Winning the Talent War 101
The good news is our economy is strong. The overall unemployment rate as of May 2017 was just 4.3% – the lowest rate in 16 years! Unemployment is so low that we are actually past the point of full employment. That’s great but you still have jobs to fill. Here’s how some employers are winning the war for talent…
Traditionally as unemployment drops, salaries rise. The Bureau of Labor Statistics says that is not happening this time and wages are relatively flat. With unemployment this low, all “employable” people have jobs or are quickly transitioning between jobs. Employers are scrambling to find new ways to attract talent that won’t bust the budget.
In the new media and tech startup industries employers are offering perks such as unlimited paid vacation, team building excursions, and free food. These employers are branding their workplace as a lifestyle choice. People expect to work long hours but in return they are provided all their meals, a built-in circle of friends, and fun adventures.
In the government contracting and professional services industries this approach is not really an option. A good recruiter is your best friend in this market. They are constantly cultivating their network to identify candidates who can improve their current situation with a role change. Recruiters can find talented candidates, even in a tight labor market, but hiring managers need to act quickly to bring them onboard. An efficient and decisive hiring process teamed with a good recruiter who brings you the right person at the right time will help you win the talent war.
[Cox, J. (2017, Jun 21). The jobs market may be past ‘full employment.’ Here’s what that means.][Reuters (2017, Jun 22). US weekly jobless claims total 241,000 vs 240,000 estimate.]