What this means for the world of recruitment
According to the Bureau of Labor Statistics, the unemployment rate ticked down to a 17-year low in May at 3.8%. As a result, there are currently more job openings than unemployed workers. There are 6.7 million job openings in the U.S. but only 6.4 million available workers. Competition for candidates is heating up, totally changing the landscape of the job market.
What does this mean for companies trying to hire in order to meet growth goals? What does it mean for candidates who are considering making a move? We’re doing a deep dive into how candidate-driven market will affect hiring and recruiting for the rest of 2018.
Employers Must Offer Competitive Wages
First and foremost, employers must offer competitive wages. At this point in time, almost everyone who wants a job has a job. So, in order to compete for top talent, employers have to come in strong with offers – including wages and benefits. “Hourly pay for nonsupervisors rose 2.8% in May from a year earlier, the best annual gain since mid-2009.”
Employers Must Have a Swift Hiring Process
The number of workers who are working or seeking work has been on the decline for almost two decades. The candidates who are open to new opportunities are entertaining multiple competitive offers. In order to secure the top echelon talent, employers must prioritize hiring and limit the number of hoops a candidate must jump through during the interview process.
For candidates that look great on paper, skip the phone interview and go straight to a face-to-face. People will appreciate your urgency and feel they are already adding value to your team.
It’s An Ideal Time For Candidates To Make A Move
For candidates, now is the perfect time to make a move. If you’re actively looking for a new position, don’t be afraid to apply to multiple opportunities. For passive candidates, it’s time to freshen up that resume then take the leap! Even if you don’t consider yourself a candidate at all, consider doing some searching or networking to see what is out there. Now is the best time to take the next step in your career, whether that’s in a different location, with a different company, or even a completely different role altogether!
No matter what, one of the best things you can do during an extremely tight labor market is to partner with a recruiter. We have connections with thousands of elite companies and candidates, and we’re ready to make the right match for your future and career goals.