During the Great Recession, the U.S. lost 8.7 million jobs, the unemployment rate hit 10 percent, and employers were controlling the job market. Looking back, we’ve certainly come a long way. Since 2010, the private sector has added 14.5 million jobs and the unemployment rate currently stands at five percent.
In this new job market, employers are no longer in the driver’s seat. We are now officially in a candidate-driven market — and top talent is getting harder to find. In fact, 65 percent of companies cite a lack of skilled candidates as their biggest obstacle to hiring.
Considering this new employment landscape, employers may need to rethink their talent acquisition strategies. Here are some ideas you can use to find quality candidates:
In this candidate-driven market, many companies are getting more competitive with their offers. In a survey by Jobvite, 68 percent of companies said they have increased their average salary offer to candidates. As more jobs become available, job seekers have more options and companies are competing for top talent. In order to stay competitive, consider increasing your salary offers for your open jobs.
Offering traditional benefits, like health coverage, is still a good way to attract quality candidates. According to 78 percent of recruiters, medical and dental benefits are most effective for attracting top talent. You might also consider offering more non-traditional benefits like flexible hours and a casual dress code — 44 percent of recruiters say these benefits help as well.
Recruiters rank employee referrals as one of the best ways to find candidates, second only to internal hires. And over half of companies (64 percent) report awarding bonuses to incentivize employee referrals. Your employees are one of your best resources for new talent. Make it a priority to encourage your staff to provide referrals for your open positions.
Work with a Staffing Agency
Did you know that 80 percent of jobs are never advertised? That’s because many companies either hire internally or work with a staffing agency like Morgan Hunter Healthcare. With deep talent pools and extensive professional networks, staffing agencies are a great resource for any company struggling to find quality candidates.