The market realities for HR have changed. Lean teams are being asked to do even more, while also increasing results. The efficiencies of automation are the best way to enable HR teams to operate at scale and lower costs.
To learn more about how CareerBuilder can help, visit: https://cb.com/2xKwWGy
5. What’s Preventing Us From Finding & Hiring
Good People Quickly?Unemployment Rate:
4.2%
It’s a candidates market
AE’s have over 8
opportunities to choose
from currently
Average Time-to-fill:
51 Days
5
2 minutes
The good news is that you are not alone in finding yourself in a challenging hiring situation and that CareerBuilder and I can help – but we will talk about that in a few minutes.
In the US today, the unemployment rate is 4.4% - if you have a college degree, it is 4.1%, if you have a specialized skill (like a CDL driver, it is 4.3%) and if you have a degreed and specialized skill (like outside sales), unemployment is less than 1% in some markets. Think about that for a second, if there are 100 people in a room, 96% of them have a job. These are lowest unemployment rates since the early 2000s in the dotcom market….and they are only getting tighter. An additional 211,000 jobs were created in July 2017 and the temp market continues to strengthen, which is usually an indicator that employment will continue to grow for at least the next 6-12 months. If you look at hospitality (your industry), they had the most job gains, with over 55K jobs created last month alone!
Now, the good news is that our economy is strengthening. The hard news in that for you is that candidates have more job opportunities than they have ever had before…and so many opportunities that they often don’t even have to look for a role. In a recent survey by Inavero, they shared that 77% of employed workers would be open to a better opportunity if it came along even when they are satisfied in their current role. So you are in a hiring world where it is harder to engage talent, harder to keep them, you have to protect for turnover and prepare to backfill and all the while, you have a lean HR/recruiting team and real-life budget constraints.
Anything that I missed? What are your thoughts when you see this data? Do you think your hiring managers are aware of this?