3 Ways to Withstand the Tight Labor Market

3 Ways to Withstand the Tight Labor Market

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With the current unemployment numbers at less than 4%, good caliber candidates are becoming harder to come by. Engagement and retention initiatives can help you keep your current employees on board longer, but how do you fill the open positions that naturally occur through growth or attrition?

Perhaps it’s time to rethink your strategy. Here are 3 tips to get you started.


Cast a wider net.

Think there’s plenty of fish in the sea? Think again! Consider adjusting your requirements, such as a certain educational level or non-essential skills. Don’t make the mistake of missing out on an excellent candidate because he or she didn’t have the exact title or credentials you were looking for.

Also, go beyond the job boards when hiring. Utilize social media, referrals, personal connections, general networking, and any other channels you have at your disposal.


Stop searching for “perfect”.

Those unique, elusive candidates with the perfect blend of credentials, skills, and experience are in high demand, but are they really worth the effort and cost of hiring them? And will they stick around long term? In many cases it’s better to hire for cultural fit and train for skills.


Make them an offer they can’t refuse.

If you’re interviewing a quality person in a competitive field, be aware that you probably aren’t the only company he or she is considering. That means you need to do something to make your company stand out as a desirable place to work. Polish your employer brand by addressing specific candidate concerns such as relevant work, collaborative culture, opportunities for growth and promotion, and community involvement. It’s also important to understand market compensation trends so you can put together an attractive compensation package.

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