Recruiting firms have long enjoyed years of low unemployment, forcing many companies to turn to headhunters to tap into the passive talent market. Job postings were yielding few qualified applicants, and companies would find their requisitions lingering for months unfilled. Headhunting firms were the saving grace.
Fast forward to 2020 and we have record unemployment, and a wave of talent has hit the open market. Internal talent acquisition teams are rejoicing over inboxes full of applicants. So, do organizations still need to turn to executive search firms?
Some things never change.
Whereas unemployment was in the double digits in July 2020, the unemployment among management, professional and financial operations occupations was 6.6%. The unemployment rate for skilled positions like engineering occupations, less than half the national average. **
So, while there is overall more talent on the market, executive search firms still have a competitive edge when companies need to attract professional candidates by being able to precisely target passive talent.
Partners, not resume peddlers.
Adam Hawkins, Head of Search and Staffing at Linkedin writes:
“With talent needs changing as every company adapts to a new way of working, recruiters will become trusted advisors to their clients, helping them to understand their immediate and future hiring needs, and the skills needed to help their businesses grow. While the global pandemic is likely to create a swell of available talent, competition for the best people will be fierce and companies will need to adapt”***
Recruiters spend their days sourcing and talking to candidates. They have their finger on the pulse of their respective markets and are often a subject matter expert for their focus area. With a world that’s constantly evolving, Search Firms can act as strategic advisors to their clients. As Hawkins says, “competition for the best people will be fierce.” Companies will want a recruiting partner who can advise them on how to capitalize on the swell of available talent and beat out their competition in the battle for top performers.
The bottom line: quality search firms are not in survival mode, rather they are positioning themselves to thrive in a competitive talent marketplace.
About Albert’s Executive Search:
As the professional search division of Selective Staffing Solutions, Albert’s Executive Search focuses on connecting businesses with top talent for critical full-time professional and leadership roles. Our recruiting team will partner with you to match you with skilled, experienced candidates who are aligned with your needs, business strategy and culture. Our search process delivers accuracy and efficiency, with an end result that exceeds expectations. Each search is tailored to your unique business needs and is designed to deliver your ideal candidates the first time, every time. Our commitment to service excellence is what makes us a leader among professional and executive recruiting firms in Western New York. To learn more about the types of roles we place, click here.