5 Recruiting Tips for Today’s Tough Labor Market
Filling open job positions feels harder than ever in our current competitive labor market. The National Unemployment Rate is 3.9% (March 2022), while Kansas is maintaining an Unemployment Rate of 3.3%. Market pressures such as accelerated inflation and new COVID strain surges are sparking continued conversation and action regarding supply chain issues, wage pressures, and staffing shortages.
According to the Department of Labor (DOL) there are currently over 7 million open job positions in the U.S., and only 0.6 people to fill each position. This makes for an incredibly tight labor market, with businesses competing at an unprecedented level to not only recruit new talent, but retain it as well.
The number of workers quitting their jobs is at record highs as their confidence in being able to find a new job and higher pay rates is increasing. With all this in mind, how are you supposed to recruit and hire candidates to fill the possibly numerous open job positions you have? We have some recruiting suggestions specific to today’s current labor environment:
- Offer What Job Seekers Want
Most workers believe the best way to significantly increase their earnings is to quit their current job for a higher paying one. Between inflation and competition, employers are being forced to rethink their compensation strategies and take a hard look at what it will take to recruit and retain employees.
Compensation is a huge factor in what job seekers now demand from employers, but isn’t the only thing they are looking for. Also consider highly desirable options such as flex scheduling, remote work options, training and career development, and a more empathetic and understanding focus on work-life balance.
- Be Flexible With Requirements
Finding the perfect candidate in today’s market is like searching for a unicorn: impossible to find, much less to catch. Instead of focusing on the perfect candidate with all of the skills, experience and qualifications that will enable them to jump right in and take off running, focus on finding good workers with strong personal skills who will be a good match for your company and culture.
Being flexible with qualifications, experience and skill requirements will enable you to find good workers who will grow into their roles, and may even be a better overall fit for your company in the long run.
- Be Prepared to Act
Because of our current competitive labor market, candidates often have multiple job offers to choose from. If you require three rounds of interviews, skills tests, a drug test, and a round-table discussion to decide to make a job offer or not, it’s highly likely your top candidate will have already accepted a job offer from another company who called them back within a day or two of interviewing them – or even offered them a job on the spot.
If you don’t have a system in place that allows you to make quick hiring decisions, you’ll miss out on those top candidates who are ready to start a new position as quickly as possible.
- Ask for Referrals
Who knows what your company needs better than your current employees? Who is more likely to refer you as a company than an excited, successful new hire? One of your best sources for finding new talent is your current talent, so don’t be afraid to ask for referrals. They may know someone looking for work or ready to change jobs, or they may have a great idea of someone who isn’t in the job market but would be the perfect addition to your company.
- Understand the Benefits of Outsourcing
You’re in business to make money; in order to remain profitable, you need your team focused on what they do best. Outsourcing your recruiting and hiring function allows you to exchange the high fixed costs and management drain of the time-consuming recruiting and hiring process for the variable cost, flexibility and expertise.
It’s a constant challenge to stay ahead, especially in today’s employment market. Filling your open positions is harder than ever considering the low Unemployment Rates and large number of job openings you’re competing with. Whether you need to overhaul your entire recruiting and hiring process, quickly fill an open job position of any level, or find supplemental staff on an ongoing basis, The Arnold Group has the solution you need.