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How Do You Hire When Unemployment is at a Low?

How Do You Hire When Unemployment is at a Low?

Not long ago the situation facing hiring managers was very different than today. In the past there were many excellent candidates vying for few jobs. The challenge was not finding candidates, but rather deciding between highly qualified individuals eager to work.

Today’s low national unemployment rate of 4.1% presents a different sort of challenge. Hiring managers are tasked with finding qualified candidates and presenting a job offer that they will accept. It is, as they say, a job seeker’s market.

In order to succeed in attracting top talent in this environment hiring managers must pay extra attention to their recruiting and hiring practices.

Here are (3) three tips to help you draw the best candidates to your Company:

Make Certain That Your Wages and Benefits are Competitive in the Marketplace.

The best candidates will usually command the highest salaries. As important as is a lucrative salary, these candidates are also looking for benefits packages that not only include health insurance and 401(k) plans but also offer additional “cafeteria-type” non-wage offerings, such as gym memberships, remote-working options, childcare or senior care allowances, flex-time, and more. Before finalizing your offer, research what other employers are offering for the same type of position to be sure that your package is attractive enough to compete for the best candidates.

Remember that recruiting is a time-consuming endeavor; if you can “sweeten” the offer and attract a greater volume of qualified candidates you will most certainly make good use of your efforts.

Use Your Network to Identify Candidates

You may find that the best and the brightest can often be sourced through your own network of contacts. These include your peer group of other business owners, fellow members of a business or trade organization, networking and referral sources, and in many instances, your existing employees. Network-sourced candidates come pre-vetted and may even have a better understanding of your Company and its culture, especially if a friend or relative is a current employee. By going to your network you may also find that you can streamline the process and bring in more qualified candidates in a shorter time frame.

Read More:
How to Find Employees with the Greatest Potential

Provide a Strong Training and Job Enrichment Program for New Hires
With unemployment being as low as it is, you have to accept that you may not be able to bring in new employees that come to the position with all of the requisite skills in place. A viable option is to bring in employees with analogous skills and who are extremely flexible, trainable, and interested in learning new skills. An important value-add is that by hiring people who need some training in order to execute the job, you have an opportunity to train employees to do the work as you want it done and without any bad habits that may come along with someone who has done the job in another company.

Read More:
Why Hiring a “Newbie” May be the Best Strategy

Make sure that the recruitment experience is a positive one. What happens when someone applies for a position at your Company? Are calls and emails answered in a timely manner? How are they greeted when they come in for an interview? Given the low unemployment rate, you certainly don’t want to turn off applicants before you have even had the opportunity to speak with them!

Lastly you should always be in a recruiting mode. By staying open to conversations with potential candidates you just might stumble across your next best employee for whom you might even “create” a job.

There ARE potential candidates out there; you just have to find each other.

 

Taken from the February 2018 Unique Business Solutions newsletter.


February 6, 2018