The unemployment rate in the United States has been shockingly low for a long time. For more than a year, it has remained below 4 percent, and it’s been more than three years since it crossed 5 percent. As a result, it’s is incredibly challenging for companies to find the talent they need. To make the situation more daunting, the labor market is continuing to tighten.
However, even if that being the case, that doesn’t mean companies can’t land great candidates. If you want to remain competitive during periods of low unemployment, here’s what you need to do.
Offer More Than Your Competitors
While most businesses don’t want to spend more money than they have to, a tightening labor market could be substantial justification for upping the ante. If you can bring more to the table than your competitors, you’ll be a more attractive employer; it is that simple.
Along with offering higher wages, try augmenting your benefits package. More paid time off, flexible work schedules, telecommuting programs, tuition reimbursement, student loan assistance, and similar options can all entice top talent. Add or enhance whatever may speak to your ideal job seeker, as it may make the difference between them choosing your company or a competitor.
Shrink Your Must-Have List
When you release a job ad, make sure the must-have list is as short as possible. If you have too many requirements, you could be screening out great candidates incidentally.
Many professionals won’t apply if they don’t have the majority of what you say is necessary, and some won’t apply unless they are a 100 percent match. By paring down your list, you are opening yourself up to receive more resumes, and you might find a job seeker with a slew of potential you would have missed otherwise.
Look at Your Second-Place Finishers
If you’ve filled a similar role in the past, you might already have details about an exceptional candidate. Job seekers who came in second-place (or even third or fourth) could be worth contacting.
Your past applicants are a great talent pool. Not only did many of them have the skills you need and made a good impression, but they’ve actively expressed an interest in your company. By reinitiating contact and inviting them to apply, you keep them engaged and could fit a great fit.
Craft a Winning Candidate Experience
When it comes to standing out from the crowd, having an excellent candidate experience works. If you treat every job seeker with respect and appreciation, communicate regularly, provide clear timelines, focus on personalization, and make the engagement a priority, you’re enhancing your employer brand. This can make you an employer of choice, increasing the odds that you can snag top talent even when the labor market is tight.
Ultimately, all of the tips above are worth using, especially during periods of low unemployment. If you’d like to learn more about recruiting the best and brightest, the staff at The Advance Group can help. Contact us today and see how our recruitment expertise can benefit you.