Recruiting Survival in a Good or Bad Economy
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June 26, 2020
- Posted by: Larry Brantley
As odd is it may sound, trying to find talent in a good economy can be quite a challenge. Employers finally have additional dollars to invest in new hires and the “investment hires” only to find the pool of qualified applicants looking to make a job change extremely small. In a bad economy there is a surplus of talent with many candidates overqualified for the roles they are applying.
In the most recent BLS (Bureau of Labor Statistics) report from June 2020, we see the national unemployment rate has risen to 13.3%. When you dig a little deeper, you see that the pool of candidates with at least a bachelor’s degree is closer to 7.2% nationally (In certain highly competitive markets outside of major metropolitan areas the percentage is less).
With this knowledge, the recruiting approach has to change. It has gone from a Candidate’s Market to an Employer Market. You may hear those terms from other recruiters but not fully understand what it means. While these observations are from our personal experiences, there are always exceptions; see the chart below.
So, in the nutshell, employers have to be proactive in targeting talent with recruiting firms like Chaloner, constantly. You also need to make sure you protect your key employees from being poached by other employers targeting your staff. Salary offers are going upward. You should budget for the additional dollars necessary to secure the top talent. And most important, don’t hesitate when you know a candidate is an ideal hire. Counteroffers are not going to be as common but if you wait too long you will find yourself back to square one.
We understand the pace and the demands of this market. We welcome the opportunity to be your recruiting partner and make sure you survive with amazing talent on your team.
Either way, happy hunting!
Larry Brantley, President – Chaloner
Larry has more than 30 years of experience in the communications, marketing and advertising fields, and has been involved in recruiting and placement of industry professionals both nationally and internationally.