter months of 2014, but throughout most of the year we've experienced consistent growth as 222,000 new jobs has become the 12-month average. Despite the fact that many companies are in growth mode, retention is increasingly problematic. This is especially challenging in the executive, managerial and professional job sector which is candidate-driven, as the brightest talent recognize more jobs are available and feel more confident about pursuing them. Recruitment additionally faces challenges in the sector, as many employers continue to lose great candidates to lengthy hiring practices, below-market salaries and an inability to sell the company brand, the role and true advancement opportunities. New data from the most recent MRINetwork Recruiter Sentiment Study, a biannual employment landscape survey of MRINetwork recruiters across approximately 600 worldwide offices, indicates that the candidate-driven market, which has experienced a consistent uptick since 2011, is here to stay, and the rate at which top performers are rejecting job offers continues to grow. As we approach 2015, employers will need to review their recruitment and retention strategies from the top down to remain attractive to employees and potential new hires.

"It is definitely and without a doubt a candidate-driven market, however many employers are still laboring under the same processes as they did when it was an employer-driven market," said a recruiter responding to the study. "Candidates now have choices and employers need to make the interview process go smoothly and quickly." According to the report, in the second half of 2014, 83 percent of recruiters described the talent market as candidate-driven, up 29 percentage points from the second half of 2011.

The executive and managerial market continues to be candidate-driven because of the availability of more job opportunities and growing talent shortages due to skill gaps. Top performers have a strong advantage, with multiple job offers to consider and the ability to reject less desirable work opportunities. This is significant when you consider the factors motivating a job move. According to the study, 49 percent of recruiters say greater opportunities for advancement is the primary motivating factor for candidates looking to make a move, followed by improved compensation. Based on year-over-year data, the main reasons for rejected job offers continue to be a result of great candidates accepting offers with other companies and being presented with disappointing compensation. Further, the time between the first interview and the rejected offer is shrinking, with a six percentage point increase from the second half of 2013, for candidates that rejected offers within two weeks of the first interview.


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MRINetwork recruiters provide the following survey insight about rejected job offers:

• The search process is still taking way too long considering the recession has been behind us for years and the fact that it is a candidate-driven market in many industries. This provides candidates with the time to investigate other opportunities.
   
• Candidates are much more fully engaged and also much more aware of their worth in the marketplace.
   
• Clients are still looking for the perfect candidate, yet are not offering an enticing salary.

With more top performers moving on, the candidate-driven market points to several things:

• Internal and external branding will continue to be important as companies face growing pressure to sell their value proposition to employees and candidates. "They are operating with the mindset that there are an abundance of candidates, all willing to jump through hoops to get a job at their company, and that is just not true anymore," says an MRINetwork recruiter.
   
• A streamlined hiring process will be imperative to avoid losing top candidates in 2015 and beyond. One recruiter notes, "Every candidate we speak with is actively looking and has several irons in the fire."
   
• Talented employees who were hired at bargain salaries during the recession will be moving on.  The majority of MRINetwork recruiters (83 percent) say they have interacted recently with these under-compensated and under-employed candidates who are anxious to improve their earning capacity. Salary and benefit packages will need to be adjusted to retain these individuals.

Although the study results demonstrate that hiring trends are highly favorable towards top performers in the executive, managerial and professional space, recruitment and retention will continue to present ongoing challenges for overall hiring as the job market expands. A fundamental shift is taking place in the way in which candidates expect to be recruited, and companies need to get on board with these changes to bring in and hold on to the talent they seek.

To view the complete study, visit www.MRINetwork.com/recruitersentiment.

Dental School Graduates - How to Find a Job Coming Out of Dental School

Congratulations! Now it is time to start putting all that education to use, but finding a job is a lot different than applying to programs. Do you know how to get started?

What To Have

A Plan.
Do you know where you want to be in five years? Do you want your first job to put you on the path to partnership or ownership? Are you more concerned with gaining experience than paying down student loans? You need to know where you want to go before you can decide how to get there. Obviously location is important, but don't waste the crucial first years of your career in order to live in the heart of the city. 

The best jobs are often outside the primary markets where there is less competition for patients. Here is great blog outlining the best areas in which to work: Where are the Jobs?’. 

If you are considering a cross-country move, you may want to consider the income potential offered in different regions. This blog article breaks dentist income down by area: What Can an Associate Dentist Earn. 

If you absolutely have to live and work in a saturated market, here are some strategies to help you land a job: Saturated or Difficult Markets.

Be sure to set realistic income expectations. There are several good sources covering realistic dentist earnings. Here is our overview: How Much do Dentists Make?

The Levin Group publishes an annual survey in Dental Economics. The 2013 version can be downloaded here: Levin Group Survey.


A CV and Cover Letter.
Most applicants do not get an interview. Your CV and Cover Letter may be your only platform to distinguish yourself from the competition. It is hard to stand out from the crowd without experience but the way you highlight your strengths can set you apart. Did you take any electives or win any awards to recognition? Did you graduate in the top quarter of your class, attend CE outside of school, volunteer in a community clinical or on a dental mission trip? Be sure to highlight those experiences.

Here is an example of a well-written cover letter: Cover Letter Sample.

And here are instructions on writing your CV/resume: Resume for Dentists.

The Right Clothes
It is better to overdress than underdress. Your future boss will want to know that you take your career seriously. Does your interview outfit make you look like a doctor? This is not the time to go for personality. That can come through later. If your clothes give the wrong first impression, it will take a major effort to regain credibility

What To Do

Finding Openings.
Networking has always been the most effective method for finding open positions, but it is not always practical to meet with every dentist in the area and attend every dental meeting. The internet can be a great tool for finding position. Your dental school and local association may have classifieds, but you will likely find that the listings are limited. Here are several comprehensive sources for dentist jobs:

·         ETS Dental Job Listings

·         Indeed.com Job Listing Aggregator

·         DentalTown Classifieds

Interviewing.

The Telephone Interview

• Return your phone messages and emails promptly. It speaks to your motivation, interest, and courtesy. Don't let returning phone calls or emails become an issue or an obstacle to getting an interview. Even if you don't think you will be interested in an opportunity, return the call. On more than one occasion we have seen a candidate get a call from Practice B when he was already talking with Practice A. The candidate puts off returning the call to Practice B. Two or three weeks later, the opportunity with Practice A does not work out and now Practice B will not consider the candidate because no calls have been returned.
• Your main goal in a telephone interview is to get a face-to-face interview.
• Ask for the interview. Take the initiative to set a time. Say something like, "From what you have told me, I would be very interested in meeting with you and coming to see your practice. When would be good for you?"
• Smile- even on the phone. You really can tell when someone is smiling.

·         Here is some additional reading on phone interviews: Tips for Phone Interviews.

The In-Person Interview:
Don't go in blindly. Be sure to prepare in advance. Look over this article the night before: Preparing for the Interview.

• Treat the staff with courtesy and respect. A practice owner often feels like his or her staff is like a family and will listen to their opinions, especially if they are negative. On more than one occasion, we have seen excellent candidates not offered an opportunity because they treated a staff member poorly.
• Smile and show some enthusiasm. More candidates are hired because of their personalities and positive attitudes than because specific clinical skills. One high-end cosmetic practice told us they had interviewed six different dentists. They hired the candidate who smiled and appeared to truly enjoy being a dentist, passing on more experienced candidates with less personality and enthusiasm.
• Show sincere interest in the hiring dentist's situation. Understand that the dentist needs to solve a problem. Maybe the practice just lost a key associate or partner. Maybe the practice is growing and cannot keep up with patient demand. Maybe the dentist needs someone to take over the practice when he or she retires. You need to get a clear understanding of the dentist's true motivation for adding an associate. Once you truly understand the needs of the hiring dentist, you can mutually determine if you are the solution.
• Send a thank you note after the meeting. Here is a great example of a post-interview thank you: Thank You Note.

Still nervous? Here is a full blog post on interviewing: Interview Tips.

Reviewing Contracts.
A good overview of contracts may be found here (the most relevant information is on the last page of the article): Compensation Considerations.

Do you have all the information you will need in order to make an informed decision? What to Know Before You Accept an Associate Position 

Not satisfied with the offer? Don't be afraid to ask for more. Here are some tips on Negotiating Your Offer.


Finding a job can be an intimidating process. I hope these resources will help make the process easier. Please feel free to call us should you have any questions. We are always happy to help. For more updates, tips, and helpful information, follow us on our Facebook fan page, Twitter, LinkedIn or on our blog.

Posted by Morgan Pace, Vice President and Senior Dental Recrutier with ETS Dental. To find out more, call Morgan at (540) 491-9102 or email at mpace@etsdental.com.

Bridging Generational Gaps in 2020

As we move towards the 2020 workforce, companies face an interesting demographic dynamic in terms of talent acquisition - a workforce comprised of millennials, Gen Xers, baby boomers and traditionalists. While each of these groups has their own generational differences, the most notable are the expectations and approaches to work between millennials, who will make up the majority of the workforce, and baby boomers. With the latest Bureau of Labor Statistics Occupational Outlook handbook projecting total employment to increase by 15.6 million jobs between 2010 to 2020, generational differences will become an additional component of diversity relations at the workplace. Recruiters and hiring staff must learn to recognize the combined value, perspectives and impact of successfully integrating these distinctly different generations into an organization's teams, ultimately improving the company's ability to develop solutions, products and services for the future.

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Millennials
Millennials entering the workforce have frequently been characterized as individuals born between 1980 and 2000, who are entitled, lazy, job-hoppers, overly ambitious and unaware of business etiquette. Regardless of how accurate these descriptions are, this generation has demonstrated that it is in search of meaning and purpose. "Millennials want more than just a job; they seek careers that hold their attention and fulfill their ambition, all while providing competitive pay and work-life balance," says Suzanne Rice, director of U.S. franchise development for MRINetwork. "They want to work for companies that have a reputable brand, as well as products and services of which they can be proud. Unlike older generations, that didn't have the same access to technology, millennials are driven by out-of-the-box thinking, collaborative approaches to solutions and the ability to leverage the fastest, most efficient means of accomplishing goals."

Baby Boomers
A growing number of workers age 55 to 64 are continuing to work longer, yet in 2020 this generation of workers will only make up about 20% of the workforce. They have an entirely different approach to work than millennials and are often characterized as conscientious, dedicated, independent-minded workers that enjoy working alone on projects and then rejoining the team to reveal results. "Baby boomers can find it difficult to work with millennials, because they don't understand the younger generation's need for coaching, mentorship and collaborative work," says Rice. "They grew up in a time of stability, economic prosperity and opportunity when higher education and wider career options were becoming more accessible. Parents were away from the home more and children became latch-key kids. As a result, this generation tends to have a work ethic that is focused on self-reliance, paying your dues, putting in overtime and doing everything needed to accomplish tasks."

Despite the generational differences, millennials and baby boomers do have things in common. Both groups are focused on excellent job performance, and that can work to an organization's advantage. Millennials bring technology savvy and work efficiencies that can benefit companies. Baby boomers have the ability to provide millennials with insight on work etiquette, the company's culture and career tracking by demonstrating clear paths for advancement in the company. This type of relationship satisfies millennials' need for ongoing training, mentorship and collaboration, while providing baby boomers with job stability and value as experienced employees. Companies end up with improved work synergies and succession planning for the organization's future leaders.

We face an interesting paradox as the industry ushers in the next generation of workers. Adds Rice, "Recruiters and hiring managers will have to become knowledgeable about the different expectations of millennials and baby boomers, providing them with the growth opportunities they seek, while also leveraging their generational differences to create effective teams that can lead companies forward."




ETS Dental is a Dental Recruiting firm specializing in finding and placing General Dentists, Dental Specialists, and Dental Staff throughout the United States. www.etsdental.com

What Does Your Interviewing Process Say About Your Company?

Grabbing the attention of top candidates can be challenging for employers trying to court their first picks in the executive, managerial and professional job market. These applicants are typically interviewing with multiple companies and have additional options at their disposal. Employer branding and a streamlined recruitment process are just a few of the strategies companies are using to make themselves more attractive in this candidate-driven market. While these strategies can help make the recruitment and hiring process more efficient, many employers forget to consider the subtle messages they could be conveying about the company, through the interviewing process itself. This oversight can create a lasting impression that turns candidates off before an offer is ever made.

With a shrinking talent pool and increased competition for top candidates, employers have to not only sell the company well, but also conduct an interviewing process that presents the company and its corporate culture in the best light possible. "When companies approach the interviewing process from the candidate's perspective, they are much more likely to create an experience that is mutually engaging and appealing to the 'A' players in their markets," says Rob Romaine, president of MRINetwork.

The interviewing process should be an opportunity for both parties to evaluate a professional and cultural fit with the company. Yet, consider as an employer that perhaps you are additionally sending out unintended messages about weaknesses in the company culture or work practices.

Have you reflected on the following?

1. Is your process executed in an organized, seamless manner?
2. Are the company representatives experienced at interviewing candidates, or are they just winging it?
3. Are the interviewers polite and sincerely interested in learning more about the candidate's background, or are any of them annoyed that the interview is taking them away from their work?
4. Does the company do its best to follow-up with top applicants and keep them engaged or do several days or weeks go by without any feedback from the interviewer?
5. Is the interviewing process lengthy or is it respectful of candidates' time?

If you answered no to any of these questions, it may be time to re-evaluate what the company's interviewing and recruitment practices say about the organization. "Just as employers are concerned about making a bad hire due to poor cultural fit or lacking skillsets, candidates are equally concerned about working for companies that seem disorganized, unprofessional, unreliable or inconsiderate of their employees' needs," notes Romaine. "Even the slightest glimpse of poor work practices can send top candidates away from your organization and straight to a competitor."

At the end of the day, the interviewing process is as much about candidate discovery as it is about employer branding. It is therefore important for employers to evaluate whether their practices are attracting or detracting key talent from their organizations.

Organizations Begin to Backfill and Restart Hiring

"Everyone is hearing about continued debt concerns in Europe, but when it comes to not hiring in America, it’s used as an excuse not to hire, rather than a reason,” notes Rob Romaine, president ofMRINetwork. “Except for companies with heavy exposure to the European market, businesses are making hiring decisions based on the customers walking through their front door, not uncertainty surrounding sovereign debt an ocean away.”

A recent survey of MRINetwork recruiters noted an increase over the last six months of employers backfilling positions that had been left unfilled for two years or more. As one respondent said, “I believe [employers] cut so deeply over the past two years that productivity has suffered. Today, they are hiring out of necessity and a belief that the economy has begun to turn.”

The evidence that the economy has turned is mounting. According to the Bureau of Economic Analysis, the U.S. economy grew at an annualized rate of 2.8 percent during the fourth quarter of 2011, the fourth consecutive increase. Total GDP growth in 2011 measured 1.7 percent, not a rapid rate of growth, but a far cry from projections of a double-dip recession.

Such growth numbers are, compared to past periods of recovery, rather weak. Yet, most important is where the growth is coming from. In 2011, MRINetwork saw placements in the construction space grow by nearly 50 percent, industrial placements by more than 30 percent and consumer products and services by more than 20 percent.

“Increased hiring of senior-level talent in these sectors is promising for the general economy,” says Romaine. “It indicates a confidence and a willingness by employers to invest in talent across broad swaths of the economy despite headwinds that still persist.”

But just as employers seem to be ramping up their hunt for senior talent, the availability of such talent may be shrinking as well. Over the last six months, employers have continued to increase their use of counter-offers, hoping to retain top talent long enough to backfill their positions. In highly technical fields, such as chemical engineering or biotechnology, employers have been forced to sweeten counter-offers because there simply aren’t as many candidates as there are job openings.

Indeed, the unemployment rate for those with a bachelor’s degree or higher—perhaps the broadest definition of the skilled, professional workforce—fell in December to 4.1 percent, its lowest rate in nearly three years.

“A full-blown, double-dip recession in Europe could have a chilling effect on hiring in America. But, until it does impact the U.S. directly, businesses are beginning to return to more normal hiring patterns,” notes Romaine. “Companies are backfilling vacancies and investing in new positions. We are in the midst of the slow, but seemingly stable, rebound that had been projected.”

Over the past several months, private employment in the U.S. has begun to rebound in an increasingly strong way. Through all of 2011, the private sector averaged 160,000 new positions per month, exceeding the monthly rates of population growth (about 140,000) and labor force growth (only about 20,000).