Workers Have Become a Hot Commodity!
“That’s bad news. I’m sorry to hear that.” Joe sighed and hung up the phone. “We just lost one of our best employees,” he complained to his business partner. “She got offered more money somewhere else and couldn’t resist. Now where are we going to find someone who’s just as good at doing her job?”
Has this happened to you recently? If you’ve been trying to hire lately, you’ve undoubtedly noticed that it’s getting even more difficult to find good candidates for your open positions. That’s because workers have become a hot commodity!
According to Bloomberg.com, in July 2009, there were 6.65 unemployed job seekers for every vacancy. Flash forward eight years to this past April, and there were only 1.17 people per open position. Today, the need for qualified professionals “is so dire that employers are handing out large signing bonuses, giving second looks to people with blemishes on their resumes and reaching out to professional recruiters more than ever.”
Really? Are you going to have to consider hiring someone with a criminal record just to fill your open position? Probably not, but you may have to start making some hard choices that will impact your budget one way or another. Here are six ways to help you manage this candidate’s market:
Be open to paying a higher starting wage.
If you want to attract an experienced professional, you’ll need to offer better than entry level wages. Check with your recruitment specialist to find out what the going wage is for your open position to make sure you’re offering an attractive enough package.
Keep your expectations realistic.
Because workers have become a hot commodity, you may need to hire someone with less experience and be willing to train and develop him or her. Also, if you’re filling a vacant spot, take a good look at why the last employee left. If it was because he or she had too many responsibilities or not enough training or support, be sure to remedy the situation before bringing on a new worker.
Consider raising pay for current employees.
In order to hang onto the good employees you already have, warns Bloomberg, you may soon be forced to raise wages. An increasing number of workers are realizing that they can get a pay raise by switching jobs. But remember, it’s not always about money. Offering perks such as flex time, remote work, a sense of purpose, and whatever special benefits your company uniquely has to offer can also help employees stay loyal.
Hire a professional recruiter.
Finding the right candidate in this candidate’s market is only going to get harder, predicts Bloomberg. To increase their chances, more businesses are turning to staffing agencies for help finding qualified professionals. Some are even opting for a retained search, paying a portion of the fee up front, as opposed to a contingent search. But just hiring a recruiter doesn’t guarantee that you’ll have a new employee soon. It all depends upon your approach.
Don’t compete against yourself.
Sometimes, shares Scott Kuethen, Amtec’s CEO, when an employer has a hiring need, they may give the job requirement to four different agencies, thinking that they’ll get faster results. In fact, the opposite happens. As all four recruiters start to run into the same candidates, they get discouraged and stop working for that employer. Instead, they’ll start working on positions where they don’t have competition and where the employer communicates and really wants to help the recruiter help them find great candidates.
Develop a working relationship with a recruitment firm.
That’s why Kuethen encourages developing a quality, personal relationship with one or two agencies with whom you can work really well. “Chances are, your internal recruiter isn’t communicating the way you think they are. We don’t always get a clear picture of what you need. All too often, an employer changes his mind about filling the position and doesn’t even communicate for the recruiter to stop looking–when the recruiter has already invested 50+ hours searching for the perfect candidate,” says Kuethen, who himself has recruited candidates for 33 years. “If a position is important for you to fill, it’s better for you to develop a quality relationship with your recruiter and give regular feedback to keep the search going strong.”
It’s true that workers have become a hot commodity and candidates are in the driver’s seat, but you still have the power to offer a fair market wage, maintain realistic expectations, give pay raises where appropriate, and choose an experienced recruiter. If you communicate clearly, directly, and regularly with your recruiter, you are sure to get his or her attention and focused effort, attract top candidates, retain your best workers, and land the qualified professionals you need to stay competitive in your field.
Do you need help acquiring top contract or direct hire professionals? Let Amtec find you the best candidates, set you up to successfully interview them, and assist with offer negotiations, reference checks, and background checks. Click here or call (714) 993-1900 to start your search.