Navigating hiring during times of low unemployment
Volume 1; Edition #6
The Talent Compass: Navigating hiring during times of low unemployment
On Friday the Bureau of Labor Statistics reported that the unemployment rate was down to 3.6%, close to the lowest rate in nearly 50 years and back to pre-pandemic levels. The U.S. economy added 209,000 jobs in June in another monthly jobs gain, although it was the smallest increase since 2020. See the graph with a trendline.
Employment continued to trend up in government, health care, social assistance, and construction. Job gains were seen in state and local government hiring – an increase of 60,000 jobs – along with health care at 41,000 jobs and construction with 23,000, while retail saw a loss of 11,000 jobs for June.
Employment showed little or no change in other major industries, including mining,
quarrying, and oil and gas extraction; manufacturing; wholesale trade; information; financial activities; and other services. Subsequently, the number of discouraged workers who believed that no jobs were available for them, decreased by 112,000 to 310,000 in June.
How to Overcome Hiring Struggles During This Time
What does the low unemployment rate mean for job recruiters and employers? With a reduced rate of unemployment, there are fewer qualified candidates to fill open roles. Whereas, a high rate of unemployment will mean there are more highly qualified individuals in the pool of job seekers.
During a time where there is a low employment rate, prospective recruits have choices, and you can’t afford to take too much time deciding if you want to hire them or not. Several other firms are most likely hustling for the same recruit and will not spend weeks deciding if they want to employ them. It’s important to ensure the hiring and onboarding process is as efficient as possible. You don’t want to be the organization that loses potentially excellent hires because of a slow recruitment process. When you find a good candidate, communicate consistently throughout the process. Set the tone early by clearly outlining what to expect from the interview and hiring process, including your timeline. Make sure you stay connected with your candidates through every step of the way.
Given the low unemployment rates we’re currently experiencing, as business owners and leaders, you have to tweak your processes to suit the situation. Making changes to meet the current needs of prospective talent, from attracting candidates to the onboarding process, can help you get a leg up on the situation.
During this competitive marketing it is important to invest in employee retention: Offering unique benefits and incentives that employees value, such as wellness initiatives, mental health workshops, and standard perks like health insurance, can help reduce employee turnover and improve overall satisfaction.
When it comes to finding qualified candidates, hiring managers must get creative and go where the job candidates are. In today’s employment environment, it’s important to think outside of the recruiting box and try some new approaches. Offering your current employees incentives for referring new employees, making a contact at a training program or partnering with a talent acquisition company are all great ways to increase your talent pool.
Everybody has a price; you only have to find out what they are charging. Many individuals have reported an attractive salary, bonuses, and better working conditions are mostly what they want in a job. Other attractive perks to entice candidates include offering 4-day work weeks or having the option to work from home. The more benefits you can provide can help you land quality recruits from competing firms.
The unemployment rate being low or high, does not have to negatively impact your organization. Partnering with an RPO can help make all the difference. 360 Talent Avenue can help you implement solutions to recruit the best talents for your company. Contact us today to receive a complimentary compensation analysis to see how your compensation package measures up in your industry and how we can provide you with recruiting services to help you attract and retain quality candidates.
True North Corner
360 Talent Avenue CEO Lacey Menchen is a Highlighted Nominee for 2023 TITAN Business Awards – Woman Leadership of the Year
We are excited and honored to announce that 360 CEO Lacey Menchen is a highlighted nominee for the Woman Leadership of the Year TITAN Business Award for 2023. The TITAN Business Awards recognizes enterprises of all industries and their efforts to better both the workspace and company culture.
We are so proud of the exceptional leader Lacey is and all that she has accomplished in the industry, as well as at 360 Talent Avenue by creating a positive and inclusive announcement. Winners for the award will be announced in October! Way to go Lacey!
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