Navigate the Low Unemployment Rate with Business Talent Solutions
Despite how impressive the 3.6% unemployment rate in Seattle sounds (Bureau of Labor Statistics), many employers are struggling to secure quality candidates to fill their company’s open positions. Although a low unemployment rate is the sign of an economy that has recovered from The Great Recession, it also means a smaller candidate pool for employers to choose from. The lack of unemployed professionals who are actively searching for jobs is a key factor in the results of the 2018 Conference Board CEO study which named “failure to attract and retain top talent” as the top issue that CEOs are currently concerned with.
With attracting and retaining top talent in the forefront of the minds of many employers, have you thought about the impact that working with Business Talent Solutions could have on your talent acquisition and retention? If you haven’t, consider these ways that BTS can help you to make quality hires during this tricky economic time.
We refer informed candidates:
The 2017 Informed Candidate Survey performed by Glassdoor reflects both the short-term and the long-term impact of having a pool of informed candidates to choose from. 34% of the hiring decision makers surveyed reported that interviewing informed candidates reduced the time that it took to make a hire, and 32% found that interviewing informed candidates reduced the number of interviews per candidate. Simply put, interviewing informed candidates will create a faster hiring process in the short-term and will lead to better retention, engagement and team work in the long-term.
You can rest assured that the candidates who are screened and referred to you by Business Talent Solutions are informed; meaning that they are prepared, engaged, relevant and knowledgeable. Candidates who do not exemplify these traits are not referred to the companies we work with to ensure that the best candidate is placed in each position.
We understand the evolution of talent acquisition:
As the economy has shifted, talent acquisition has evolved. Along with a decline in the overall unemployment in our area, there is a decline in professionals who are unemployed and actively seeking a job. Gone are the days of qualified candidates competing for a single open position; as a result, what used to work (i.e. simply posting a job opening on an online job board or reaching out to individuals on LinkedIn) no longer attracts the same quality or quantity of candidates. In fact, that same Glassdoor survey reported that 76% of people in charge of hiring have found that attracting passive candidates has become more difficult through online means such as LinkedIn. In addition, the response rate through those means has also decreased. With the old ways of finding candidates no longer working, 65% reported that they struggle with knowing where to advertise their open positions so that the right candidates apply.
At Business Talent Solutions, we are aware of these struggles and how the art of finding the right candidate has changed with the economy. With our knowledge, experience and tools, we are able to find top talent and desirable candidates for your company. And the best part? You do not need to struggle through finding quality candidates yourself.
We prepare candidates:
Candidate preparation not only saves you time, but it also can help you to avoid a bad hire. 46% of hiring managers named being knowledgeable about the job role as a top attribute they want to see in job seekers, 32% believe that having accurate expectations about compensation and benefits tops the list, and 36% believe that being knowledgeable about the company’s culture and values is crucial. These list topping attributes will not only save you time in the short-term, but they will also help you to avoid making a bad hire.
At Business Talent Solutions, we work with candidates to ensure that they understand the job that they are being considered for, are aware of the compensation package, and are knowledgeable about your company’s culture and values. Through this preparation, you can avoid interviewing candidates with differing expectations or hiring a candidate that did not have a clear view of what the job entailed.
At Business Talent Solutions, we understand that these economic times are not necessarily easy for employers to navigate and our passion is placing quality candidates in positions that will benefit companies all over the Seattle area.