It's time to START recruiting!
It's the first Monday of 2014. Most people are back from their winter break (some are still dealing with winter storms and sub-zero temperatures). E-mails are being read; meetings are being attended. It's back to full swing!
Every Friday morning, I review articles found on ere.net. It's a weekly ritual - and one that gives me a glimpse into the HR world and the current tone/tenor of the economy. There has been a marked change in the past few weeks.
- The Top 25 Recruiting Trends, Problems, and Opportunities for 2014 (by Dr. John Sullivan)
- Part 1 - December 9, 2013
- Part 2 - December 16, 2013
- How an Improving 2014 Economy Affects Recruiting (by Ken Sundheim - December 18, 2913)
- 2014: The Year of the Employee (by Josh Bersin - January 3, 2014)
You can judge the content by the titles
We seem to be back to a seller's market (the candidate) in many areas. While the federal unemployment rate stands at 7.0%, the rates we track more closely tell a more accurate (local) story:
- Minnesota unemployment rate - 4.6%
- Minneapolis-St. Paul unemployment rate - 4.1%
- Federal rate for people 25 and older with a 4-year degree (or higher) - 3.4%
When I studied labor economics (under Walter Heller . . . . . insert age comment here), full employment was considered anywhere between 3.0% and 5.0% unemployment. Today, full employment is typically considered between 4.0% and 6.0%. Regardless of the definition, we are there.
Thoughts from the articles
In future weeks, we will get into more detail regarding some of these articles. In the meantime, here are a few of the highlights and/or sub-headings:
- Non-salary demands of job seekers rise. (Suggested remedy - flexibility in fringe benefits.)
- The competition for top talent intensifies.
- Retention problems will increasingly impact recruiting.
- Large firms must learn to compete with start-ups for talent.
- Personalized recruiting is on the horizon.