As the economy gets back on its feet, many states have seen their unemployment rates decline; across the country, the rate is down approximately a full percentage point from this time two years ago, and down nearly half of what it was in 2010. The declining of unemployment rates is very important, as it shows that the economy is beginning to recover from its downturn. This, however, makes the job arena an employee’s market versus an employer’s market.
What does that mean? Well, unemployment rates can only go down if people are getting jobs. This is good for the economy because one, there are fewer people looking for work, two, fewer people must rely on government assistance, and three, when people start to work, they have more money to spend and put back into the economy, strengthening it further. Businesses looking for new employees, however, are slightly less lucky in this situation.
Back when the economy started its recession and the unemployment rates sky rocketed, it was estimated that jobs had triple or quadruple the number of applicants that they had had in prior years. This gave employers their “pick of the litter,” so to speak. A company could take their time reading résumés and interviewing employees because suddenly they could have the best of the best. Now that employment rates are getting better, the number of people applying for each job has declined, and the employers no longer have that luxury. As the economy gets better and better, it won’t be uncommon for an employer to have a position open for a month (or more) and not have any suitable candidates apply.
So how do you set yourself apart from other companies and find the right people to work with you? Teaming up with people experienced in recruitment and human resources is a good way – they can help you write up a job description using the buzzwords that will catch people’s attention and specifically draw in the type of people you want applying to work for your company. They can help you use graphics and ensure that you post your help wanted ads in the right places.
Oates & Company has a long history in human resources consulting and has the products and expertise you need to help you make sure you're getting qualified candidates that you can rely on.
To find out more, contact Oates & Company today.
