Job openings in the market have reached their highest level since early 2001, according to a report from the Labor Department. The report, which unarguably points to the growth of the job market this year, has organizations wondering about next steps for their talent acquisition strategies.
The job openings have been increasing steadily for the last five months. Employers added 230,000 jobs nationally last month alone, according to the report.
As the unemployment rate decreases, the competition for qualified talent with the appropriate skills and experience, or the "War for Talent," makes its return.
Managers are finding that posting jobs on LinkedIn or job boards is not leading them to qualified candidates. As a result, the role remains vacant and business suffers – 43% of small business owners said unfilled jobs were hurting their business growth. Job openings are rising nearly twice as fast as they are being filled.
Recruiters are increasingly wearing many hats in order to find and retain qualified candidates to fill roles. Many recruiters are pairing with sales and marketing to master digital candidate outreach or turning to external research firms to accommodate the demand and supplement their internal talent acquisition functions.
According to the Bureau of Labor Statistics, the health care and social assistance sectors are among industries growing at a rapid rate.
For more information, see our article on the Candidate Driven Market.