Posts Tagged ‘unemployment’
Wednesday, December 29th, 2010
Ever since the global financial crisis of 2008, unemployment and under-employment have been high, leaving plenty of talent available for corporate recruiters eager to fill open reqs. There are many solid candidates looking for work, and it generally has been an employers’ market. But, signs are emerging to suggest that this isn’t the case universally. Some sectors, such as the tech market, are actually experiencing talent crunches. Even if you have plenty of candidate choices at your disposal now, this could change quickly, and you need to be prepared.
Unemployment, on a broad scale, actually says very little about the talent market that’s relevant to you. Several factors influence available talent, and these are what matters most to your corporate recruiting team. On the list are:
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Tags: financial crisis, market research, talent, talent market, TMR, unemployment
Posted in Strategy | No Comments »
Monday, December 13th, 2010
Another year is almost finished, and we’re looking forward to the fresh potential of 2011. It’s been rocky for a while: 2008 ended on a dismal note, and 2009 was fraught with uncertainty. Despite signs of promise this past year, high unemployment rates led to many corporate recruiting challenges, from getting open reqs approved to wading through a flood of resumes for each open position in hopes of finding the ideal fits for your organization.
Yeah, it’s been tough.
Fortunately, 2011 will be better. How do I know this? Well, that’s easy: you’re going to make it better. And, that starts with three corporate recruiting resolutions for the coming new year.
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Tags: BYTE, ROI, STREAM, TMR, unemployment, unemployment rate
Posted in Strategy | No Comments »
Monday, November 15th, 2010
With unemployment still high because of two years of austerity, it’s safe to assume that the talent working for the competition is pretty high-caliber. Also, they’ve endured difficult working conditions – as everyone has – because of recession-driven cuts. As you begin to hire, each open req represents a new, better opportunity to pick up a high-powered employee who is currently working against your company. Lure this talent away, and you double the competitive advantage of a great hire relative to a particular competitor.
It isn’t easy. Even those who want greener pastures are risk-averse and may be reluctant to give up what they know. So, bringing these passive candidates into your organization will require some savvy recruiting. Let’s take a look at five ways you can win them over:
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Tags: candidates, market research, ROI, STREAM, talent, talent market, talent pool, talent pools, unemployment
Posted in Intelligence | No Comments »
Monday, October 18th, 2010
Finding qualified candidates in this job market can be an absolute nightmare. Unemployment is high, and even those who are working aren’t happy. The economic climate has strained everybody, but there are still opportunities out there worth pursuing. So, when a position does become available, thousands of people flock to it, creating an almost insurmountable challenge for corporate recruiters. Time- and cost-to-hire escalate, and many great candidates are missed.
There has to be a better way!
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Tags: candidates, economy, job market, STREAM, talent, talent market, talent pools, unemployment
Posted in Process | No Comments »
Monday, August 30th, 2010
For corporate recruiters, the past two years have seemed like a problem of open reqs: specifically, there haven’t been many. The recession has dealt a blow to the profession and the businesses served, and the median duration of unemployment, according to Harvard Business Review, is six months (and counting), double what it’s been at any point in the last five decades. The problem, therefore, seems pretty obvious.
Or, is it?
Maybe it isn’t just a protracted period of unemployment and jobless recovery at work – maybe we’re also seeing a lower quality of demand.
Employers could be investing more in their talent, rather than taking advantage of an unfavorable employment market to secure employees at lower rates and save a few dollars. While this thinking may be attractive now, it can have disastrous consequences down the road.
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Tags: Corporate Recruiting, outsourced recruiting, outsourcing, recruiting outsourcing, ROI, talent, talent market, TMR, unemployment
Posted in Strategy | No Comments »
Wednesday, July 28th, 2010
Hiring managers need an education, and it’s your job to deliver it. The ebbs and flows of the talent market – along with the economy as a whole – don’t always have what you would consider to be a predictable impact on their expectations. In today’s market, in fact, hiring managers look to high rates of unemployment and a relatively small number of open reqs and draw, what for them, is the obvious conclusion: it’s pretty easy to hire right now.
Unless you’re in the corporate recruiting field, this is an understandable line of thought. There aren’t many positions, and there are a lot of people jockeying for them. This must mean that a company has its choice of candidates and that hiring managers can expect that those you bring in for interviews will be the best of the best.
If only it were that easy …
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Tags: candidates, hiring managers, job market, STREAM, talent market, unemployment
Posted in Intelligence | 1 Comment »
Monday, July 5th, 2010
Employees are becoming more comfortable with the idea of switching jobs. At the peak of the recession, workforce aversion to personal risk was high, especially as unemployment pierced the double-digit threshold. Now that conditions have calmed, and many believe a recovery is in progress, many employees are likely to seek greener pastures, especially if they can secure more income, flexibility or other perks in the process.
This presents both risk and opportunity. Talent availability is poised to spike, as top players look for ways to recoup missed promotions and raises that were rendered impossible by the after-effects of the financial crisis. At the same time, there’s increased likelihood that your own company’s talent will head for the door.
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Tags: candidates, financial crisis, HR, human resources, recession, STREAM, talent, talent market, talent pools, unemployment
Posted in Intelligence | No Comments »
Sunday, June 20th, 2010
When the economy turns south, cuts are necessary, layoffs happen and the survivors are miserable. We all know the whole “do more with less” routine … but what happens when employees have spent a few years in that situation? Well, some new expressions enter the corporate lexicon: “turnover intention” and “quit level.” They mean exactly what you think they mean. As economic conditions recover, you need to prepare for an exodus from your organization – unless you take smart steps to prevent it.
Of course, there will be cases where you can’t do much to keep an employee in your organization. When this occurs, you need to be ready to replace talent that has followed its “turnover intentions.”
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Tags: BYTE, economy, employees, turnover, unemployment, voluntary turnover
Posted in Intelligence | No Comments »
Wednesday, June 9th, 2010
The fact that corporate recruiters are still doing business the way they did 30 years ago almost makes it seem like the market developments that have occurred since then will be rolled back. Why else wouldn’t the profession mature alongside the rest of the business world? The only rational explanation – if you can call it that – is that:
- The recruiting profession as a whole expects the number of resumes submitted for each open req to fall from thousands back to dozens
- Job boards, social media outlets and other online tools will fade from job-seeker consciousness
- Unemployment will never return to the extremes (less than 2 percent and more than 9 percent), taking all that pesky volatility out of the talent market
- The broader business community won’t continue to be as competitive as it is, making the war for talent little more than gentlemanly undertaking
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Tags: Corporate Recruiting, HR outsourcing, HRO, human resources, job boards, operations, outsourcing, STREAM, talent, talent pools, unemployment
Posted in Transformation | 1 Comment »
Thursday, April 15th, 2010
As the employment market flirts with recovery, look for entry-level positions in the financial services industry to show plenty of potential. This summer, new hires for these junior positions are expected to surge between 20 percent and 50 percent relative to the same period last year. Even if this is based on the depressed employment levels of 2009, it is nonetheless an impressive growth rate – and one that will put a considerable strain on corporate recruiters in the financial business.
This summer, look for the convergence of two powerful forces in the financial services industry. One, of course, is the need to hire aggressively. On the other side of the equation, though, is a market still bearing the weight of a 9.7 percent unemployment rate. Even though 162,000 jobs were created in March, it wasn’t enough to offset the effects of the financial crisis that struck in September 2008 … particularly the 400,000 positions shed in the financial services industry (including insurance) alone.
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Tags: BYTE, candidates, financial services, financial services industry, hiring, HR outsourcing, HRO, insurance, insurance industry, interviewing, outsourced recruiting, outsourcing, recruiting outsourcing, resumes, talent, talent market, talent pools, unemployment, unemployment rate
Posted in News | No Comments »
