In 2015, recruiters are going to find that available talent is in much shorter supply. No doubt it is a function of the improving economy. Just look at these numbers:
- Unemployment has fallen from 9.8% in January 2010 to 5.6% at the close of 2014. (Source: Bureau of Labor Statistics)
- Hiring budgets are increasing for the first time in 4 years (Source: U.S. Recruiting Trends 2015, LinkedIn)
- Turnover is increasing rapidly – 44% in 2014. (Source: ERE.net)
- The number of job openings across the nation jumped from 2.9% in November 2013 to 3.4% in November 2014. (Source: Bureau of Labor Statistics)
So what do we have here? Fewer people in the job market due to lower unemployment. More job openings partially created by higher turnover. However, on the positive side for recruiters, budgets are increasing to compete in the 2015 marketplace. The bottom line is – 2015 is going to be no picnic for recruiters.
In a LinkedIn survey of over 4,000 talent acquisition decision makers, they were asked “What are your company’s biggest obstacles to attracting the best talent?” Competition was the number one obstacle for companies in the United States. According to the survey, this has become a greater barrier to finding talent than compensation.
What does a recruiter do to combat the new competitive marketplace? We would suggest three things:
- Be more aggressive with employer branding.
- Increase your efforts in relationship building.
- Gather the information you need to make a case for an increase in budget due to increased competition.
Concentrating on these three areas will help you compete in the more challenging 2015 recruitment landscape.
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