PPB January 2019

T he headline of an October 16, 2018 Fox Business story declared, “Job openings hit record 7 million, plenty for the 6 million unemployed.” This is both true and slightly misleading. Job openings have increased to 7.1 million and unemployment has decreased to 3.7 percent or six million people. However, this does not take into account that certain factors, such as geography, or that different jobs require different skills, can seriously impact the availability of talent. According to the Bureau of Labor Statistics, recent rates of employee hires and departures are almost equal at 5.8 million and 5.7 million respectively, leaving fewer unemployed workers actively looking for new jobs. Any company trying to hire that “perfect person” for their open position knows this— finding the right person, with the right skills, at the right salary, in the right time frame is becoming harder and harder to do. While experts are unsure of the implications of a long- term low unemployment rate, employers are already experiencing the impact—it is harder to find and hire good candidates, and to retain current employees. The days of posting a job and hoping that your ideal employee applies are over for the foreseeable future. Since most people aren’t actively looking for Recruiting Tips For Today’s Tough Job Market With a shallow labor pool, make the process highly productive before you jump in. by Paige McAllister, SPHR 84 | JANUARY 2019 | THINK