What you can do in a Tight Labor Market…..
Unemployment is at its highest, coming in at 4.3% as of May 2017. However, you still see multiple job postings on popular career boards. Our tight labor market is making more work for hiring managers than they are used too.
Many hiring managers are relying on Employee Retention and Succession Planning to be the solution. But retention isn’t going to be enough, they need to find employees that will replace anyone that leaves and or when a business is looking to grow and expand. As of now, many businesses are using current employees for multiple jobs, but this can overload their current employees and ultimately become a decisive factor on why they choose to seek employment elsewhere.
Here are some tips for Hiring Managers in a Tight Labor Market:
- Consider the Job Hoppers
During the recession, unemployment was at an all time high because consumer spending received a significant drop which resulted in multiple lay offs. Many felt discouraged and took about any job they could no matter if they were considered overqualified. However, if in a normal economy, job seekers would have had more desirable employment which ultimately results in a higher retention rate. Due to the recession, some resumes make it appear that they job hopped and couldn’t hold a job but in reality, it was much more about the economy. Jobs were scarce.
- Look at Utilizing a Staffing Company
Staffing companies can be a very good resource as their sole business is employing people. Recruiters know the ins and outs of the market, behavioral characteristics, desirable hard and soft skills and what kind of employees are out there. They attend multiple networking events and meet numerous candidates that can meet your needs and raise your retention rates.
- Determining Minimum and Desired Requirements
At times we all have the tendency to find that “perfect candidate” who meets all the requirements; hard and soft skills. Sometimes you can meet candidates that do not have all sought after requirements but have the potential and attitude to learn and grow rapidly. Hiring Managers at times need to revisit the requirements and see what they absolutely need before passing on a candidate that could be a great fit.
- Faster Interview Process
The current job market is very competitive and when a good candidate is in the mix, you better believe all companies will be after them so the interview process must be expedited. With baby boomers retiring, we have a new generation taking over the workforce; Generation Z. This upcoming generation has a fleeting attention span because they grew up in an era of snapchat and sixty-second vine videos and will eventually represent the bulk of the job market. On the contrary, Generation Z can retain information immediately and propel your workforce to a fast-paced working machine.
- Competitive with the Market
With unemployment at an all-time low, candidates are not actively seeking new opportunities. As a Staffing Company, we are currently seeing an influx in hiring passive candidates or those that are already employed. One of the biggest issues Hiring Managers have is not offering positions at a competitive market rate. Jobs sites such as Glassdoor and CareerBuilder can be very helpful when looking pay ranges and reading the market trends and it is very important to be competitive in compensation