What does our current unemployment rate mean for your company if you’re looking for candidates for the end of 2018?
Today I want to talk about the economy and the unemployment rate and how that will impact companies hiring in the back half of 2018.
To start with, our gross domestic product (GDP) is over 4% for the first time in several years. The economy is booming. This translates to hiring and what unemployment currently looks like.
Unemployment is currently below 4%, which means that we are at full employment. But what does this mean to a company or hiring authority?
In the STEM areas (science, technology, engineering, and math) as well as healthcare, it has become increasingly difficult to find talent because of this full employment. Anybody that is talented is already employed and no longer looking for a job.
This changes how we have to streamline our processes and pursue strong candidates in the marketplace. We have to have a faster response time, as well as set up interviews more quickly. After two or three interviews, we have to try to get to the offer stage within two weeks.
In a slow economy, hiring authorities and companies move slower and have a lot of time to make their decision.
“
”
When you find someone who is a nine on a scale of one to 10 and they are a good fit with your company’s culture, you need to jump on them.
”
Today, however, when you find someone who is a nine on a scale of one to 10 and they are a good fit with your company’s culture, you need to jump on them. You have to put your sales hat on and sell why this is a great opportunity for them.
Then, you have to put your best foot forward and make a great offer. Of course, you should still expect to negotiate.
You will lose great people if you’re too slow or don’t sell your opportunity well. Great candidates are getting multiple offers, so you need to be prepared for this for the second half of 2018.
If you have any more questions about hiring in our economy or there’s anything else I can assist you with, feel free to call or email me anytime. I’d be happy to help you.
