When it comes to hiring, times have changed. During the recession of 2008, candidates were lucky to secure a job and hiring managers could be as selective as they wanted, knowing that they had a plethora of candidates to choose from.
In 2014, the job market shifted to that of a candidate-driven market and is continuing towards that trend. The Bureau of Labor Statistics predicts that the unemployment rate will continue to drop from 4.3% in 2017 to 4.2% in 2018, with an overall projection of 20.5 million jobs being created by 2020.
In a Fortune magazine article on the subject, it was noted that researchers from London-based Centre for Economic Research set out to calculate what the much-lamented skills gap actually cost U.S. companies. Their conclusion: more than $13 billion a month, or roughly $160 billion a year.
What does this mean for you?
Perhaps you, along with many other hiring managers, are confronting areas where key roles are going unfilled. With the shift towards a candidate-driven market, we have noticed that corporate recruiters simply don’t have the time or resources to secure qualified candidates through their own measures.
Partnering with a recruitment firm that has the ability to fill vacant roles in your company with top producing employees can be a game changer for you. Passing the responsibility of expanding or shrinking recruiting needs to a dedicated outsourced recruiter eliminates employing unnecessary staff for recruiting or being short of staff when business spikes.
When employers outsource some or all recruiting, they streamline recruiting processes by assigning them to an outside firm eliminating delays, duplication of tasks, and paying for specific recruiting activities. By outsourcing, you can better control fixed and variable recruiting expenses.
Having a partnership with a trusted outside agency can be invaluable to you so that the only expense is to pay the agency when you have a specific need.
Perhaps you’ve considered working with an outside recruiting firm for some time but have been hesitant to pull the trigger, based on “horror” stories colleagues have shared about working with recruiters, fear of large fees that don’t produce results, or uncertainty about aligning your brand and image with a recruitment company of unknown reputation.
All these concerns are legitimate. In a recent focus group Insight Talent Solutions conducted, candidates unanimously agreed that the manner of the recruiters that approach them is a direct reflection of the company the recruiters work for.
That’s why it’s important to align your brand with a recruiting company you can trust: one that has a track record of hiring candidates who continue to return the value of their placement fee multiple times over, has a positive approval rating from the candidates it has done business with, and is involved in its community.
With the candidate-driven job market trend continuing, now is the best time to invest in the talent you need in order to remain competitive. A recent LinkedIn study showed that as many as 60% of employed professionals consider themselves “passive” candidates, meaning they are open to a job change but are not actively looking.
In other words, your next potential star employee likely won’t be actively visiting your job boards to find your open positions. These candidates need to be actively sought after and to have a relationship built before they will make a switch. That’s why it’s so important to partner with a recruitment firm who makes obtaining these hires their first priority and who will take the time to understand the position you need to hire for, as well as the goals and needs of the candidates in consideration.
As 2018 begins to unfold, the companies that will win big this year are the ones who not only make a plan to find the talent they need but, most importantly, put that plan into execution.
Not sure how to handle your hiring pains? Contact Insight Talent Solutions today for a free, no-obligation consultation at (262) 782-7255.
About Insight Talent Solutions
Insight Talent Solutions is a full-service recruitment firm that has successfully been serving the greater Milwaukee, Madison, and Chicago areas for the past ten years.
We offer a comprehensive portfolio of services to fill roles ranging from the board of director to executive and professional level searches. We use a creative, respectful, and engaging approach to enable us to find the best candidates for our clients. We have a genuine passion for people and take time to understand your unique story so that we can help lead you to even greater success.
About the Authors
Amy Roesch is the Copywriter at Insight Talent Solutions. She uses her creativity and passion for writing to help develop Insight’s blogs, job descriptions, eBooks, white papers, and more. She enjoys researching current job-related trends to give professionals the tools they need to manage and improve their careers. Connect with Amy on LinkedIn!
Cassandra Czech is the Lead Marketing Analyst at Insight Talent Solutions. Cassandra focuses on managing all marketing tasks, including email marketing, website design & content creation, customer engagement, blogging, and social media. She holds a BBA in Marketing & Finance from UWM. Connect with Cassandra on LinkedIn!