Today’s market feels more unpredictable than ever. We’re currently living in a candidate’s market that we have never experienced in our lifetimes, which is being driven by a few things from the COVID-19 pandemic to inflation and more.
Currently, the demand for workers is much higher than the supply of workers, in fact, there are hypothetically two jobs for every one available worker. Additionally, there’s also a major skills gap happening where the skill sets needed to fill available jobs aren’t matching the number of workers available. While it may be a candidate’s market, there has also been talk about an upcoming recession due to rising costs and supply chain slowdowns. While these are both valid concerns, one thing to keep in mind is the number of new jobs being added each month. According to the Bureau of Labor Statistics, 528,000 new jobs were added in July alone. These aren’t the kinds of numbers you would typically see in a recession but as the market continues to shift, it’s important to be aware of what’s going on, especially when it comes to your competitors. You should be aware of current market pay rates, how your competitors are positioning their brand as well as their overall strengths and weaknesses.
Candidates are going to want to work for employers who are giving them what they need in terms of pay, benefits and job flexibility but there are a few other things you should consider as well including opportunities for growth. With the fear of an upcoming recession, candidates are going to want to work for an organization that will allow them to learn new skillsets and have opportunities for growth. For contractors, this means many of them may want the opportunity for temp to hire. Additionally, don’t forget about your boomerang employees – meaning, your employees who left and are ready to come back. It’s been found that many people who left their jobs during the pandemic have returned to their previous organization. These employees shouldn’t be discounted just because they left, they already have insight into your organization and may have picked up new skills while they were away.
There’s a lot to consider in today’s talent market, especially with the current economy. Learn how to compete in a volatile economy in our new eBook, 3 Key Trends for Hiring in Today's Competitive Talent Market.