Well, 2019 has gone away. And along with it, the decade. That was an interesting year in the staffing and recruiting space for hiring managers! And if you were a candidate seeking new opportunities, it was an exciting year filled with hope. Let’s look at what 2020 looks like and see how you can navigate today’s candidate-driven market.
It’s still a candidate-driven market
2019 was an excellent year for candidates. The sea was your oyster as far as employment opportunities go. Candidates could look for a job at any time of the year and make a move. Employers were offering more competitive compensation packages, and there were more job openings than available workers to fill them. What a fantastic year, and I will leave you with a little hint – 2020 will be about the same. Woohoo!
However, if you were a hiring manager, things weren’t quite as kind to you. Most were able to get jobs filled, but it took months to fill instead of weeks. Your employees were overworked and starting to feel the pressure. There was a significant lack of candidates, and the ones that applied to the jobs were generally not the right fit for your team or demanding way too much money.
Hiring managers were feeling this pain in almost every industry – especially in the banking space. Many financial institutions had great years, but many struggled to navigate this tight talent pool. If you were a bank that relied on SBA lending, many had a lackluster year. It didn’t help that the SBA division shut down for 35 days at the beginning of 2019. This affected the market as a whole, as small businesses have a significant impact on our country’s economy.
However, if you were going after C&I business, it was a great year! Additionally, the mortgage business was hot this year, which is somewhat of a surprise as many analysts thought it would be a flat or slightly down year.
2019 was a “rebuilding” year for many banks
I work with many banks, and I always want to understand their plan of attack for the new year. Many took 2019 as a “rebuilding” year. They maximized where they could but tightened the belt where they had inefficiencies before. Many banks took the year to make adjustments that will be needed to succeed during a potential downturn or recession.
2020 is looking fantastic! The market is expected to be tight, and thus, job seekers will prosper, and some hiring managers will continue to struggle to attract top talent. So, what can you do as a hiring manager to navigate this tight market? If you need talent this year, you are going to have to think outside the box.
More candidates are partnering with recruiters
Banking candidates want to partner with a recruiter more now than ever. They see the value in what we offer, as they know we can get them directly on the hiring manager’s desk. The ease and convenience of not having to stress over the back and forth of interviews, information gathering, or negotiating compensation and benefits. They also know that a trusted partner, like Johnson Search Group, will help them navigate the entire interviewing process. We prep every one of our candidates along the way. We never let anyone go into an interview without knowing what to expect.
Banks must expand their hiring efforts to ensure their hiring is successful in 2020. And the easiest way to grow your pool of qualified candidates is by partnering with my team at Johnson Search Group. In today’s labor market, many candidates are passively looking for their next opportunity and like the idea of working with a “middle person” to buffer the hiring process.
Partner with a great recruiting firm, like Johnson Search Group, and we will help you avoid the pitfalls of today’s candidate-driven market. We are working with dozens of candidates that are ready to make an impact on your institution in 2020. You are busy running divisions of banks; you don’t want to constantly be on the phone with candidates trying to get answers, schedule interviews, and scan hundreds of resumes. We make the hiring process smooth and seamless for you and your team. Let’s work together and start your hiring efforts off strong in 2020.