It's a Candidate's Job Market with over 7 Million Jobs Available in the US.
With a record of over 7 million open jobs available no wonder it's a candidate market. Job seekers not only have more opportunities today than ever before, they also have lots more ways to find those opportunities. So it’s increasingly important for businesses to offer the best candidate experience possible, from discovering and applying to a job to the interview and offer stages. The number of quits, or voluntary separations, is rising yearly. This increasing quit-rate level tells us that not only are employees leaving their existing jobs for better opportunities but we now have a surplus of positions opening up and not enough candidates to fill them. This gives candidates much more flexibility in their job selection process. Candidates now have the power to chose whether to stay, go or work from home. Hiring in today’s candidate-driven market requires employers to get proactive about improving their hiring processes. While no-shows might be new for the employer side of hiring, these are challenges that applicants have shouldered in the past. Candidates no longer show up to interviews if they don't feel like it ghosting employers well because they now have so many options. In the past it was literally a badge of honor if you stayed with a company past 2 years much less 5 now that is becoming less and less popular with Millennials who are constantly seeking better opportunities.
So what should companies do to retain this ever changing workforce? When hiring or looking for new talent identify what makes your company stand out from other employers. As if you were taking someone out on a date to make a great impression. Do your homework, talk to your employees, look at exit interviews as well as onboarding feedback to find out what keeps employees at your company and what or who is driving them away. See how you can improve and what you should emphasize to candidates. Take a look at your current career site is it user friendly? Should you invest in an app for easy hiring? How about your Social Media pages are they actively attracting new people to your sites? Make sure it speaks to your brand and the types of employees you really want to attract. Most Millennials are seeking flexibility, mobility, key leadership roles, fun work culture, high salaries, excellent benefits, tons of vacation and personal time, and overall great experiences at work. So if you can fit all that into your job description then you will have lots of candidates coming your way now whether or not they will stick around well that's up to you.