As most of you know, the labor market is tight. Business payrolls increased by an astonishing 195,000 jobs in August, well-surpassing economists’ predictions of 148,000 jobs. There is a lot of talk about an upcoming recession, but each month, more and more jobs are added in the United States. Plus, the total number of people claiming benefits in all programs for the week ending August 17 was 1,639,60. That’s a decrease of over 4,000 claims from the previous week and almost 9,000 from the same time last year. In other words, the job market is strong.
However, as an employer, this can be tough. If you are struggling to fill your critical roles, here are a few tips to help your team navigate today’s job market.
In today’s market, regardless of your industry, your hiring team has to have a sense of urgency. Frankly put, you don’t have time to mess around and be picky when candidates are only on the market for an average of 17 days. Don’t believe me? Listen to Krista Portolesi, one of our executive banking recruiters:
If talent is only on the market for 17 days, your organization must make a decision and onboard your candidates faster than the market average of 42 days. The longer your hiring process takes, the more you will struggle to fill your critical positions.
In this tight market, you cannot be reactive as an employer. You must identify your hiring needs before they become pitfalls. The last thing you want is to be unaware that your team or department lacks the talent it needs to keep up with production. If you’ve identified a hiring need, act now before it costs your bottom line. The average cost of vacancy (at an average of 42 days) is $4,129. That’s four grand you could have allocated towards a new software or piece of equipment. If there is a hiring need on your team, fill it now, or those cost of vacancies will start adding up really quickly.
Work with a recruiting firm
If your hiring process needs a helping hand, why not reach out to a recruiter? At Johnson Search Group, we have talented recruiting professionals that specialize in your industry. We know the market trends and genuinely understand your hiring needs. We have heard time and time again from employers that they are struggling to fill their critical positions – sometimes even taking months to do so. So, instead of worrying about meeting production goals, give us a call and let us help you navigate today’s job market.