The Bureau of Labor Statistics recently released its jobs report for November 2019. According to the latest numbers, the U.S. economy added 266,000 jobs in November, the highest number of jobs added since January 2019.
As we approach the end of the year, 2019 marks the eleventh straight year with unemployment decreasing. The tight labor market shows no sign of slowing down – which means if employers thought hiring in 2019 was challenging, 2020 is likely to be even more difficult.
Some of the top industries to add jobs in November included:
- Healthcare – added 46,000 in November after only adding 12,000 in October
- Manufacturing – added 54,000 with 41,000 in automotive following the GM strike
- Hospitality – added 45,000, bringing their total in 2019 to 219,000 added
- Professional Services – added 31,000, bringing their total in 2019 to 278,000
Referring to the latest jobs report, David Kelly, chief global strategist at JPMorgan Funds, compared the tight labor market to squeezing more toothpaste out of a seemingly endless tube. Just when it seems as though the labor market is tapped out, more workers are joining the workforce. But there are still more open roles in the market than available, qualified talent to fill them.
The job market has also led to a 3.1 percent average pay increase in 2019, meaning competition for talent is forcing wages up but not as much as some might think. And top job seekers look for much more than simply an exchange of time for money from their employers.
Your people are your main source of competitive advantage and you need the right team in place to drive profitability and customer service for your business. Given the ongoing fight for top talent, how can your team attract and hire qualified candidates for your open roles? We’ve outlined some tips below.
Excite Top Talent About Joining Your Team
Most of today’s top job seekers are already employed, meaning they can be more selective than ever before when it comes to the job search. To stand out from other employers, your team needs to sell these applicants on the long-term career opportunity joining your team presents.
To engage top talent, it’s important to focus on the overall value proposition you have to offer employees. As part of the employee value proposition, your team needs to answer the “What’s in it for me?” question by outlining defined career paths, a comprehensive list of benefits, opportunities for continuous training, and employee testimonials and success stories.
Once you have a hook to excite job seekers, you also need to make sure this message is reaching job seekers where they’re searching for open roles. This can be made possible through a strong career site. The most engaged job seekers apply to job opportunities on career sites, as they’re invested in learning more about their fit for potential roles, rather than simply clicking “apply” on a job board. In fact, Hireology data found that up to 80 percent of career site applicants are considered quality.
Your career site content should include all the key elements of your employee value proposition outlined above, as well as strong, search-friendly job descriptions. Up to 70 percent of job searches start on Google, so having search-optimized career site content and job descriptions will help your open roles reach job seekers.
Turn Seasonal Workers into Permanent Employees
Many employers go through hiring sprees this time of the year to support the busy holiday season. But the demand for qualified employees might give more seasonal workers than ever before the opportunity to become permanent employees. As reported in The New York Times, while historically about four to seven percent of seasonal workers are hired, after this holiday season, about 20 percent of seasonal employees are expected to be retained.
To identify those who would be a great fit for long-term employment, look out for seasonal employees who go above and beyond the responsibilities outlined in the job description, show a strong sense of teamwork and offer top-notch customer service. Also make sure to keep top seasonal performers engaged, so they stay excited about working for your team on a more permanent basis.
Today’s job seekers have countless opportunities when it comes to their next career moves. Because of this, your team needs to ensure you’re putting in extra effort to attract top talent, effectively manage your hiring process to secure quality candidates and seamlessly onboard new hires. For additional tips on making your hiring more efficient in today’s tight labor market, read our resource “The Seamless Hiring Process Playbook.”