The market for top talent is beginning to tighten once again. Demand is growing. Indeed.com, for example, shows that 8 out of 13 industries are showing an increase in job postings when June 2016 is compared with June 2015.
Many of the increases in job postings were significant while the decreases were small. Just imagine a 50% increase in hospitality, 16% in manufacturing, 15% in education, and an astounding 81% swell in transportation.
These numbers are obviously putting pressure on recruiters in many industries. And it doesn’t help the situation that the labor force participation rate (those working or actively looking for a job) has dropped to 62.6% – lowest since 1977. Just over 14 million people have left the workforce since 2009.
Jobs are up and participation in the workforce is down. How does a savvy recruiter counteract today’s recruitment landscape?
Attracting the low-hanging fruit – the approximately 15% who are actively looking for a job – will likely not meet most company’s recruiting needs. That means targeting active job seekers with job postings, classifieds, and SEM should be taking a smaller portion of your recruitment budget or you might need to expand your budget to be successful in a market where supply might be well short of demand.
Here are a few options that you might want to add to your arsenal to expand your pool of candidates:
· Look for cross-industry talent. Your jobs may very well translate across industries.
· Place more emphasis on developing your talent internally
· Put a higher percentage of your recruitment budget into intrusive media to expand your potential hires to passive candidates. This would include social media campaigns, mobile options, e-mail marketing, direct mail, radio, and more.
· Put a boomerang program into place.
· Mine your ATS. Those candidates are already somewhat invested in your company and can be more easily swayed to accept an offer from you.
Ask your SCG Account Manager for more information on adjusting your recruitment to meet the changing recruitment landscape.
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