By Sean Reichard, Managing Director
In the real estate world, a “buyer’s market” represents a time when people looking to buy houses enjoy the greatest selection and best prices. Well, a buyer’s market can exist in many different marketplaces, including the job market. Right now, there’s a buyer’s market of sorts for job-seekers. Even if you’re content with your current job, there may be no better time than now to consider switching to a more desirable service or seeking out career advancement opportunities. The opportunities are plentiful, but they won’t simply fall in your lap!
What the Job Market Looks Like Today for Candidates Seeking Positions
In June 2019, employers added 224,000 new jobs to the US economy, keeping the unemployment rate at a very low 3.7 percent. Low unemployment is a great thing for the economy, but it creates challenges in the job market. The current labor shortage is making it difficult for employers to fill their open positions.
Candidates who are willing to entertain these opportunities are likely to find the current market filled with positions offering high wages, flexible working conditions, better benefits and surprising perks—because employers are vying to attract quality staff to their organizations. This is especially true in hot sectors like Information Technology, Finance, Accounting and Office Professionals. On top of it all, employers find candidates who are currently employed much more attractive than those without jobs, making now the perfect time to look, even if you’re not sure you’re ready to make the leap.
Another bright spot on the horizon for wages comes with a recent CNBC report that payrolls rose above expectations for the month of June. Although not yet a trend, it is another signal those seeking higher wages may do well to consider new employment or career shifts now, to accomplish their goals.
Upskill and Upgrade
Being an active job seeker doesn’t always mean that you want to change careers. You may simply be looking to apply your skills in a more desirable service line or upskill to a position that is more in-demand. For example, a network infrastructure worker could transfer his knowledge and skills over to IT security or data security work, a growing tech field with current talent needs.
What Can Employers Do to Bridge the Talent Gap?
In an employee-centric job market, employers can focus in on themselves by investing in staff education and training. They may also consider promoting or shifting current staff to cover new in-demand services.
One of the best things employers can do to strengthen their recruitment efforts during a tight labor market is to consider outsourcing their talent acquisition to a professional recruiting service. In competitive markets like we’re experiencing now, the keys to standing out include creating detailed and accurate job descriptions, crafting competitive wage and benefit packages, and having a clearly defined company culture that will attract the type of employees that you desire.
High-quality outsourced staffing is about so much more than simply hiring a recruiting service to help you get through periods of labor shortage. It’s about helping you develop a staffing environment where current employees are reluctant to leave and gainfully employed workers elsewhere are regularly drawn to your organization. It’s about reducing new-hire turnover, improving employee engagement and productivity, and ultimately finding winning combinations of personality, talent and drive that are perfect matches for your organizational needs.