How to identify signs of FOMO

The key to eradicating FOMO from your hiring process is being able to recognize when it is at play. Thankfully, there are a few telltale signs that the fear of missing out is hindering your recruitment activities. Here are some things to look for:

• You have been presented with some great candidates, but you want to broaden the selection, so you don’t miss out on any opportunities.
• Despite having a few top-notch applicants, you feel compelled to wait for the perfect fit for the job.
• There is increased negative feedback on social media regarding your hiring process.
• Your current workforce is taking on extra duties to cover your staffing shortage while your recruiters struggle with indecision.
• When you finally contact candidates with job offers, they have already accepted other positions.

Negative effects of FOMO

On the surface, shopping around for the ideal candidate sounds wise, but it might not be as beneficial as it seems. Here’s why:

It can harm your reputation

When you have interviewed a talented job candidate, they expect timely feedback regarding your hiring decision. You do not want suitable job seekers to step away from your company due to a lack of communication—especially if your recruiters are simply afraid of missing out on a more promising candidate.

These negative experiences can increase your company’s reputational risk if frustrated candidates feel compelled to vent their negative feelings, especially if they share these views online. After all, social media platforms boast a huge Canadian audience. Statistics Canada reports that 90% of Canadians between 15 and 34 years of age and 80% of those between ages 35 and 49 use social media platforms. These statistics highlight the need for your company to safeguard its online image. One way of protecting your organization’s valuable reputation is to remove FOMO and its resultant delays from your recruiting process. 

You may actually “miss out”

Ironically, fear of missing out can result in exactly that: missing out on an ideal candidate. As previously noted, if your company fails to act within an acceptable time frame, suitable recruits often grow weary of waiting and accept other positions. This FOMO-inspired foot-dragging can cost your company a great hire. Now you must begin your hunt all over again, resulting in increased recruiting expenses. And, if you haven’t corrected your company’s FOMO problem, it could happen all over again.

Your workforce is overworked

When the hiring process is stalled, the duties of the unfilled position fall on the shoulders of your current workforce. Juggling their responsibilities plus these new tasks can lead to your employees experiencing burnout. Employee burnout can introduce another set of problems to your organization like decreased productivity, increased errors, and poor morale, to name just a few. After all, overworked employees are more likely to take sick leave, a leave of absence, or abandon their job completely. The fear of missing out may cost you viable new hires and lead to the loss of current talent as well.

How to avoid FOMO-based decisions

You have already completed the hardest part of eradicating fear-based decision making: admitting that it is a problem within your organization. Now it is time to adopt a corporate FOMO-free frame of mind. Here are a few actionable steps that you can implement within your company:

1. Appoint multiple decision-makers. One of the most effective ways to stop FOMO in its tracks is to create a decision-making team. By incorporating varying perspectives into the process and decreasing the pressure placed on any individual, you can prevent FOMO from derailing your recruitment initiatives. This strategy can also foster individual growth as team members can better identify their decision-making shortcomings, including their fear of missing out.
2. Adopt the 70% solution. The United States Marine Corps introduced this decision-making model in their Basic Training Student Handout. Simply put, this rule says that if 70% of your criteria are met, you can decide to go ahead. Therefore, if a candidate meets 70% of the position’s requirements, they are likely a wise hire. The remaining 30% can be learned on the job—a task that will keep them interested, while increasing their sense of accomplishment.
3. Host a hiring fair. Recruiters often experience FOMO when they believe that the hiring pool isn’t broad enough. One way to overcome this is to increase the number of motivated candidates by hosting a large hiring event. This presents your hiring team with a vast number of potential recruits, keeps hiring costs to a minimum and speeds up the entire talent acquisition process.
4. Set SMART goals. Setting specific, measurable, achievable, relevant and time-based goals before actively beginning the recruitment process is paramount. Doing so can decrease the fear of missing out by focusing on quantifiable and objective parameters as opposed to intangible “what ifs.” A finite time to achieve these goals can also remove any FOMO-based hesitancy.
5. Stay on the lookout: Another great way to avoid FOMO is to make recruiting an ongoing process. Participate at job fairs, use social media to boost your image as a desirable employer, and ensure that your organization is highly visible in your community. The resultant continuous pool of applicants can greatly assuage the fear of missing out.
6. Ensure a prompt response. If your company has fallen prey to FOMO in the past, responding to future applicants promptly can help restore your image and ensure you continue to be a sought-after employer within your industry.

By identifying the presence of FOMO-based motivators, understanding the negative impact they can have on the decision-making process, and taking steps to remove the fear of missing out from the equation, you may experience an increase in stellar new hires.