Posted by Robert Half Management Resources on Tuesday, October 6, 2015 - 12:18 | Follow me
If you’re finding it challenging to align the right resources for your finance team, it could be that you need to rethink your staffing strategy — fast. For many employers, securing skilled talent is only going to become more difficult in the months ahead, especially if they stick to old approaches.
While the September jobs report from the U.S. Bureau of Labor Statistics (BLS) did not meet the expectations of most analysts, the overall unemployment rate remained at 5.1 percent for the second consecutive month — and is the lowest since 2008. The BLS reports that the unemployment rate for college-degreed workers 25 and older is even lower: 2.5 percent.
As Robert Half senior executive director Paul McDonald explains in his analysis of the September jobs report, the job market in the United States has been doing well since the end of the recession. The U.S. economy has created nearly 1.8 million jobs so far this year and about 4.9 million over the past two years, according to jobs data from the BLS.
McDonald also notes that while job openings rose to 5.8 million in July, BLS data shows that there are only about 1.4 job seekers for every available role.
So, with companies looking to hire but a dearth of available job candidates with the requisite skills, what are businesses to do? In his post, McDonald recommends that employers take a well-thought-out, multipronged approach to recruiting talent that includes six key elements:
A plan to hire from within
A “why we are different” story about the firm
A “comeback culture” that welcomes boomerang employees
However, in a market where skilled job seekers know they’re in the driver’s seat and top candidates often receive multiple offers, it can take weeks — or even longer — to find the right people for your full-time team. So employers should consider adding one additional strategy to their revamped hiring playbook: working with a staffing firm, including to draft consultants.
Highly skilled consultants can help businesses keep projects moving toward the end zone while they search for players to add to their full-time roster. Consultants also can serve in interim management roles to help guide fast-growing companies that are just building out their leadership team, or to support more established businesses that need time to recruit their next management-level star.
While the job market since the recession has seen its ups and downs, the overall trend has been slow but steady job growth. In this market, recruiting for your full-time staff team may take time. But bringing in consultants can help ensure your business has the right number of players with the right skills, on the field and ready to play right away, at all times.
Visit the Robert Half blog to read McDonald’s full analysis of the September jobs report, and for additional tips on changing up your staffing playbook.