August BLS numbers stress the need for a quick turnaround time and its importance in today’s competitive labor market.
The U.S. Bureau of Labor Statistics (BLS) August 2015 report showed employment increased by 173,000. In the past 12 months, employment growth had averaged 247,000 per month. The unemployment rate fell from 5.3% to 5.1% in August, which is the lowest rate since April 2008.
Average hourly earnings rose by 8 cents in August to $25.09, compared to a gain of 6 cents in the prior month. Wages have risen by 2.2% over the year.
Healthcare added 41,000 jobs in August and has added 457,000 over the year. As the job gains in this sector accounted for roughly a quarter of the monthly job growth in August, the healthcare industry continues to be one of the most reliable industries in today’s labor market. Kristin Carpenter, Director of Operations in San Diego, commented on the steady increase in the healthcare market, “The Healthcare division has seen a recent increase in our short-term assignments and requests for skilled workers with minimal turnaround time.”
Employment in financial activities added 19,000 jobs in August, leading to an increase in 170,000 jobs over the year. Chalea Pierce, Vice President of our Finance & Accounting Division commented on the increase, “Due to the increased demand for strong accounting talent, we are seeing clients expedite the hiring process to ensure they are able to grab excellent candidates before the competition does. In a recent national poll it was cited that the average time to fill a position has decreased from 32 days to 23 days.”
Manufacturing & Distribution
Manufacturing employment decreased by 17,000 in August while overall employment in this sector is still showing an increased demand for employees with unique skill sets. Jason Bruckman, Vice President of Workforce Recruitment in Las Vegas, saw different results than the BLS Report, “Year over year in our Manufacturing and Distribution Division, the volume of jobs has increased across the board. However, although we have been seeing job gains, the amount of candidates available for positions has diminished. Even companies that are looking to fill unskilled labor positions are proving to have a hard time hiring individuals in today’s shrinking talent pool.”
Turnaround Time Proves Crucial
Tim Merri, Executive VP of Workforce Recruitment, commented on the value of quick turnaround time from interview to offer, “As the talent pool is continuing to shrink, organizations need to be aware of gaps that exist in their hiring process in order to secure top candidates. Based on our recent talent acquisition assessment, we have discovered that candidates wait an average of 3-4 days to receive feedback from a hiring manager, which is enough time for organizations to lose top prospects to their competitors. Quick turnaround time from interview to offer gives companies a competitive edge in head-to-head talent competition and is key for an efficient hiring process. We strongly encourage companies to take our online assessment in order to compare their hiring processes to others in the industry.”
How Eastridge Is Responding
Based on these trends, our recruitment team has proactively chosen to visit client sites and secure job specifications even before requests for coverage with the goal of building a pipeline for our clients before their need is urgent. As a result, Eastridge has been able to successfully fill more urgent and short notice positions for new and current clients. Similarly, by inquiring as to their hiring trends we are ensuring that our pipeline is built with the candidates our clients need the most, helping us to add value as better partners.
Better Manage Your Internal Resources
If you are noticing inefficiency in your talent acquisition practices, let us help you. Eastridge Workforce Solutions helps companies manage their internal resources more efficiently. Contact us to see how we can enable your company to win the competition for talent through our 9 specialty staffing divisions.