Recruiting Survival in a Good Economy

As odd is it may sound, trying to find talent in a good economy can be quite a challenge. Employers finally have additional dollars to invest in new hires and the “investment hires” only to find the pool of qualified applicants looking to make a job change extremely small.

In the most recent BLS (Bureau of Labor Statistics) report from April 2018, https://www.bls.gov/news.release/empsit.t04.htm, we see the national unemployment rate has dropped to 3.9%. When you dig a little deeper, you see that the pool of candidates with at least a bachelor’s degree has dropped to 1.9% nationally (In certain highly competitive markets outside of major metropolitan areas the percentage is less).

With this knowledge, the recruiting approach has to change. It has gone from an Employer’s Market to a Candidate Market. You may hear those terms from other recruiters but not fully understand what it means. While these observations are from our personal experiences, there are always exceptions; see the chart below.

 

Chaloner 2018

In a nutshell, employers have to be proactive in targeting talent with recruiting firms like Chaloner, constantly. You also need to make sure you protect your key employees from being poached by other employers targeting your staff. Salary offers are going upward. You should budget for the additional dollars necessary to secure the top talent. Most importantly, don’t hesitate when you know a candidate is an ideal hire. Counteroffers are becoming very common and if you wait too long, you will find yourself back to square one.

We understand the pace and the demands of this market. We welcome the opportunity to be your recruiting partner and to make sure you survive with amazing talent on your team. Either way, happy hunting!