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Unemployment is Down. You Knew That Already.

andrew

But did you know it’s half the 2010 rate?

JustinBradley EVP Andrew Chase, a numbers guy in a past life, shares some numbers.

You probably know that it’s tougher to hire talent now than it was during the recession, but it’s worth visualizing the magnitude of the drop in unemployment. To beat your competition (other companies seeking the same talent) at the hiring game, managers need to act quickly in the selection and offer process.

unemployment-graph

DC Metro area unemployment today is half of what it was in 2010. The good news is that the employed professional workforce sees less risk in changing jobs, is seeking career growth and is more open to new direct-hire opportunities today. That said, the workforce has more options today and there is more competition for the talent.

So how can hiring managers improve their chances of hiring top talent in the current employment environment?

Act quickly. Smartly, but quickly.

Hiring managers and Human Resources departments will need to expedite the selection and offer process to get the candidate they want—the candidate won’t be available for long. Also, in any employment environment, the quicker the decision to extend an offer, the more enthusiastic the candidate will be (“They want me; they really want me!”)

One last thing. Be prepared for greater compensation or benefit demands by candidates than during the recession and more counter-offers from candidates’ current employers.

Comments? You can reach Andrew at asc [at ] justinbradley.com or 202-349-3722.

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