As The Unemployment Rate Stays Below 4%, The War For Talent Continues

May 10, 2019 Amanda Krebs

unemployment rate

The U.S. unemployment rate has dropped to 3.5%—the lowest since 1969, and a sign that hiring has remained strong. As these monthly jobs reports continue to exceed expectations, the competition for top talent will be fierce. As a result, employers will need to adapt their hiring process and expectations to this ever-evolving job market.

To keep business operations running smoothly, employers should consider the following during the hiring process:

Remain flexible

While you may have an idea of the best candidate to fill an open position, the chances of finding them in the current market is slim. As a result, consider your requirements for the job carefully, and think about where you’re willing to compromise. Whether that’s the job title, compensation, or level of experience, it is likely that something on your list will have to change. When considering these compromises, it is important to look for potential within a candidate to grow into the role. When a candidate proves that they are adaptable and can learn quickly, they may be worth the extra investment.

Speed up the process

Because the best candidates are in high demand, employers who move too slowly in the hiring process are losing out. As a result, speeding up the hiring process is critical to winning the war for talent. To do so, be sure to respond quickly to talented candidates and hold multiple interviews in one day to reduce the number of follow-ups. This not only includes condensing interviews, but also reducing the negotiation process. As job seekers move quickly into their next role, it is important to make your best offer up front rather than dragging out the negotiation.

Highlight more than just the job

Remember that for any employee, they’re looking for an opportunity, not just a job. As a result, highlighting the company culture, values, and goals can assure a candidate that your company is an excellent place to work. This includes being candid about work-life balance, professional development opportunities, and the impact of their role within the company. For employers who can effectively communicate their leadership in these areas, top talent will race to join them.

Consider including temporary employees in your hiring strategy

For employers who need to fill a position right away, have experienced a lot of turnover, or are struggling to find a culture fit, hiring a temporary employee can be an effective strategy. While you look for the best candidate, a temporary employee can keep you from spreading other full-time employees too thin and help operations stay afloat. This not only works for lower-level roles, but high-level consultants can also step in to assist with larger projects or implementations.

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