According to the Bureau of Labor Statistics (BLS), there were nearly 5 million job openings in November 2014, up from 4.8 million the previous month, and the highest number since January 2001.
This is great news for job seekers, but what does it mean for employers who have roles they need to fill? It means it will be much harder and take a lot longer to find top talent. Roles that took just a few weeks to fill in the past are taking between three and six months to fill, which means that employers need to improve their ability to attract candidates. The days of posting a job to Craigslist and waiting for the hundreds of resumes to roll in are over. Employers now need to be sure they have a proper process in place to not only quickly respond to applicants but also to source candidates that are not actively pursuing a new opportunity.
All this creates a challenge for most small- and mid-sized organizations that don’t have dedicated recruiting staff. Enlisting recruitment agencies is an option, but an expense that many companies cannot afford, with fees averaging over 20 to 30 percent of the first year’s annual compensation. If finding the right talent at the right time is critical to your success, consider our non-agency fee recruitment method, Hiring Process Management™. Learn more here.