As we all know, the job market is on fire right now. As of July 2018, the Bureau of Labor Statistics reported an unemployment rate of 3.9% with a total of 6.7 million job openings across the country. With only 6.3 million unemployed Americans, many organizations are struggling to find the talent to fill job openings.
Where are employers turning to find candidates for those roles that drastically need to be filled? Passive candidates.
What’s a passive candidate?
A passive candidate is someone who is open to new opportunities, but they are not actively seeking one. Basically, these types of candidates are subscribed to job alerts or occasionally check out job boards. Passive candidates are often loyal employees and aren’t interviewing anywhere else, so they need to be convinced to make a move and sold on your company and position.
And there are more passive candidates than you think. 58 percent of workers look for new job opportunities at least once a month. The majority of the country’s workforce is casually searching for their next career move. In fact, 44 percent of workers subscribe to job alerts. Now, that doesn’t mean these people are actively searching for new positions. However, over half of our workforce would be open to discussing a potential career move.
Why focus on passive candidates
Despite the limited talent pool employers are fishing from, if you ignore passive candidates, organizations are missing out on some fantastic skills and employees. Passive candidates are 120 percent more likely to make a strong impact on your organization. Since they are currently working, they are more likely to have highly sought-after skills and bring extensive experience to your organization.
According to a study from LinkedIn, 75 percent of the people an organization would ideally hire aren’t even looking for a position. And for critical roles, 95 percent of the people you’d want to hire also aren’t looking. The consensus? The best candidates are the ones not even on the market!
How to attract candidates that aren’t even looking
Attracting passive candidates is easier said than done. They are typically happily employed or at least need a lot of incentive to make a move. And in our current market, candidates have options. With more job openings than people to fill them, passive candidates have the opportunity to be picky over what offers they wish to pursue.
As a result, it’s getting more difficult to get a candidate to accept relocating for a position. In 2017, 3.5 million American workers relocated for a new job opportunity. However, that’s a steep 10 percent decline from the 3.8 million in 2015. With an abundance of jobs, candidates can find similar positions nearby, avoiding a costly and disruptive relocation. If you’re having troubles filling roles with local candidates, you may need to relook at your company’s relocation package to better attract out of market candidates that may otherwise happily join your organization.
Partner with a recruiter
If your organization is struggling to fill open positions, you are not alone. Hundreds of companies are having difficulties finding the right talent to fill their most critical positions. However, that doesn’t mean you have to tackle your recruiting alone.
It’s time to take the extra step in your recruiting process to obtain the talent your organization needs. With JSG’s expertise in our current job climate, we can help your company fill your critical positions. Let’s work together.