Record Low Unemployment = Fierce Battle for Talent
According to the U.S. Bureau of Labor Statistics, the national unemployment rate dipped down to 3.9% this past April, 2018, read more on CNN Money.
That is the lowest rate since 2000. Why is this important to executives currently hiring? Because, while our niche-specific talent searches always focus on small talent pools, record low unemployment always translates to more competition fighting for that same, limited talent, even if your targeted talent is already employed. This makes recruiting even more challenging, which means you need IRES at your side more than ever.
Think of this labor statistic as inviting guests to a pool party but the pool is a small plastic kiddie pool. Imagine all your competitors standing in the kiddie pool shoulder to shoulder because that tiny pool is now your talent pool. The standing-room only guests? That’s your competition.
Many companies have been asking: how do I get the most out of this shrinking talent pool?
There are several ways you can do this:
- Choose a recruiting search firm to filter out the clutter.
- Have a unique selling proposition.
- Stand out and make a counter-proof offer.
Let’s start with #1— Choosing the Best Recruiting Search Firm
Choosing a recruiting search firm can be a daunting task, but it is necessary when you are searching for talent while your competitors are also doing the same. Recruiting search firms, like IRES, are able to take your needs and assist you in finding the pain points through their extensive knowledge and behind-the-scenes expertise on what you are up against. With over 27 years of experience in the industry, IRES knows how to press the hot buttons and find those candidates that you need and want.
Have a Unique Selling Proposition
Recruiting talent is hard and knowing the baseline of your target candidate helps to ensure that they speak to you. These candidates are heavily recruited all the time, so it is up to you to convince them to make the move. Find out how to create that unique selling proposition and see what the exact salary increase percentage should be and how to gauge the probability that the offer will be accepted or rejected with this helpful special report.
Stand out and Make a Counter-Proof Offer
One of the biggest challenges when searching for that perfect candidate is standing out when the candidate is inundated with calls and is being heavily recruited by all of the other competition. The higher demand of the candidate, the greater the need for you to streamline your hiring process and ensure that you don’t lose someone that can be the best fit for the role you are trying to fill. The hiring process is usually done at a lax pace, but when you are searching for those target candidates you need to make it more like a relay race hitting every mark quickly until you give them the hard offer. How can you ensure that they will even take your offer? Make sure it is counter-offer-proof! These candidates that have chosen to go through your process and get to the finish line even though they are being heavily sought after. Do you think they are going to jump ship and take a chance if your offer is only a small step above what they are already making? No, these candidates need to see that making a transition is going to pay off and will need to see that drawn out before they sign on the dotted line.