Even though the Great Recession is becoming more of a forgotten memory with every passing day, the aftereffects of the downturn are still impacting the labor market today. While the number of available jobs has risen significantly over the past few years, there are still millions of unemployed Americans looking for work. And, of those, nearly two million have been unemployed for six months or more, having them qualify as long-term unemployed.
Here’s what you need to know about the current labor market and how it can help or hurt your recruiting process.
Data Makes Things More Competitive
Many companies have turned to data to help them find top candidates in their field. While this sounds like it would help businesses locate the talent they need, the sheer volume of opportunities to capitalize on the information has more organizations using the same processes to try and get ahead.
Social media and other public data sources have made information highly accessible. So, while you may find a great candidate on these platforms, it’s unlikely you’re the only one who’s taken notice. This means you need to focus on creating value for job seekers to help attract them to your vacancies, and that isn’t necessarily a small feat.
Long-Term Unemployed May Come With Risks
It would seem as though long-term unemployed job seekers are the ideal area to focus on, but it can actually be a challenging route depending on the position. For example, tech professionals who’ve been out of work for a significant period of time, and haven’t been working to maintain their skills on their own, may be falling behind the curve. The tech sector changes rapidly, and it’s easy for those who aren’t currently working in the field to miss out on recent developments, making their skill set less valuable.
However, not all long-term unemployed job seekers neglect their skills when they are out of work. This means, by seeking out those who have maintained their level of competency on their own may be particularly valuable.
Broad Candidate Pools Are Required
Companies can’t afford just to sit back and wait for candidates to find them. Instead, they need to be proactive when it comes to filling vacancies. This can include targeting passive job seekers who are currently employed but open to making a switch as well as enlisting the support of a reputable staffing firm to help you access talent you may otherwise miss.
By focusing on broadening your candidate pool, you can find more people who might be a great fit for your vacancies. If you are looking to hire a skilled professional, the team at The Advance Group can connect you with top talent looking for opportunities just like yours. Contact us today to see how our services can make today’s labor market work in your favor, allowing you to recruit the high-quality candidates you need to succeed.