What the low unemployment rate and high growth means to your talent strategy?:
With unemployment rates lower than they have been in years, there are some real down sides for employers. Notably the pool of available talent is smaller than it has been in nearly a decade.
According to the Bureau of Labor Statistics, “In January, the unemployment rate was 4.1 percent for the fourth consecutive month. The number of unemployed persons, at 6.7 million, changed little over the month.”
By way of comparison, in 2014, more than 1.5 million jobs were created, the largest gain to be seen in the past 8 years. With so many new jobs and far fewer people scrambling to take the small menial jobs, there are plenty of people looking for a step up. Fast forward 3 years and in 2017 the number of jobs created was even higher, and with far fewer people being displaced than have been in the past 5 years.
What that boils down to is that far fewer people are losing their jobs. Too, far fewer people are seeking new jobs. Many are happy and staying in their jobs and since tney are not being displaced, that means recruiting talent is a whole lot harder than ever before.
How can we attract and engage the people that we’d like to add to our pool of talent? It’s going to take a bit more than just adding that extra 20 cents an hour at this point. It is, as the recruiters say, a candidates market and they are taking advantage of it to ask for the things that they want.
Employers now have to take a hard look at adding things like relocation package for the employee who has a special skill set that could be useful anywhere. Getting them on board will be rough enough on a regular day but if you are talking about having them relocate in order to get them into the new job, then funding that move may be necessary in this market place.
Paying on a scale that is commensurate with their skills and experience is going to be an absolute necessity. If you don’t they will find someone who will and that leaves your company behind the 8 ball.
Pay is not the only the factor as on boarding has to be on point too. It will be imperative to not only make the role well compensated but a situation and an environment in which people want to work.
In addition, find engagement tactics that will compel your talent and keep them on board as well as engaged until you are able to negotiate a good package deal for them all. The advantage of having your preferred recruiter involved is that they can do the heavy lifting and get the dirty work done so that you can keep clean, so to speak.
Hiring the right people is imperative in this day and age. Get creative & make it happen more easily by adding some perks to the package.