We do the hard work for you, granting you access to hard-to-find talent, saving you time, and giving you the flexibility to operate and grow successfully, even in a candidate’s market...
The current unemployment rate is less than 4%, hovering near the lowest we’ve seen since the late 1960s—there are now more job openings than unemployed job seekers. It is estimated that 45% of employers in the U.S. are having issues finding qualified candidates for their openings, and for 58% of those employers, job vacancies are lasting three months or longer. Every week we read new articles about how tight the labor market is, and with so many opportunities for job seekers, recruiting and hiring are posing new challenges for employers. How can we attract great candidates when the labor market is so tight?
With over 100 years’ combined experience in the staffing industry, we at Luxor have operated over a long chronology of varied economic conditions and shifting labor markets. Our experience has taught us that there are five strategies for recruiting and maintaining an effective workforce in a tight labor market.
1. Pay employees more. That’s what you’d expect an economist to say, right? When employers want to hire scarce workers, they’ll need to bid up the wages sooner or later. This is already happening: for most of 2019 wage growth has been at or above 3% for the first time since before last decade’s recession. So, if you can, pay workers more. But don’t stop there.
2. Search more broadly. Cast a wider net, in as many ways as possible. In a tight labor market, you might relax some requirements such as a certain educational level or non-essential skills. You might look beyond the people you traditionally hire. Searching more broadly may also mean looking at different local markets, allowing people to work remotely, or being willing to relocate people.
3. Invest in employee training. If you search more broadly, you might not find the perfect candidate who meets every requirement you hoped for, so a tight labor market means investing more to train current employees and future hires.
4. Invest in increased employee productivity. There’s another kind of investment that becomes more important in a tight labor market. If vacancies remain unfilled for much longer than anticipated, you might rearrange teams or rethink individual roles. You might also invest in technology to boost the productivity of the workers you have or to fill in for the workers you don’t.
5. Partner with a great staffing firm. Good talent is hard to find, and the current tight labor market is leading some employers to wage bidding wars over that talent. Not only will a good staffing firm have access to the best talent pool, they will also be able to provide your hiring team with valuable insights about what is moving the market.
At Luxor Staffing, we keep our fingers on the pulse of economies in our operating regions. We use our 100+ combined years of leadership experience to operate with an agility that is absolutely necessary to avoid losing the talent war. We offer a clear solution to strengthening your hiring process. As the market continues to tighten and larger companies move into our operating areas, we maintain an aggressive, yet nimble, approach to recruiting, making effective use of outlets such as social media, billboard advertising, and digital marketing campaigns. We do the hard work for you, granting you access to hard-to-find talent, saving you time, and giving you the flexibility to operate and grow successfully, even in a candidate’s market.
The marketplace to recruit talent continues to grow more competitive. This fact makes it necessary to take a strategic approach to locating new hires, and the five methods above will give you a solid foundation on which to make your recruitment efforts as beneficial as possible to your company.