All this talk about the ‘great resignation’ and the epic labor shortage of 2021 is not hyperbole
– Julia Pollak, Labor Economist at Zip Recruiter
Across the country, job openings are at a more than 20-year high, and open positions outnumber unemployed workers by more than 20%. (The Buffalo News).It’s a classic case of greater demand than supply when it comes to employees. However, there is a key word that is often overlooked…unemployed. While employers have historically cited the ability to engage with passive talent as a priority, few actually have the tools or the know-how to engage with passive talent.
While there is undoubtedly a gap between open positions and the number of unemployed workers, the number of people quitting their jobs is at an all time high. Some 4.3 million people quit their jobs in August 2021. If they’re not hitting the unemployment line, where are they going? To greener pastures.
In an exclusive ‘Fast Company’-Harris Poll, 59% of middle-income workers said they’re thinking about changing jobs [Article]. What does this mean? Let’s look at the Buffalo Niagara Region, which has a labor force of roughly 730,000. This means 400,000+ people are thinking about changing jobs, yet there are only about 30,000 unemployed.
In the past employers have been able to rely on the “Field of Dreams” approach, aptly named after the quote from the 1989 film – “If you build it they will come.” However, as a wise young bear once said:
You can’t stay in your corner of the forest waiting for others to come to you. You have to go to them sometimes
-Winnie the Pooh
The secret to success for hiring in this new market? Go to them. Now more than ever employers need to proactively seek out talent. Not only to engage with passive jobseekers, but to capture the attention of the unemployed who were disenfranchised by a market that was previously hard on candidates. But – you must first prepare.
Step one is to reevaluate your value proposition. What do you have to offer potential candidates? Growth opportunities? Fair compensation? Outstanding benefits? Work-life balance? Are YOU the greener pasture?
Once you have your employee value proposition (EVP) step two is to take it to market. Job boards and career events aren’t the only way to get the word out you are hiring. Professional social networks like LinkedIn are a mainstay of recruiters amongst of sea of other digital tools for engaging potential candidates. A quick google search of recruiting tools will turn up the top tools for the digital era. However as a word of caution, if you skipped step one your messages will fall on deaf ears.
Step three: Run an efficient hiring process. Capturing a potential candidate’s attention is only half the battle. Now you have to keep it. Focus on timely and open communication to reach hiring decisions at fast pace. As the old adage goes – “Time kills all deals.”
If you’re unsure of how to implement these steps then enlist the help of our recruiting experts. Fill out the form below and we’ll be happy to help you develop your EVP and take it to market.