Patrick Dunigan, Account Executive – Mackenzie Ryan shares his insight regarding the current status of the job market and insights from the clients he works with.
The job market coming out of a global pandemic has created an unprecedented level of urgency. As recruiters, we are privileged to help companies scale their business through their own growth and during potential downturns. Additionally, we have a unique vantage point into the candidate mindset because we assist them during their career journey. Seeing both sides of the spectrum has given us a unique perspective. From a client’s point of view, we see that the urgency is running full speed ahead. We saw the Covid-19 pandemic stall the workforce, then as the return to a level of normalcy occurred, it undoubtedly exacerbated the “candidate driven market” we saw from 2013 to 2019. The market was hot then, and it still is today – but where are the candidates? Internal recruiting teams are often no longer are seeing the quality candidates applying to their job posts, yet the demand for them continues to grow. Talented professionals today are not opening themselves up for conversation often, but when they do, our team have tactics in place to get those individuals to our client ethically and efficiently.
A part of our job is to be a consultant to both candidate and clients. For candidates, there truly has never been a better time to be open to new opportunities. I often say verbatim, “The best way to find a better scenario, is to be gainfully employed. What does a conversation hurt? You never know what connection can be made”. As companies are at war for talent, the importance of “passive” recruiting is critical to secure top talent. Recruiting individuals that are not actively looking taps into a hidden talent pool of candidates and referrals, but companies are not offering enough up-front for candidates to make the change in position.
Linkedin posted an article titled, “Workers may need more than skills” discussing that 7.6 million fewer people are in the workforce than pre-pandemic. Job openings are at a record high and employers are offering attraction-based incentives.
We are seeing companies utilize different tactics to attract and retain talent such as:
- Sign-on bonuses as well as referral bonuses to employees that refer top talent
- Waiving the lag time for benefits such as Healthcare and 401k
- Relocation Programs: Often clients creating a relocation program from scratch
- Restructuring the work week – Such as 4 days 10 hour shifts
Additionally, companies need to move fast to secure potential hires. One trend we are seeing is companies are implementing a fully virtual interview process and aren’t physically meeting candidates before them starting with the company. Typically, 2 phone interviews and a final video interview.
As the “war for talent” continues, we are seeing that companies will need to get creative to attract new talent and retain their current talent.
Let us know if you would like to learn more about recruitment trends or assistance attracting, selecting, and retaining a talent workforce.