Economic Recovery and the War for Talent

[Infographic] Top 10 Problems with Searching for Talent Online
September 19, 2014
Report: Weekly Jobless Claims Fall By 8,000
October 2, 2014
 

The United States government announced today that the economy has rebounded sharply in the second quarter, with the nation's gross domestic product growing at 4.6%. This number is adjusted from the 4.2% rate previously estimated, according to the Commerce Department.

The strong economic growth is due in large part to business investment, particularly in the manufacturing sector. This is paired with increased consumer spending and a recovering housing market.

And though job growth slowed slightly in August, the economic rebound and other payroll gains still point to a strong overall hiring market. Across the nation, recruiting firms are seeing an influx in clientele staffing needs, and the hiring won't slow down into the 4th quarter.

According to the Manpower Employment Outlook Survey, employers expect to hire at a positive pace throughout the fall and winter seasons. According to the report, staffing levels are expected to increase in 37 of 42 countries and territories in the 4th quarter.

This recovery and growth reflects an urgent need for top talent globally. Across the board, organizations are struggling to find qualified talent to fill positions. According to Robert Half International, more than half (6 out of 10) business owners are having a difficult time finding candidates that have the necessarily qualifications for the role.

Paired with a candidate driven market - in which the job applicant has their choice of where to work and not the other way around - organizations are in competition with one another to find and retain the best possible performers.

 

According to the Manpower Survey, the strongest hiring increases are expected to occur in:

  • Grand Rapids, MI
  • Charleston, SC
  • Dallas, TX
  • Minneapolis, MN
  • Raleigh, NC
  • Rochester, NY
  • Boise, IA

A unique struggle paired with the lack of qualified talent is the frustration that candidates are experiencing when applying. Many candidates are told they are up against far more talented professionals, a direct contract to the shortage of talent.

This is due in large part to the disconnect between employers and candidates, in which their resumes are not being properly screened due to ATS Systems or over-worked recruiters.

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