Rewind to 2009. We were in the middle of a recession and many highly skilled professionals were searching for employment. For companies that were hiring at that time, they had their pick of the litter and could be very particular in who they finally decided to bring on board. Not to mention, recruitment costs were much lower because of the wealth of active job seekers.
Fast forward a few years and things have completely turned. We are now in the midst of a severe candidate shortage–and analysts predict it’s only going to get worse. As you can see from the most recent Bureau of Labor Statistics chart below, the total number of unemployed persons per job opening has drastically declined for four straight years.
As companies feel the squeeze from the lack of talent, many are now turning to staffing and recruitment firms to help secure talent. Here are some of the ways a recruiting firm can help:
Passive candidate recruitment.
The best talent is already employed. Working with a recruitment firm allows you identify very specific traits, education, and skills and then send the firm out on the hunt. Recruitment firms will direct target passive job seekers that are happy in their current roles, but still willing to hear about new opportunities.
When searching for a specific skill set, you may need to direct recruit individuals from specific companies. Using a recruiting firm will help keep your candidate search more confidential–even allowing you to recruit directly from key competitors.
You need to continually build your bench of talent to ensure future growth and stability. Even if you don’t have a current opening, a good recruitment partner will continually identify candidates with the skills and background you need. This will help ensure you have a solid pool of talent available when the need does arise.
During a candidate shortage, you need to act quickly before someone else hires a top performer out from under you. A good recruitment partner will identify, screen and qualify candidates quickly. This allows you to only focus your time and efforts on top-tier talent. You’ll identify top hires quicker–increasing the likelihood of offer acceptance and streamlining the entire hiring process.
Is the talent shortage impacting your company?
In our most recent hiring trends survey, we found that most companies are dealing with a shortage of skilled talent. If you’re having difficulty finding good talent, we can help. As a leading recruitment agency in Richmond, we help companies proactively recruit for a variety of different skills. Contact our team today to learn more.