48 SEPTEMBER / OCTOBER 2017 According to a June New York Times article: “We may be closer to full employment than it seemed.” Based on the May jobs report, the source asserts the possibility that this is as good as it will get for the U.S. labor market. Why? Slowed job growth with 121,000 new positions as the three-month average, and an all-time low of 4.3 percent for the unemployment rate – not because of more people finding work – but because of modest wage increases and a labor force that has been shrinking for the last few years. This dynamic is particularly apparent in the executive, managerial and professional job market, where many companies are focused on expanding, but are finding it difficult to locate enough skilled talent. In this sector, which has been candidate-driven for several years, the lack of skilled talent is further complicated by top candidates who feel free to reject job offers and are instead accepting offers from other companies. So what can you do to improve your odds of bringing in the talent that you seek? The 2017 Recruiter Sentiment Study reveals that the inability to find quality talent coincides with lengthy hiring practices, lower-than-expected compensation, and an employer sentiment that candidates should be honored to be considered for their job opportunities. Retention is also challenging, as high performers recognize that more jobs are available and feel more confident about pursuing them. Based on the study findings, the following are top hiring insights: Insight No. 1: It really is a candidate-driven market. Recruiters have been observing the shift to a candidate-driven market over the last five years and, according to the survey, 90 percent of recruiters still feel the professional labor market is candidate-driven in most industry sectors. By contrast, 47 percent of employers believe companies have the upper hand. The reality is the best candidates have other job options, so your value proposition must clearly articulate how coming on board would benefit their career. Assuming that candidates should feel lucky to be invited for an interview with your company is one of the biggest mistakes that can be made when trying to attract top talent. Insight No. 2: Compensation has become the top deciding factor for high performers who are looking to make a job move. Recruiters, employers and candidates agree that advancement opportunities and better compensation packages are the most important factors to candidates looking for a job. Over 50 percent of candidates selected competitive compensation packages most often, followed by advancement opportunities, suggesting that compensation is the deciding factor when considering a new job. Across all respondents, compensation was also one of the primary reasons an offer was rejected, along with the candidate accepting another offer. Ultimately compensation needs to be competitive enough to convince high performers to leave their current employers. Insight No. 3: Rejected job offers matter in a talent short economy. Almost half of surveyed employers said offer rejection percentages were between 1 percent to 10 percent. While this may seem like a small amount, every bit of lost talent matters when there is a shortage of qualified candidates. Compensation is not the only reason for offer rejections; frequently, it is the interview process itself. It is critical to provide a streamlined, The Recruiter’s View Top hiring insights HUMAN RESOURCES Article authors Charlie Tudor Managing Director ctudor@asgteam.com Mark Angott President mangott@asgteam.com Angott Search Group Angott Search Group is an associate member of the Indiana Bankers Association.
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