The Labor Department reported that there were over 7 million job openings in the month of August 2018. The unemployment rate remained at 3.7 percent in October 2018, marking a 48-year low. The nation currently has more than one job opening for every unemployed person. This is quite the difference from the Great Recession when there was over six unemployed Americans for every job opening.
In other words, the job market is on fire right now and there are no signs of it cooling down as we get closer and closer to the new year. This is fantastic for candidates! Workers in all industries have their pick of new opportunities. They have the chance to test the waters and see what else is out there; to find their next stepping stone in their career.
However, this is a nightmare for many hiring managers. The competition for talented candidates is fierce and many employers are struggling to fill critical roles as a result. Candidates are ghosting interviews, or in some cases, completely failing to show up for the first day of work. And with the lowest level of unemployment claims since December of 1969, teams are becoming depleted and hiring managers are desperate to find the talent they need to keep operations running smoothly.
Need help? You’re not alone!
All of these jobs are creating opportunities for workers around the country. However, there are simply not enough workers to fill them. Current market conditions have placed job seekers and new employees in the driver seat. Candidates have complete control and if you’re onboarding or hiring process is inefficient, chances are, candidates will move on to other opportunities. Even if they already accepted an offer from your organization.
Many employers are feeling the struggle of these hiring trends. In fact, 60 percent of employers across industries are experiencing longer fill times for vacant positions due to the tight hiring environment. And to make matters worse, almost a quarter (23 percent) of employers have seen delays in filled positions up to three weeks or even longer.
This is a hard pill to swallow for many hiring managers. Especially since 55 percent of candidates are giving up and pursuing other opportunities if they haven’t heard from a prospective employer within two weeks of applying for a job. And even when a candidate accepts a job offer, the market is so good right now that 51 percent of candidates continue to search for other job opportunities after they’ve accepted a job and are currently finishing up pre-employment screening. In this crazy job market, one in seven candidates walks away after accepting an offer.
JSG is here to help
If you find yourself in a similar boat, it may be time to reach out to a professional for help. At Johnson Search Group, we have a proven track record that will help you streamline your hiring process and get you the right candidates when your team needs them. Partner with an executive recruiter today that is a professional in your industry. The thoroughness of our process ensures when a candidate accepts your offer, they’ll show up on the first day, ready to make an impact.