The unemployment rate just came in at 4.4% for the month of June. According to eremedia.com, this is lower than the Federal Reserve’s “’natural rate’ of unemployment.”
Meanwhile, jobs are skyrocketing at 2.2 million added annually while the American population fails to keep up: “[It] is growing at an annual pace of less than seven-tenths of 1% - barely enough to cover the growth of all new jobs even if every new baby could be immediately put to work” (eremedia.com).
While we hate to be the bearers of bad news, our recruiters know from experience that the best way to prepare for tragedy is to acknowledge its impending effects. We’ve successfully dealt with this before, and we’re ready to do it again.
But what is an employer to do in the face of daunting numbers and an uncertain future?
BUILD A TALENT PIPELINE
Investigating and recruiting talent does not have to be a last-minute effort. Constant research and networking allows recruiters to create a pipeline from which to recruit in the future. By the time a job requisition is laid on the table, the recruiter will have an entire network from which to choose. This reduces overall recruiting time and allows the recruiter to make more informed decisions.
Meanwhile, if these relationships are properly maintained, candidates in the pipeline will already possess a certain level of trust. They will be more interested in what the recruiter has to say, and they will have a basic familiarity with the brand. This provides the recruiter with an advantage when times get tough.
RETENTION EFFORTS In a candidate-driven market, turnover skyrockets. In order to keep talent aboard, employers must maintain competitive pay, benefits, flexibility, and company culture. In essence, it needs to give the people what they want. Those who refuse to do so will lose employees to the more competitive organizations. It’s as simple as that. Despite this reality, there are always a few employers who neglect to make the proper changes. Perhaps they fail to understand exactly what type of market they’re working with. Perhaps they don’t value their employees the way they should. Either way, we are here to caution you: people will leave, and they will soon be leaving in droves.
Based on the numbers, the United States talent shortage will not be relieved any time soon. If your organization already has trouble finding top talent, we suggest you make this your top priority before it is too late. If the room suddenly just got a little warmer, or you feel a dribble of sweat forming on your forehead, perhaps Qualigence International should be your first stop. We’ve dealt with some of the direst talent acquisition needs in the past, and we’re fully equipped to do it again. The more difficult the position, the better.
We understand talent. Where’s yours?