In October, the unemployment rate reached a 49-year low of 3.7 percent. This is great news for job candidates: With less competition for positions, candidates can afford to be pickier about roles and culture and to ask for better benefits.
But what about employers? “Failure to attract and retain top talent” is now the top issue on the minds of CEOs, edging out competition or the disruptive nature of technology, according to The Conference Board’s C-Suite Challenge 2018 survey.
It’s difficult to hire talent in a competitive market because top candidates will receive multiple offers. Employers are clambering over one another to attract the best talent, which means that speed and directness are important throughout the recruiting, hiring, and retaining processes.
This economic upturn is an ideal time to rethink your recruiting and retention processes. In a full-employment economy, it’s more important than ever to be open to new ideas, new people, and new opportunities. Talent exists across demographics, so remove obstacles to finding it. Here are five ways to ensure your recruiting process works in a competitive job market:
In a full-employment economy, it’s more important than ever to be open to new ideas, new people, and new opportunities. Even while ensuring that your hiring process is leading to optimal candidates, it’s more important than ever to hang on to employees. If your company appeals to both candidates and current employees, you’ll have a competitive edge and a more productive organization.
Related: Companies Can Attract Talent With Employee Testimonials
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