The current unemployment rate is 3.6%, and 4% is considered full employment. The employment rate is even lower for the college educated population, which sits at 2.1%. If you have a college degree and five years of business experience that number drops to 1%. With these statistics in mind, it isn’t surprising that the current employment market makes it hard for companies to find new talent. Let’s face it, most organizations don’t have the reputation of Google, so to attract the best talent in a tight market, you need to be noticed by the people you want to hire. The question is what can you do to make your. Company a recognized employment brand?
Manage Your Reputation
The first step is to manage your reputation and employment brand. What matters most to candidates when it comes to a company’s reputation is the quality of their leadership, stability, opportunities for career growth, and team performance. Companies with a poor employment brands often have to pay more in wages to attract talent. The best way to manage your reputation is to talk to people. Talk to your employees and talk to candidates about your reputation. Find out what the strengths and weaknesses of the company are. If you understand how people view your company, you can take steps to improve your market image.
Build a Bench
Build a bench through ongoing attraction-based interviews. If you start looking for talent when a position opens up, you are at a significant disadvantage. You want to have a bench of talent waiting to come work for you.
Best practice is to have that network already built through prior identification and pre-interviewing. To accomplish this, you should always be interviewing potential candidates with the right background throughout the year.
Engage an Industry-Specific Recruiter
A great way to navigate the current employment market is to engage with a recruiter who specializes in your industry. The recruiter will have in-depth knowledge of the employment market in area. They will also have an extensive network of pre-qualified talent. They know the top talent in your field and will be able to identify candidates who will fit with your company need.
Offer Perks for Employment Ambassadors
offer your best people special perks for serving as employment ambassadors, such as time off, gift cards, lunch with the CEO, or company-wide recognition. Your most trusted employees are your best resource. They know who you are, and what it takes to be on your team. People who know them are likely to be more attracted to your company because they trust your ambassador! They also know they will be hiring their team mates – they will be picky about who they recommend.
With unemployment at record lows, navigating the employment market is harder than it has ever been. Working with a recruiter, using your employees as a resource, managing your company’s reputation, and building a bench will all help you to have a competitive edge in the current employment market.
Are you looking for top talent in insurance, accounting or banking?
Contact us to learn more about how we can streamline your hiring process and get you the talent you need to succeed. Our focus on developing strong relationships and long-term partnerships in our specialized practice areas is the advantage that keeps our clients in the top positions as industry leaders.
Are you a professional looking for a new opportunity?
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