Peak Employment in 2018
With the unemployment rate hitting new historical lows seemingly every month, the labor market continues to tighten for employers. Compounding their challenges are the demographic changes in America, particularly the continued retirement of baby boomers and the following generations, Gen X and Millennials, lacking the numbers to replace them in the work force.
While certain sectors such as eCommerce, software, healthcare and technology have the greatest gains, employers in all sectors should expect a more difficult time in filling roles across disciplines in 2018.
With the recently passed tax cuts and GDP at 3.0% or higher there are even more reasons to believe that the upcoming year should be a candidate driven market.
What can employers expect?
1) Candidates will have multiple offers meaning you will often lose your #1 or #2 choice to the competition.
2) Passive recruiting strategies including job postings and media advertising will ring hollow when trying to attract difference makers to your teams.
3) Salaries will need to rise to remain competitive.
4) Expect counter offers. Companies know it is cheaper to pay more to their existing talent than it is to go through the interview and recruiting process.
5) Your internal recruiting team will need help. The feeding frenzy in the job market will mandate the usage of outside recruiting partners now more than ever.
Hawthorne Search can help. Please reach out to firstname.lastname@example.org for more information