What Does the Tightening Job Market Mean for You?

The outlook is bright for job seekers, but what does it mean for businesses?

Last week the Bureau of Labor Statistics released a report announcing that the economy added 292,000 jobs in December, with unemployment remaining steady at 5% for the last several months. As the employment climate changes, job seekers have more and more positions to choose from. Businesses, on the other hand, may have a more difficult time finding the right candidates to hire. While this employment report is a positive sign overall, it may make companies think harder about how they can attract and retain quality candidates.

 

Find the Right Staff

How do you attract quality candidates who could have their choice of several different opportunities? One great way to recruit job seekers is to get help from your current employees. They are likely to be in touch with your target audience and have firsthand knowledge of the company that they can share. Sharing specifics about the business and the job opening helps job seekers gain a greater understanding of what they’re getting into, and if they’re up to the task. In addition to using your current team to market the opening, be sure that your job descriptions give a clear picture of the job expectations, challenges, and benefits. This will help you attract the right people for the job. You can draw talented workers to your company by making sure your business is an appealing place to work. Be sure you’re offering competitive wages and benefits. Penmac, a leader in HR solutions, can help with recruiting, screening, and hiring—making sure your company finds employees that will be a good fit. Penmac also offers temp-to-hire staffing, which is a great way to “test drive” new employees during those critical first months of employment.

 

Treat Your Staff Right

Once you’ve recruited your workforce, make sure they stick around. Employee retention is important to the success of any company. Loyal employees will contribute growing knowledge and experience to your business, saving you time, training, money, and other resources in the long run. A key part to retaining your staff is making sure you hired the right people in the beginning. If you selected individuals with the right skills, background, and attitude for your company, they will be more likely to stay in the position. Also, some of the benefits that attract quality candidates, such as good salaries and benefits, will also help retain them. Make sure you keep communication open, so you know if employees are unsatisfied before they turn in their resignation. Finally, make it a habit to promote from within. This rewards the hard work of loyal employees, and also benefits the business by hiring managers who have experience and understanding of other company roles.

 

The job outlook is good—both for job seekers and businesses. Although businesses may have to work a little harder to make sure they’ve got an effective recruitment strategy and a plan for employee retention, in the long term they will have a stronger workforce and a more successful business. If you’d like to learn more, or are interested in ways Penmac can help, contact your local branch today. Our staffing specialists will work with you to learn the specific needs of your business to create custom solutions that will best serve you.

 

Add comment