“More job creation, higher voluntary employee turnover and intensified competition for talent will be the main themes surrounding employment in 2018.” That quote was given by Matt Ferguson, the CEO of CareerBuilder (CareerBuilder Annual Forecast) earlier this year. Now that we are almost to the halfway point of 2018, I have to say he was exactly right. A recent survey by Deloitte (Deloitte 7th Annual Millennial Survey) found that 43% of Millennials plan to leave their jobs within 2 years and 61% of Gen Z employees would also leave in two years if given the choice. Additionally, in the last week, the national unemployment rate dropped to the lowest level since 2000. People are back to work!
Update your hiring process
Thus, I would say, voluntary turnover and intensified competition is a really good prediction so far for 2018. Yet, we are still finding employers who are not paying attention to market reality. A potential client called the other day and told me that they had never used recruiting but they just couldn’t find any suitable candidates for their role. When I explained that their particular troubles were universal and that candidates needed to be “sold” on moving to a new opportunity, this particular hiring manager was beyond surprised.
Yet even those that are aware of current employment trends are still not adapting their hiring processes to make themselves competitive in this market. As a business, if you want top talent today, you need to revisit your hiring processes and treat your candidates just like your customers. As Jack Welch once said: “The team with the best players win.” To get the best players you need to position yourself so that your business is attractive to them. This is actually a pretty simple proposition. In today’s market, the candidates have options, you are not the only game in town. How you attract top talent, how you retain top talent, how you are perceived by top talent in your industry means everything to your ability to grow and succeed as a business.
This is a talent-driven market
As you might suspect, I have been providing this free and educational service to all of our clients and prospects. Some take it to heart, while others brush it off. What I hear most frequently from a business is that if the candidate doesn’t wait for us, they aren’t the right candidate. Yeah, I’m not buying that either. That’s an excuse for a person who simply refuses to recognize reality. In a different market, in a different economic time, that thought process could be perfect. It’s just not believable in this market. Candidates don’t “need” you, you need the candidates.
While I know that not every candidate is right for your business, my job is to do the best I can to help you set up a process that will help you be more attractive to the best candidates. How you treat them, how efficient your process is and what opportunities they may have in your role versus their current role are going to be critical. I know, and you know, that hiring today isn’t easy, but hopefully this can help you reassess your own processes to determine what you may be able to do to better position your business to become more attractive to the candidates who can help your business grow. I always enjoy meeting and sitting down with business owners and hiring managers in the local Tampa Bay market, if I can be helpful to your business please let me know.