Home › Talent Acquisition, Executive Search, Employment & Employee Retention › MEETING 2020’S HIRING CHALLENGE, PART #1

MEETING 2020’S HIRING CHALLENGE, PART #1

Posted on February 3, 2020 by Trinity HR

It is indisputable that the current job market greatly favors candidates.

  • The American economy is adding an average of about 200,000 job per month.
  • The unemployment rate is well below economist’s definition of “full employment”.
  • It is estimated that nationwide there are approximately 7,000,000 unfilled jobs.

Many economists project that the current imbalance of demand far exceeding supply is not likely to go away very soon. They site such factors as the following:

  • Although many baby boomers are often working beyond the historical retirement age of 65, the retirement of this group has a significant negative impact on both the number of available employees and in terms of technical (not technological) knowledge and leadership skills.
  • Decades of declining birth rates have caught up to our nation and so there are less individuals entering the work force.

So what are the options available to your organization to successfully locate and land the talent you need?  There are basically 2 options:

1)     Do it yourself
2)     Hire someone to do it for you

DO IT YOURSELF

Your company concludes that it can find its own talented candidates—without incurring the expense of hiring an outside resource to do so.

  • Technology (including ease of use of & relatively low costs of LinkedIn, Zip Recruiter and other numerous job posting sites) have caused many companies to choose this option.

Often the thinking is this: “Why pay someone when we have HR people on staff who we are already paying.”  But does this thinking correctly take into consideration such factors as;

  • Do our HR people have the higher skill level required to be able to locate and land talent in a pro-candidate environment
    • There was a time when HR posted a job and could expect that the vacant position will be filled spontaneously.  That time no longer exists!
  • In spending the time on recruiting (and recognizing that recruiting in a seller’s market does entail more time), what other value-added functions and activities are getting less of their attention?
    • Retention?
    • Employee Relations?
    • Regulatory Compliance?
    • Rising Healthcare Costs?
    • Your Culture?

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HIRE SOMEONE TO RECRUIT FOR YOU

This option provides two very different choices:

1)     Hire a staffing/recruiting company

  • These are plentiful in number and typically have lower fees (often working on a contingency fee basis) than search firms.
  • They also vary greatly in terms of the experience and expertise they possess to find
  • candidates other than those actively looking for a job.

2)     Engage a consulting firm who has consultants specializing in talent acquisition

  • Companies often look at staffing/recruiting companies and search consultants as if they are essentially two versions of the same thing.
  • When one looks beyond the surface, they are indeed very different from one another in terms of such important considerations as:
    1. Professionalism
    2. Process
    3. Proficiency

They differ from one another as much as a bicycle does from an SUV.  They’re both forms of transportation and so both may get you to a destination, but how trustworthy are they?  How comfortable will the ride be?

In Part 2, we’ll do a diver dive into this important subject.

For more information:

You have HR questions…Trinity has answers!

Posted in Talent Acquisition, Executive Search, Employment & Employee Retention