The national unemployment rate ticked down to 3.9% in July 2018. By the end of July, 157,000 jobs were added, totaling 6.66 million job openings across the nation. This marks the third highest number in history.
The U.S. job market is the healthiest it is been in years, and as a result, companies are having difficulties finding the talent they desperately need. In this booming job market, candidates have options. Hiring managers are struggling to attract (and retain) qualified candidates. Traditional recruiting methods are unfortunately not as effective for many organizations.
Candidates are going rogue
This is the hottest job market in decades, and candidates are taking full advantage of the plethora of job opportunities. Candidates all across the nation are entertaining multiple offers. In fact, 20 percent to 50 percent of job applicants and workers are no-shows.
Qualified candidates are literally going dark on hiring managers and employers are feeling the frustrations. Candidates are accepting job offers and interviews and blatantly not showing up because they have a better offer in the works. Employers are so desperate that they are resorting to hiring candidates with little to no experience. To put this in perspective, 87 percent of employers have reported hiring “few or no qualified applicants.” Traditional recruiting methods just aren’t locking down the candidates that employers need.
It’s costing employers
With such a tight job market, filling positions isn’t the only difficult task for employers. Filling critical roles in our current job climate is hurting employers financially. The Harvard Business Review estimates that up to 80 percent of employee turnover is from poor hiring decisions. And on average, businesses spend nearly 33 percent of a worker’s base salary in replacement costs.
Organizations are spending millions of dollars trying to retain qualified employees. With a predicted 28.6 percent of workers leaving their jobs by the end of the year, companies are desperate for top-talent that is willing to stay put.
Partner with a professional
With today’s intense job market, it’s becoming more and more difficult to obtain the talent employers are searching for. Placing job openings on the careers page on your company’s website or listing your vacancies on job boards just isn’t going to cut it.
At JSG, we work solely for our clients to find them the best candidates for their positions, so they don’t have to. We understand that you are busy. Let us take one item off your HR department’s already busy plate and help you fill your most critical positions.
With JSG’s expertise in our current job climate, we can help your company fill your critical positions. By partnering with an expert, we take the stress out of recruiting so your team can focus on all their other tasks at hand.