Let’s begin with the good news: The job market is thriving as the economy continues to grow.
- The unemployment rate has remained at 4.1%, the lowest it has been in 17 years, according to the Bureau of Labor Statistics (BLS)
- 69% of employers are planning on hiring in 2018, a 13% increase over 2017, according to recent Execu|Search Group survey
- Closer to home, the BLS shows employers in New Jersey are reporting 4.1 million jobs, the highest in the state’s history
An abundance of open positions means job seekers can be more selective in their search. And according to the Execu|Search Group survey, they are actively playing the field: 55% of professionals were interviewing for more than two other roles while they were interviewing for their current position.
The Hunt is On
While all this good news for hopeful candidates, employers have a challenge. They will have to be more strategic when courting new talent. Studies show the right candidate may be hard to find: CareerBuilder reports that 45% of HR managers currently have jobs they cannot fill because they cannot find qualified talent and 58% report that they have jobs that stay open for 12 weeks or longer.
What’s a hiring manager to do?
We’ve identified three ways to help you effectively compete with the other 69% of employers hiring this year.
1. Evaluate the Employee Experience
When evaluating a prospective mate, you likely take note of their appearance and reputation. The same is true for a job-seeker considering a job. If you wish to attract and keep an employee, pay close attention to your organization’s employee experience. Comprised of technology, physical environment, and (most importantly) culture, the employee experience plays an important role in building an engaged workforce. When employees like where they work they stay at their jobs and they spread the word, which leads us to #2…
2. Seek Employee Referrals
Employee referrals are not only the most popular way for companies to acquire new talent, they’re also the fastest, cheapest, and most effective. It helps with retention as well as attraction. There’s no better way for an employee to get to know the ins and outs of the business than by shadowing another employee who is also their friend. Research suggests that not only do referred candidates have better odds of getting hired (two-thirds of the time), they are more likely to experience job satisfaction. (65% of referred employees are very satisfied with their ability to fulfill the requirements of the position.)
3. Get Creative
Consider alternative means of building your team, including:
Hiring fresh talent – There are many reasons to hire an intern or recent college grad. They’re generally easier to guide and groom, offer a fresh perspective, and more willing to take direction.
Seeking temporary, contract, or freelance workers – An integrated talent approach opens your organization up to a larger pool of talent. Plus, it allows you to secure a candidate with the right combination of skills and experience to meet a specific business need in a cost-effective way.
Balance Point is on Your Side
Today’s digital natives are accustomed to performing everyday tasks with the swipe of a finger, and they expect the same ease of execution in the workplace. Enrich your employee experience and give your organization the competitive edge with Balance Point’s robust human capital management (HCM) solution.
Applicant tracking makes applying for a job within your organization a breeze. Guided onboarding eliminates overwhelming paperwork, setting your new employees up for success. Self-service features empower employees and help them feel connected to the organization by giving them access to update their personal information, request time-off, and communicate directly with HR and managers.
Discover how Balance Point’s solution can help you find the team of your dreams.