It’s no secret, the labor market is incredibly tight, with some of the smallest candidate pools we’ve seen in decades. We’re talking about a time span larger than a majority of the United States current workforce’s age. And of course, it’s all over the news. If you’ve been in an understaffed department or involved in the hiring process, you’ve no doubt felt this first-hand. As a matter of fact, the unemployment market just reached a 49-year low. And in my experience, the construction industry has had an even tighter pool for top talent.
Construction keeps building stronger
I work in the Heavy Industrial, Oil and Gas, and Mining industries. And expansions, new sites, large civil and commercial projects are vying for some of the same talents. The mines and quarries that produce the stone or steel are adding construction projects, creating a self-feeding cycle of shrinking candidate pools. This carries into hospitals, financial institutions, and so on. Competition is fierce.
According to the Bureau of Labor Statistics, employment in construction continued to trend up in August 2018 with the addition of over 23,000 jobs. Over the past 12 months, the construction industry added a total of 297,000 jobs, with specialty trade contractors accounting for two-thirds of that growth.
Passive candidates are filling the void
Making calls into the industry every day and managing passive candidates is becoming necessary in battling this surge; bringing an already employed individual to their next career move takes involvement and perseverance. As many organizations with robust hiring departments know, the hiring process has been relatively smooth and efficient in the past. This trend has been changing over the last 18 months. And if your existing hiring methods are not producing similar results, do not despair. You are not alone in this candidate-driven market. It has become common for most organizations to focus their attention on a handful of their most critical roles.
And speaking from my own experience as an executive recruiter, I work best supplementing the existing staff and filling the most critical roles for my clients. Meanwhile, an important factor in deciding to reach outside of your own company for help with your hiring needs involves a different kind of thought process. You, as a company, have to think of the impact of the vacant position on production or services, and the added impact to the current workforce. These are tangible numbers, and in cases where the benefit outweighs the cost, it may be time to support your internal recruiting methods.
If you’re finding that you’re not able to fill your roles as quickly as you’d want, reach out to me. I have learned a lot about this current job market. And I would love to find the talent you need for your organization. Let’s work together today!