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Recently, the four-week moving average for initial unemployment insurance claims tumbled to 235,250 nationwide, a fall of 5,750 claims from the prior week’s average according to the U.S. Department of Labor. That means this particular average is at the lowest point seen since April 14, 1973.
As you can easily see, fewer people are claiming unemployment benefits now than has been witnessed in a very long time. That makes finding new candidates harder than ever. In fact, the national unemployment rate is now sitting around 4.4 percent which many economists consider to be full employment.
To continue to attract new candidates to open positions, companies are typically having to step up their recruitment game. To help you stay competitive, here are some tips to get applicants interested in what your organization has to offer.
Review Salary and Benefits
Now isn’t the time to lowball candidates or even your current employees. If you haven’t done a salary review in some time, you need to do so today.
Job seekers aren’t going to be interested in working for your company if the wages and other forms of compensation aren’t competitive in the current market. You need to assess what competitors are offering their new recruits and current employees and make sure you are operating in the same ballpark.
While pay isn’t the only factor candidates consider when accepting a job offer, it is a big part of the puzzle. Make sure your offers are equitable to, if not better than, what is being provided by competitors or you won’t find the candidates you need. And, while you’re at it, take similar action with your current employees. Otherwise, when they see a better offer elsewhere, they may head out the door.
Go Beyond Traditional Recruitment Methods
Gone are the days where you could simply post a vacancy and see the resumes roll in. Now, you need to be active about finding candidates and choose unique methods for gaining their attention.
If you aren’t using your social media accounts to their fullest, it’s time to start. Make sure you post information that provides value to professionals working in your target fields, as this can increase your number of followers and help you make vital connections. Then, intersperse this information with posts about job opportunities. This lets you reach potential candidates first by providing them with great articles and links, making it easier to connect with job opportunities later.
Don’t underestimate the power of your current employees either. If your workers are satisfied, then enlist them when looking for new candidates. Often, they’ll have strong professional networks, and that can be an excellent resource for candidates with similar skills.
You can also get outside support from a skilled staffing agency like CPS Recruitment®. Our professional team can help you locate strong candidates in any field, allowing you to connect with great workers from throughout the area. Contact us to see how our services can give you a leg up during times of low unemployment.