Often times,  hiring managers are in a crunch to fill an open position and wonder why, in today’s job market of high unemployment rates, it is so difficult to find a qualified candidate.   So we pose the questions to you, the Business Owner,  HR Manager, or  Hiring Manager:  Why are your recruiters taking so long?  Why is no one responding to your  job advertisement?  Where are all these qualified, unemployed job applicants you read about in the news? In today’s blog, TalentWoo answers these and other  nagging questions.

Always Remember the Laws of “Supply & Demand”

Depending on the industry in which you do business, the specific occupation you are targeting, and even the required education level of the candidates you seek, the unemployment rate can vary drastically.  For example, according to the most recently published report by the Bureau of Labor Statistics (BLS) the unemployment rate for those who didn’t finish high school is 12.7%, but quickly drops with higher levels of education.  Unemployment is at 8.7% for those with a high school diploma, but no college; 7.1% unemployment for those with an associate degree or some college; and only 4.1%  for those with a bachelor’s degree or higher.  This can be problematic if you are attempting to hire someone with a college degree, considering that full employment is somewhere around 3%!  Stated another way, most college-educated people in America are already employed.

If you want to see what you’re up against based on your industry, you might like this report by BLS which gives you a decade’s worth of unemployment data by industry. If you are a Fortune 500 new home builder such as KB Home, Pulte, or DR Horton, recruiting construction superintendents might not be a challenge, since the unemployment rate nationally is 20.6%. If, however, you are in the utilities industry, or in the healthcare services industry, you would have a very difficult hiring situation on your hands, with only about 4% unemployment in your target audience.

Be Aware of Your Local Job Market

There are many tools available to employers today that can provide current (up-to-the-minute) employment data about specific job titles within your specific metropolitan area.  This is usually more accurate data than that from BLS, which can be six months to two years of hind-sight wisdom.  Two of our favorite tools, Wanted Analytics and the Talent Intelligence Portal by Careerbuilder, can help you make timely, intelligent decisions about recruiting strategies and compensation for a new hire.  If, for example you are in Scottsdale, AZ and you are looking to hire a Senior Systems Administrator who is well-versed in Unix, and intend to pay $80,000, this type of market data would be extremely informative.  Just by looking at the report below, a hiring manager could adjust his expectations in terms of how long it will take to find a qualified candidate, how much he should expect to pay, how difficult a time he might have, and which other markets might be viable options for relocating talent, based on supply and compensation.  Have a look and see how you might be able to use the data from this WANTED Analytics Report, run on August 15, 2012.

Consider your Employer Brand

What is your company’s reputation in the market?  Do you know?  As a hiring manager or HR manager, it is your job to not only know, but  to ensure that your brand is protected and seen as attractive in the market place.  This is beyond the scope of even the best recruiters, though they may certainly be invaluable in collecting research and feedback on your reputation.  Only you, the senior executive, hiring manager or HR manager can change this.  Often times the challenge in hiring new employees may be a poor work environment, under-market pay, uninspired leadership, lack of career growth or training, sparse benefits, high turnover, or other issues that make your organization unattractive to highly qualified candidates who might otherwise be motivated to do your job.  Consider asking your recruiters to get feedback from candidates on why they are not interested in a job with your company.  You might also do your own research on The GlassDoor website , and see what employees and job applicants are saying about your organization.

If you are interested in learning more about how TalentWoo leverages cutting edge job market intelligence tools to create effective job marketing campaigns that result in hires, please contact us today!