How to Recruit in a Tight Labor Market
The job market ebbs and flows with employment rates, and as the economic fundamentals stay positive, we can expect employment across most industries to remain tight. Low unemployment means we are in what executive recruiters call a “candidate’s market.” As such organizations looking to hire need to “sell” firms to potential recruits—and understand that a lateral move is no longer enough to attract talent.
In a tight labor market, organizations need to up their game, push the opportunity, and meet the demand. To attract the best talent, companies need to leverage technology, networks, and innovative solutions … and it all starts with establishing a new and improved recruiting strategy.
Happy to Make a Move
As professional employment continues to rise, companies across industries will see the problem of talent acquisition accelerate. As Forbes points out, today’s job seekers are in the power position, emboldened to dictate salary and ancillary benefits. There will be continued job growth in a number of industries, prompting some professionals to switch career paths to take advantage of new and better opportunities. The tighter labor market is also prompting some companies to consider relocating their headquarters to tap into the talent pool. In addition, companies have to make branding a priority, and outwardly communicate the benefits of the firm.
What all of these trends mean is that finding talent is difficult. Within specific industries where unemployment is at a celebratory low, the task becomes even arduous. In most cases it’s skilled professionals that have the highest employment rate, making an already shallow talent pool ankle deep.
Executive Recruiters More in Demand
It may seem counterintuitive for me to say that as the unemployment rate drops, executive recruiters are more in demand… but this is exactly the case. While our job is more difficult in a productive employment market, this is when we are at our best. Executive recruiters are trained to use a host of tools—from understanding how to interpret what is not explicitly outlined on a resume to networking to effectively using social media—in order to identify and vet candidates, even those who are not actively looking for a job.
One way to help achieve this goal is by working with an executive recruiting firm. At Risch Results, we come to the table with a robust toolbox that includes:
- Unique Search Process: We provide a highly customized search for each position based on the specific needs of our client, as well as consider the culture and working dynamics.
- Research: Our team meticulously researches and recruits candidates who are typically gainfully employed using a combination of strategic networking, data analytic, and web-based sourcing to attract the most promising candidates.
- Scalable/Flexible Solutions: We watch hiring and staffing trends to help our clients examine which strategies work best for their specific business. We can provide full-time, interim, and contract employees.
- Value-added services: We offer organizational assessments, third-party compensation negotiations, and workforce assessments in addition to our recruiting services.
- Confidentiality: As a retained search firm, we are able to provide higher-end screening of qualified candidates while offering confidentiality for both the client and the candidate.
Recruiting isn’t easy, and if companies aren’t willing to incentivize with ultra-competitive wages and benefits, the job is even harder. But a skilled recruiting team can find gems in every industry. We do it every day.