Hiring rates in the private sector remain sluggish as companies struggle to fill a record number of open positions. In fact, a growing number of businesses indicated that finding workers is one of their most significant problems. Confidence is escalating among employees in many different industries who are quitting their positions without anything lined up to look for other opportunities.
But, the biggest challenge for many organizations is that once they actually find candidates, some of those workers just don’t have the right qualifications to do the job right. A recent government report suggests that some firms are even starting to hire people that were previously overlooked.
The labor market is saturated with adults in their prime working years, between the ages of 25 and 54, who are already working or actively seeking employment. According to the chairman of the Federal Reserve Jerome Powell, these numbers suggest that the labor market is close to maximum employment with minimal workers being left on the sidelines. Here are some ways to alleviate these hiring challenges.
Higher Wages & Better Benefits
Many workers are benefiting from business leaders raising wages. Many have raised pay in hopes of attracting new candidates to fill open positions. Average hourly pay rose 2.7 percent in March compared with a year earlier, a slight pickup from February. In addition to raising pay, many employers are offering candidates better benefits like pension accounts, prescription drug discount cards, and tuition reimbursement.
Communicating with Candidates
Companies should also be focusing more of their efforts on communicating with candidates in a timely manner and making their hiring procedures as efficient as possible. Hiring managers are encouraged to keep in touch with their candidates to avoid them losing interest or getting recruited by a competitor. Effective communication also helps companies to establish a positive image.
Offering Clear and Compelling Opportunities
In order to remain competitive in the market, hiring managers need to be clear about what they are offering candidates that other companies are not. The newest generation of available workers want more than an attractive salary; they also desire flexible work schedules, and positive work cultures. Sometimes, even these incentives aren’t enough to impress the most talented candidates on the market. These candidates want to advance their respective careers by learning new skill sets through continued education and training opportunities with the company. A growing number of candidates are partnering with recruiters to help them compare and contrast available opportunities and narrow it down to the best possible job offer.
Are you looking for top talent in the Specialty Chemical, Plastics, or Animal Health industry?
Contact us to discuss how we can bring top leadership talent to your team. Boaz Partners is a premier executive search firm focused on the direct recruitment of executives and professionals for the specialty chemicals and plastics space. We are your partner, and our focus is on custom recruiting solutions.