Job Market Beats Expectations, Unemployment Rate Stays At 10-Year Low

While Wall Street economists predicted that the U.S. would add 175,000 jobs in June, the Bureau of Labor Statistics reported on Friday that the country added an impressive 222,000 jobs last month.  In addition to impressive growth in healthcare, social assistance, and financial activities in particular, the unemployment rate ticked up to 4.4%.  While the unemployment rate hit a 16-year low in May at 4.3%, the slight rise is mainly due to the fact that more people joined the work force.

In such a healthy economy, employers may find the competition for talent stronger than ever before—and in hubs like New York City, employers will need to pick up the pace even more to keep up.  As the job market remains strong, those looking for top talent in the job market will need to be more innovative, flexible, and decisive in their hiring processes.

As you work to adapt to this candidate-driven job market, consider making adjustments in the following areas to better identify and attract the most talented professionals in the job market:

Make Faster Offers

Because job seekers are more in-demand than ever, they’re no doubt going to find employment quickly—especially if they’re an exemplary employee.  As a result, employers not only need to be more decisive in their hiring decisions, but they need to cut down on the lengthy process altogether.  By consolidating multiple interviews into one day and making better offers up front, you’re more likely to get the best candidate before someone else does.

Be More Flexible

When employers are strict on job requirements or arbitrary issues like the job title, it may take them a lot longer to fill the position.  When time is of the essence, it is important to compromise with candidates who show potential for growth.  To be sure that an unfilled position doesn’t lead to lost profits, consider making adjustments when it comes to specific education or skill requirements.  Rather than an empty desk, find a candidate who can quickly learn to fill in their knowledge gaps.

Set Clear Expectations

Because the most talented job seekers have many other options, it is important that hiring managers set clear expectations of the role and the company culture.  When employers are not up front with candidates or not on the same page as other team members, candidates may begin to feel as though there is no clear definition of the role, and they may fear that this is not the same job they originally applied for.  As a result, wary job seekers will likely decide to go with an employer who was more transparent during the interview process.

Highlight More Than Just The Job

Remember that for any employee, they’re looking for an opportunity, not just a job.  As a result, highlighting the company culture, values, and vision can assure a job seeker that your company is an excellent place to work.  Throughout the interview, the most motivated candidates will be looking for signs of positive work-life balance, professional development opportunities, and how they can make an impact.  For employers who can effectively communicate how they are leaders in these areas, top talent will race to join them.

Of course, this effort shouldn’t end once you successfully bring a top candidate on board!  To keep your employees engaged with their work and happy to be a part of the organization, you need to prove that you are invested in their success from day one.  For strategies on how to do this, check out our eBook, Taking Control Of Turnover: 16 Tips For Building Loyalty & Motivation With New Hires.