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2015 – The Talent Wars Continue
Throughout 2014, companies found themselves engaging in an increasingly competitive battle for recruiting and retaining top talent. Based on recent numbers released by the U.S. Bureau of Labor Statistics, it looks like 2015 will be even more challenging. Not only is the country is experiencing a seven year low unemployment rate of 5.5%, but those professionals 25 years and older holding college degrees are experiencing an even lower unemployment rate of 2.7%.
Overall, this indicates that fewer degreed and experienced people are actively looking for a job in any given field or industry. More significant to employers, this means that the candidates that are open to a new job opportunities are more likely to receive multiple job offers. At StevenDouglas Associates, we continue to experience a surge in multiple/counter offers and turndowns as a result of this and caution companies to make adjustments now to ensure their success in the hiring arena.
According to the Bureau of Labor Statistics, the following jobs are projected to grow between now and 2022:
- Information Technology – Software developers (22%), Web developers (20%), Information Security Analysts (37 %), Network and Computer Systems Administrators (12%) and Computer Programmers (8 %).
- Finance & Accounting – Accountants and Auditors (13%) and Financial Analysts (16%).
- Sales & Marketing – Advertising, promotions, and marketing managers (12%).
- Human Resources – HR Managers (13%).
- Healthcare – Pharmacists (14%).
- Wealth Management – Personal Financial Advisors (27%).
When you combine the low unemployment rate with the increase in open jobs, the result is a talent shortage. You can anticipate that what is currently happening in the economy will affect your business, if it isn’t already.
Since knowledge is power, you have the ability to counteract this with a great hiring process as you try to fill your company’s critical needs. Applying the right strategies now will provide you the advantage of building the best teams, putting you ahead of your competition.
In prior articles, we discussed a number of steps companies can take to improve their chances of securing the top talent they seek. These recommendations include treating candidates as well as you treat your customers, carefully selecting your interview team, inspiring candidates about your company, and being prepared to make a competitive offer. As job growth continues to expand in the next several years, these strategies will be critical to win the war.