According to the Bureau of Labor Statistics, the national unemployment rate dipped to 3.6 percent in the month of April, the lowest it’s been since December 1969, when it dropped to 3.5%.
The most recent figures show that for 13 consecutive months now, the number of available jobs are greater than the number of people out of work who are searching for it. (Labor Department)
But another interesting statistic is that the pace at which people are quitting their job is also at a historically high 2.3%, for the 10th month in a row.
So what does all of this mean?
We are in a true candidate’s job market. And if the lack of candidates isn’t a challenge, there is that lingering job skills gap that continues to permeate the marketplace, especially with the growth in technology like artificial intelligence, automation, and more.
There is no question that there are several variables that determine the actual rate of unemployment, job growth, number of workers available, and other metrics that detail the strength of our work economy. But no matter the way you figure it, the job market and economy are experiencing great success. “Leaving aside month-to-month fluctuations, the labor market is still very strong,” said Eric Winograd, Alliance Bernstein’s senior economist.
2.3% of the workforce is quitting their jobs in any given month, many in search of better paying or more fulfilling work, and there are those who are still looking for employment. So how do you reach this small pool of potential candidates without sniping from other companies?
Recruiting and hiring has always been project number one for HR professionals, and the importance of it today is even more critical to finding qualified candidates in a timely manner. Without question, candidates are in the driver’s seat when it comes to hiring, as they are able to make demands and requests for the betterment of their overall compensation package and work-life balance.
Here are some tips on recruiting and hiring in today’s low unemployment rate economy:
LEVERAGE ARTIFICIAL INTELLIGENCE
The use of Artificial Intelligence (AI) to help recruiters find qualified candidates continues to rise. AI can be used to screen resumes, contact potential candidates, and other HR functions, saving recruiters time and energy. AI can also locate candidates who might have otherwise been overlooked via bias, or just plain-old time constraints.
DEVELOP AN AMAZING CANDIDATE EXPERIENCE
Image is everything, right? Not exactly. “Candidate experience” is the current, past and potential future candidates’ overall perception of your company’s recruiting process. It is based on the candidates’ feelings, behaviors, and attitudes they experience during the whole recruiting process, from sourcing and screening to interviewing, hiring, and finally onboarding.
According to Indeed, employers find it to be more difficult to fill entry-level positions compared to the executive level. Many of the candidates that will fill these positions are recent graduates or Millennials, and the importance of a smooth running candidate experience is crucial to this group of individuals.
Recruiters need to be sure they’re keeping candidates updated with the status of their application, what to expect next in the process, and be available to answer any questions at any time. The candidate experience “sells” your potential new hire on your company.
REMOTE WORKERS WORK
The trend for employees being able to work outside of a base office has risen over the last several years, and it will continue with advancements in technology. With remote work possibilities, companies can now hire outside of a particular geo-location, utilizing the talents of workers from anywhere in the world, or at least from a different time zone.
INBOUND RECRUITING IS KEY
As stated above, HR professionals are not in the place to “pick” talent. Today, talent does the picking. It’s no longer enough to have a strategy in place to reach out to candidates to offer them a job. Of course, there are always exceptions to the “rule”, but the best long-term solution for recruiting and hiring is found via inbound recruiting process.
An inbound recruiting marketing strategy helps you to proactively and consistently attract candidates, with the hope of getting them to “choose” you as their next employer.
Employee referral programs are definitively one of the most productive ways of hiring talent and filling open positions. Research has proven that referred employees take the shortest time to hire and onboard, and require way less money to recruit and engage. There are many ways to set-up an employee referral program, but at the base of the program is the consistent process for employers to get potential candidate referrals from employees.
In a marketplace with more jobs than workers, and with candidates driving the market, it’s important to leverage every tool you have to recruit, engage, and hire top talent. These are just a few tips to help solidify your ability to find the candidates that will take your company to the next level. Happy hunting!
David LaMontagne is the CISO at Essium, a premiere software company that has developed a revolutionary, customizable, workforce management solution named Xenqu. Essium’s Xenqu Software leverages our Smart Content Technology to organize everything related to your workforce in one secure, digital file using the latest cloud-computing technologies and architectures.