Right now, the U.S. economy is good. In fact, this is the second-longest bull market in this nation’s history and it could still become the longest. As a result, economic conditions are favorable for professionals and job candidates.
Not only that, but there is also a significant shortage of workers and candidates in most industries, including within the Information Technology and Engineering fields. As you may already know, the National Unemployment Rate is historically low. Earlier this year, the unemployment rate fell to 3.6%. The last time unemployment was that low was in 1969, when the rate dipped to 3.5%.
As a result, we are currently in the midst of a candidate-driven market. This is quite a departure from what conditions were like in the economy and in the marketplace during the Great Recession and the years immediately after it.
So what does this mean for employers trying to hire? Specifically, what’s happening in the employment marketplace means the following five things:
#1—All job seekers and candidates have more options.
This makes sense, when you think about it. Every candidate, from the best to the worst, can take advantage of current market conditions, at least to some extent. However, this does NOT mean that all candidates can take advantage of these conditions in equal measure. That’s because not all candidates are created equal, which leads us to our next point . . .
#2—The best candidates have the most options and the best options.
This also make sense, when you think about it. Sure, all candidates have more options, but the best candidates in the marketplace have the best options. That’s because employers want to fill their most important positions (i.e., their “best positions”) with the best candidates. So it stands to reason that the best candidates would have the most leverage—and they do.
#3—Employers must have a proactive mindset in regards to hiring.
There is a low unemployment rate. There is a skills gap. This means that candidates are not going to start flocking to you just because you have a job opening. You can’t “sit back and wait” for qualified candidates to throw themselves at you. It’s simply not going to happen. Instead, you must initiate action and be on the offensive.
#4—Online job advertisements are not going to find the best candidates.
This piggy-backs off #3 on our list. Posting online job advertisements is a form of “sitting back and waiting” for candidates to come to you. In essence, you’re “sitting back and waiting” for candidates to apply for your open positions through online job ads. The best candidates are passive, which means they’re not looking for jobs online. Or anywhere else, for that matter.
#5—The best candidates must be identified AND recruited.
Just knowing who the best candidates are is only the first step. (And some employers don’t even know this information!) The next step is successfully engaging them and convincing them to consider your employment opportunity. Then the next step is successfully recruiting your top choice to become a member of your organization. Today’s top candidates must be recruited!
If you’re looking to hire exceptional candidates, we invite you to connect with our team today and see what The Doepker Group can do for your organization.
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