According to recent data released by the U.S. Bureau of Labor Statistics, the “Professional, Scientific, and Technical Services” sector is currently experiencing very low unemployment rates. The number posted for July 2018, in fact, was 1.8%,1 compared to the national average rate of 3.9%2 (which, in and of itself, is impressively low).
Low unemployment rates are rarely a bad sign, and those working in the technical services and information technology fields are, according to the data, likely able to find good-paying jobs in the current economy.
But what about the other side of hiring: the employers? How are companies supposed to attract and keep IT talent when so many jobs are so readily available? We have a few thoughts on how companies can adapt their hiring strategies to fit the climate of the IT job market.
Do your research.
You want to hire top talent—but so does everyone else. If you’re going to come out ahead, you’re going to need to know what you’re up against. Step into a job-hunter’s shoes and do a little research on what other companies are asking for and what they’re offering to candidates. What jobs are most appealing, and why? If you can recreate that appeal in your own hiring strategy, you may attract more (or better) candidates.
Once you know what else is out there, you want to offer attractive, creative, and competitive options for your potential candidate. Consider your compensation and benefits plans, time off policies, company culture, opportunities for growth and learning, and so on.
You can start to build your company’s reputation as a great place to work well before you have any jobs open up. Proactively network and market yourself so that when you do have a vacancy, you won’t be desperate enough to hire someone that isn’t a good fit.
Use a staffing agency.
Hiring managers often have a hard time finding good talent even without the low unemployment rate. With that factor added into the mix, it becomes extremely difficult for them to do their jobs alone and effectively. A staffing agency, particularly one with experience hiring in the IT industry, can make a huge difference when it comes to finding and attracting qualified candidates, no matter the market. In times like these when it’s tricky to find the perfect fit for your position, an agency may be just what you need.
A low unemployment rate is a marker of a strong, prosperous economy, but it may also require you to adjust your hiring strategy. These tips should help you as you search for your next employee that will help your company thrive.
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