The number of open jobs is higher than the number of candidates actively looking for jobs. The June 2019 Bureau of Labor Statistics (BLS) survey stated that the ratio of unemployed persons per job opening was 0.8 in June 2019. At the peak of the most recent recession in July of 2009, there were 6.4 unemployed persons per job opening. At Verum, we have put in place new processes to support our recruiters in finding hard-to-find talent, and we have partnered with clients to think creatively about recruiting candidates by thinking outside the box when it comes to matching skillsets to organizational needs. In order to do this, we offer them the following data that we have accumulated about the current candidate market:
5 facts that you need to know about the candidate market in the Twin Cities (Part 1)
- The first thing candidates ask us is, what is the pay and what is the location of the position? They have more choices than ever, and they are seeing an increase in pay for most jobs, so they don’t want to waste time unless that number hits their expectations.
- If a candidate posts a resume, they tell us they get at least 20 calls in one week from recruiters. They can be picky, so they are only talking to the companies that have potential opportunities that interest them.
- When we see companies posting positions with pay included, candidates are sharing them and talking about them on social media, so candidates are aware what companies are paying higher wages for jobs, and they are referring people to those jobs.
- Companies are increasing pay by up to $5/hour to $10/hour for staffing or $5,000 to $10,000 per year for direct hire to recruit and retain candidates. We had a client who had an employee making $19/hour ask if they could raise their pay to $24/hour because they had an offer for the same job at that rate. Due to internal equity, the client could not do that and they lost a valuable employee.
- Candidates want to know what the future opportunities in the company are. If a client does not sell the future opportunity in the interview, the candidate won’t take the position. The role of the interviewer in selling the company has been important in attracting candidates to take the position.
As you can see, the tides of recruiting have changed. We are working with new challenges and opportunities and finding success as we work with our clients to address these changes. If you are interested in learning more about how we can help you find qualified and talented scientific and engineering professionals within the current talent market, please contact us at 612-843-1821 or by email at email@example.com.