4 Tips For Recruiting When Unemployment Is Low
During the Great Recession, the national unemployment rate was more than 9 percent and as a result – employers didn’t have to look far to find qualified job seekers. In fact, many companies said they were flooded with resumes from overqualified candidates.
Today, the national unemployment rate is just above 4 percent, the lowest it has been in more than a decade. While this low unemployment is seen as good news for the economy and the average worker, it means employers are having issues sourcing qualified applicants. Below are a few of the tactics your company should consider using in this difficult labor market.
Make sure pay and benefits are competitive
Prior to hiring for any position, you should get a sense of what other companies in your location are offering for the same kind of work. Job sites like Indeed and Craigslist can offer a lot of information on what the going rate is for a wide range of jobs in your area.
Being conscious of other employers’ compensation provides you with a sense of the choices your applicants have right now. If your job offers are not bringing in many applicants or your offers are regularly getting turned down, an unattractive compensation package could be the main factor.
If your hiring budget restricts you from offering competitive pay, non-wage forms of compensation like schedule flexibility, or the ability to work remotely are extremely valuable to today’s workers.
Leave no stone unturned
Throwing up a job posting on Indeed is no longer enough. In this labor market, you also must seek out candidates.
If you’re hiring skilled trade workers, reach out to officials at nearby trade schools. If you’re looking for creative professionals, try getting in touch with a regional marketing association. Offering current workers incentives for referring new workers is another effective way to creatively source talent.
Also, don’t ignore qualified candidates who have barriers to employment, such as individuals with disabilities, or those with criminal backgrounds. Hiring these folks can be good for your bottom line, as well as a good thing to do for the community. Alternative staffing companies or local nonprofit groups can assist in connecting with people you may have previously overlooked.
Qualified professionals are in tremendous demand, and if you take too long making hiring decisions, ideal candidates may move on to another opportunity. While you don’t want to be careless about your hiring practices, decisiveness is a must in this environment.
Outsource the issue
If human resources personnel are spending more and more time trying to hire good candidates and not getting optimal results, it might make sense from a financial and productivity standpoint to outsource the acquisition of talent for your company.
At LTI, we have years of experience finding qualified, passionate individuals for a wide range of clients. If you company is currently having a difficult time filling its open positions, please contact us today!