A low unemployment rate is welcome news for everyone. Well, almost everyone. If you happen to be an employer looking for qualified workers during low unemployment, you might experience a shortage of applicants. And with the national unemployment rate down to 4.1 percent in October—and some regions seeing even lower rates—there will be stiff competition for the shrinking pool of qualified candidates.
It’s probably a good time to take a look at your recruiting and hiring tactics. It might be time to adjust. Here are five suggestions to consider:
Make sure you’re offering competitive wages and benefits
Before you begin the hiring process, you need to have an idea of what your competitors are paying and which benefits they’re offering. You can research job sites like Zip Recruiter or Indeed. In most cases, your networks should be a good source, too.
Once you know what others are paying, you can structure your job offers to be competitive. And don’t forget about benefits: insurance, 401K retirement plans, and other non-wage forms of compensation are also important to your candidates.
Try a different approach to recruiting
Placing an ad in the newspaper or online, then sitting back and waiting for the applications to pour in doesn’t work in this employment environment. You need to be more creative. If you’re looking for IT people or accounting personnel, make contacts at a community college or vocational training facility. You could even offer your current employees incentives for referring new employees.
With qualified candidates being in demand, you need to move swiftly to get them on board. That’s not to say that you should get reckless in your hiring process, but if you are too deliberate in making your decisions, by the time you get back to your candidates, they might have already accepted another offer.
Cast a wider net
Don’t completely ignore those who are facing barriers to employment. Those with disabilities or criminal backgrounds and even those who are experiencing homelessness could be qualified workers and become an integral part of your team.
Check with some of the local non-profit organizations to find candidates that other companies might be overlooking.
Turn to the pros
If your company’s hiring manager or in-house recruiter is spending an inordinate amount of time and effort while getting fewer results, maybe it’s time to look at a professional staffing firm. Yes, you’ll have to pay for the service, but it can still be cost-effective in this highly competitive environment.
We are the pros
No matter what the unemployment rate is today, finding qualified candidates is what we do. Contact Focus of Georgia today. We are here to help you structure your search so that you’ll find the right workers and grow your business.