BLS numbers highlight the need for companies to be competitive to attract best talent.
The U.S. Bureau of Labor Statistics (BLS) June 2015 report showed employment increased by 223,000, compared with an average monthly gain of 250,000 jobs over the prior year. The unemployment rate declined to 5.3% in June, which is the lowest since April 2008.
The U.S. economy is showing the strongest two-year job growth since 2000, however a critical area of focus remains hiring top talent. With the supply of skilled candidates being substantially below demand, Eastridge Workforce Solutions consults with our clients on implementing strategic recruitment and hiring practices in response to today’s market.
Healthcare Industry Shifting
Healthcare added 40,000 jobs in June, resulting in 6,000 more jobs than the monthly average of 34,000 over the prior year. Kristin Carpenter, Director of Operations in San Diego, commented on the emerging trends in the healthcare industry, “With the continuous drop in unemployment, the healthcare market has shifted in favor of top candidates, particularly those with niche specialties. Employers are heeding the market change, often times booking healthcare professionals continuously on a long-term basis or several weeks in advance as they are finding the availability of returning employees to be inconsistent.”
If you are experiencing difficulty hiring skilled professionals in the healthcare industry, we advise you to evaluate your staffing needs with a longer term, strategic perspective. If you are happy with contingent employees and will have an ongoing need for their valuable skill set, we encourage you to quickly identify them as a team member worthy of a full-time, regular position within your organization.
Employment in financial activities increased by 20,000, leading to an increase in 159,000 jobs over the year. Chalea Pierce, Vice President of our Finance & Accounting division comments on the situation, “We have noticed a steady increase of we are advising our clients to expedite the hiring process to combat multiple offers and offer competitive offers.”
What Makes An Attractive Offer
In order to attract quality candidates, offers of employment must be attractive with competitive salaries, robust benefits, and oftentimes, offers of direct placement. As candidates are receiving multiple offers within 48 hours, employee engagement, development opportunities, and mentorship programs are proving to be an essential factor in the decision making process.
Employee Vacations Impacting the Hiring Process
The summer months are upon us and that typically means an increase in employee vacations. Brian Schultz, Managing Director of our Technology & Engineering Division shares how vacation-related delays can impact your hiring process:
- When speaking with a candidate, set expectations upfront about the interview process, and share if there will be any extended delays based on internal team members being out of the office for vacations. Ask the candidate if he/she has the availability to make it through the timeline for your interview process. This will show that your interview process is structured and helps set proper expectations.
- If the candidate’s schedule will not allow the necessary time, ask for internal approval to continue with interviews even if a key decision maker is not present. If the interview goes very well, share with the candidate your enthusiasm for their candidacy and set an appropriate follow up time regarding interview feedback, and ideally no longer than 24 hours. This way, the candidate knows you are interested and can keep your opportunity in mind, as they more than likely continue interviewing with other companies.
- Call the candidate no longer than every two days and ask this question, “Has anything changed since the last time we spoke”. Stay as close to the candidate as possible and make every effort to show your genuine interest in their candidacy.
The more the expectations are established upfront, with open and collaborative communication, your chances of hiring top talent will greatly improve.
Better Manage Your Internal Resources
Eastridge Workforce Solutions helps companies manage their internal resources more efficiently. Allow us to share with you how we can enable your company to win the competition for talent through our 9 specialty staffing divisions.