Wed, April 24, 2024 at 9:35 AM EDT
Business
Finding Top Talent: 5 Expert Strategies for Hiring the Best Employees
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Do you struggle to find the right people to hire? They’re hard to come by. And even harder to find if you don’t know where to look. To ensure that your organization stays relevant and competitive, it’s essential that you regularly update your skills and hiring strategies. If you haven’t yet established a culture of hiring excellence or developed a formal recruiting program, you can increase your chances of success through strategic hiring methods.
In this blog post, we’ll show you five important strategies for recruiting top talent. To help you hire more efficiently and get the right candidates through the process faster than ever before.
Partner With A Recruitment Firm
Do you have the right people to run your recruiting department? If not, look into hiring an outside firm to help you scale your hiring efforts and increase efficiency. Recruitment firms provide a full range of services, from headhunting, and advertising jobs to screening applicants, conducting interviews, and sourcing candidates. They can also help with a variety of other administrative tasks, as well as using all their specialized job boards access and search expertise/technology. Such partners can handle a large volume of recruiting work with a team of just a few employees. If you have the resources, partner with Recruitment experts in Canada that provide a range of services and offer a variety of staffing models.
Conduct Recruiting Competency Assessments
Finding great employees is only half the battle. If you don’t know what to look for when hiring for key skills, you’re wasting your time and energy. And the more time you spend recruiting, the less time you have to focus on your core business.
Every business is competing for a limited number of talent resources. To ensure you have the right people in your company, conduct a variety of hiring assessments to find and hire the best talent. Hiring assessments are tools you can use to help identify, assess, and find top talent. They’re a great way to identify top talent and significantly reduce hiring errors. However, they can also be costly. Before investing in hiring assessments, consider whether they’re worth the cost.
Involve Employees In Hiring Decisions
Do your hiring decisions generally occur within your HR department? If not, ask your employees to vote on potential candidates. There are many reasons to involve your employees in the hiring process other than just the obvious one of getting them involved in the decision-making process.
If you’re looking to use your employee’s voices, don’t confuse voting with hiring. Voting is a quick and easy process that is more about building a sense of ownership and accountability for the process than actually helping to select the best candidate. When you hold an all-company hiring decision, you’ll notice an immediate behavioral change among your employees. They’ll feel more ownership and accountability for the process.
Use Analytics To Source Talent
How are you sourcing talent? Are you sourcing from LinkedIn? Have you targeted job boards? What about targeting specific regions? Regardless of how you’re sourcing candidates, if you’re not analyzing the data you’re collecting, you’re doing it wrong. Data provides a great way to assess how many top talents you’re hiring. And where you’re making mistakes. It also provides a great way to identify top talent. So you can skip the interview stage and hire them immediately.
By using analytics to source talent, you can source social media posts from high-value candidates. You may also want to use social media analytics to see who your potential hires are. Social media recruitment is also a great way to observe and maximize on trends. Analytics can also help you source candidates who have experience in the specific skill sets you need.
Reach Out To Former Employees
Do you have any former employees that you can reach out to? If not, that’s another opportunity to scale your hiring efforts and increase efficiency. You can find former employees through job boards, social media, or other channels. Reach out to former employees for a couple of reasons: to find top candidates and to find out where they landed after they leave your company. When you reach out to former employees, you have the opportunity to find a lot of great talent through word of mouth.
Reaching out to former employees goes further than sourcing top talent though. It also allows you to gain valuable data. Including why the employee left in the first place. Use this newfound knowledge to improve your workplace experience for future employees.
Wrapping Up
Finding the right talent is difficult and time-consuming. To make the most of your time and resources, look for ways to scale your hiring efforts and increase efficiency. Partner with a recruitment firm. Conduct recruiting assessments. Involve employees in hiring decisions. Use analytics to source talent. Reach out to former employees. These five strategies will help you find top talent faster and with less effort.
If you haven’t yet established a culture of hiring excellence or developed a formal recruiting program, they’ll help you build new skills and hiring strategies.
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Business
Oil Firms Doubtful Trans Mountain Pipeline Will Start Full Service by May 1st
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Oil companies planning to ship crude on the expanded Trans Mountain pipeline in Canada are concerned that the project may not begin full service on May 1 but they would be nevertheless obligated to pay tolls from that date.
In a letter to the Canada Energy Regulator (CER), Suncor Energy and other shippers including BP and Marathon Petroleum have expressed doubts that Trans Mountain will start full service on May 1, as previously communicated, Reuters reports.
Trans Mountain Corporation, the government-owned entity that completed the pipeline construction, told Reuters in an email that line fill on the expanded pipeline would be completed in early May.
After a series of delays, cost overruns, and legal challenges, the expanded Trans Mountain oil pipeline will open for business on May 1, the company said early this month.
“The Commencement Date for commercial operation of the expanded system will be May 1, 2024. Trans Mountain anticipates providing service for all contracted volumes in the month of May,” Trans Mountain Corporation said in early April.
The expanded pipeline will triple the capacity of the original pipeline to 890,000 barrels per day (bpd) from 300,000 bpd to carry crude from Alberta’s oil sands to British Columbia on the Pacific Coast.
The Federal Government of Canada bought the Trans Mountain Pipeline Expansion (TMX) from Kinder Morgan back in 2018, together with related pipeline and terminal assets. That cost the federal government $3.3 billion (C$4.5 billion) at the time. Since then, the costs for the expansion of the pipeline have quadrupled to nearly $23 billion (C$30.9 billion).
The expansion project has faced continuous delays over the years. In one of the latest roadblocks in December, the Canadian regulator denied a variance request from the project developer to move a small section of the pipeline due to challenging drilling conditions.
The company asked the regulator to reconsider its decision, and received on January 12 a conditional approval, avoiding what could have been another two-year delay to start-up.
Business
Tesla profits cut in half as demand falls
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Tesla profits slump by more than a half
Tesla has announced its profits fell sharply in the first three months of the year to $1.13bn (£910m), compared with $2.51bn in 2023.
It caps a difficult period for the electric vehicle (EV) maker, which – faced with falling sales – has announced thousands of job cuts.
Boss Elon Musk remains bullish about its prospects, telling investors the launch of new models would be brought forward.
Its share price has risen but analysts say it continues to face significant challenges, including from lower-cost rivals.
The company has suffered from falling demand and competition from cheaper Chinese imports which has led its stock price to collapse by 43% over 2024.
Figures for the first quarter of 2024 revealed revenues of $21.3bn, down on analysts’ predictions of just over $22bn.
But the decision by Tesla to bring forward the launch of new models from the second half of 2025 boosted its shares by nearly 12.5% in after-hours trading.
It did not reveal pricing details for the new vehicles.
However Mr Musk made clear he also grander ambitions, touting Tesla’s AI credentials and plans for self-driving vehicles – even going as far as to say considering it to be just a car company was the “wrong framework.”
“If somebody doesn’t believe Tesla is going to solve autonomy I think they should not be an investor,” he said.
Such sentiments have been questioned by analysts though, with Deutsche Bank saying driverless cars face “technological, regulatory and operational challenges.”
Some investors have called for the company to instead focus on releasing a lower price, mass-market EV.
However, Tesla has already been on a charm offensive, trying to win over new customers by dropping its prices in a series of markets in the face of falling sales.
It also said its situation was not unique.
“Global EV sales continue to be under pressure as many carmakers prioritize hybrids over EVs,” it said.
Despite plans to bring forward new models originally planned for next year the firm is cutting its workforce.
Tesla said it would lose 3,332 jobs in California and 2,688 positions in Texas, starting mid-June.
The cuts in Texas represent 12% of Tesla’s total workforce of almost 23,000 in the area where its gigafactory and headquarters are located.
However, Mr Musk sought to downplay the move.
“Tesla has now created over 30,000 manufacturing jobs in California!” he said in a post on his social media platform X, formerly Twitter, on Tuesday.
Another 285 jobs will be lost in New York.
Tesla’s total workforce stood at more than 140,000 late last year, up from around 100,000 at the end of 2021, according to the company’s filings with US regulators.
Musk’s salary
The car firm is also facing other issues, with a struggle over Mr Musk’s compensation still raging on.
On Wednesday, Tesla asked shareholders to vote for a proposal to accept Mr Musk’s compensation package – once valued at $56bn – which had been rejected by a Delaware judge.
The judge found Tesla’s directors had breached their fiduciary duty to the firm by awarding Mr Musk the pay-out.
Due to the fall in Tesla’s stock value, the compensation package is now estimated to be around $10bn less – but still greater than the GDP of many countries.
In addition, Tesla wants its shareholders to agree to the firm being moved from Delaware to Texas – which Mr Musk called for after the judge rejected his payday.
Business
Stock market today: Nasdaq futures pop, Tesla surges after earnings with more heavyweights on deck
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Tech stocks rose on Wednesday, outstripping the broader market as investors welcomed Tesla’s (TSLA) cheaper car pledge and waited for the next rush of corporate earnings.
The Nasdaq Composite (^IXIC) rose roughly 0.6%, coming off a sharp closing gain. The S&P 500 (^GSPC) was up 0.2%, continuing a rebound from its longest losing streak of 2024, while the Dow Jones Industrial Average (^DJI) fell 0.1%.
Tesla shares jumped nearly 12% after the EV maker’s vow to speed up the launch of more affordable models eclipsed its quarterly earnings and revenue miss. That cheered up investors worried about growth amid a strategy shift to robotaxis and the planned cancellation of a cheaper model.
The results from the first “Magnificent Seven” to report have intensified the already high hopes for Big Tech earnings, that the megacaps can revive the rally in stocks they powered. The spotlight is now on Meta’s (META) report due after the market close, as the Facebook owner’s shares rose after the Senate voted for a potential ban on rival TikTok. Microsoft (MSFT) and Alphabet (GOOG) next up on Thursday.
Meanwhile, Boeing (BA) reported better than expected first quarter results before the opening bell with a loss per share of $1.13, narrower than the $1.72 estimated by Wall Street. Shares rose about 2% in morning trade.
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