The unemployment rate continues to hover around record lows, and some areas with strong economies have unemployment rates even lower than the national average.
Although the unemployment rate does not include underemployment or people who have left the labor market, the low unemployment rate is a good indicator for the U.S. economy and workers. However, it does make things harder for companies looking to fill open positions, as low unemployment means fierce competition for qualified applicants. Unfortunately, not all companies are structured to handle such a low rate of unemployment. This can cause company leaders to review how well their hiring and talent management practices are functioning. A handful of changes can enhance a company’s capability capacity to contend for job seekers almost overnight.
Consider the following best practices for hiring during periods of low unemployment.
Being conscious of what other employers are offering gives you a sense of the choices open to your prospective applicants. To get a feeling for what other organizations in your industry and region are offering for the same kinds of jobs, review postings on job national websites like Indeed.
Be Decisive and Transparent
Because of the high demand, if you take too long to make hiring decisions, top applicants may move on to other opportunities. In this hiring climate, hiring managers must be decisive. When you discover a high-quality applicant, move quickly and communicate persistently throughout the hiring process. Clearly lay out what the candidate should expect, including a timeline.
Hiring managers can’t just post jobs online and wait for the applications to roll in anymore. They have to go where the job candidates are located. For example, if your company is looking to hire truck drivers, it should establish a working relationship with a training program.
Another form of outreach is to offer referral incentives to current employees.
Consider Less-Advantaged Candidates
Right now, hiring managers have to cast a wide net to get the applicants they need, and that can mean looking at those who traditionally face barriers to employment, like disabilities or low-level criminal backgrounds. Hiring individuals who are less advantaged isn’t charity; it can be a savvy business decision that is good for the bottom line. A regional nonprofit organization can allow you to connect with applicants you may have overlooked in the past.
Use Social Media
Social platforms like Facebook and LinkedIn allow you to build a talent network that can be accessed time and again.
As more companies leverage social websites to market their brands, they are discovering that prospective applicants build an interest in them well before the recruitment process starts. Platforms like LinkedIn, Facebook and Instagram can be used to develop a following of prospective hires, current staff members and clients. These networks can help be invaluable during times of low unemployment.
Let Us Find Talent for Your Company
At Jarvi Group, we can help your company find strong candidates in today’s tight labor market. Contact ers today to find out how we can help your company.