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The Shrinking Talent Pool: Why It's So Hard to Find the Right Hire
California's recent boom in job growth has dropped the state's unemployment rate to 5.9%. As the economy gets back on track, employees in high-demand industries like IT and Finance are more selectively exploring their employment options. This creates increased competition for skilled workers as companies return to building their workforces, which then results in extended timeframes for filling open positions.
This environment of increased competition combined with a lack of required skills among candidates caused employers to increase their recruiting spending by 7% in 2014, according to a Bersin by Deloitte study. There was an increase to nearly $4,000 in cost per hire.
The U.S. Bureau of Labor Statistics reported that the unemployment rate for the Technology industry averaged of 2.3% in Q1 for 2015. Hiring organizations looking to fill technology and IT positions are therefore facing a shrinking talent pool. It is now harder than ever to find the right candidate with the required technical skills. Employers in the Finance industry are facing a similar problem – the Bureau of Labor Statistics also reported that the unemployment rate in the Finance and Insurance sector in the United States was 2.5% in September.
The Bersin by Deloitte study demonstrated one of the consequences of the shrinking talent pool: it now takes an average of 52 days for a company to fill a vacant position, up from 48 days in 2011.
These numbers can be discouraging for companies that want to rev up operations and hire new, qualified talent, but it is possible to buck the trends and find the right talent at the right time. Employers can partner with an experienced staffing organization to guarantee that job candidates are being effectively screened and evaluated before they even step foot on company property for the first interview. A staffing agency can be a wonderful advocate for both the employer and job seeker.
At Equis Staffing, we've had time to hone and improve our talent acquisition processes. If you're ready to grow your team and want to work with a staffing agency that can skillfully help you navigate today’s shrinking talent pool to identify the top candidates, get in touch with us today.
If you are looking to hire an IT, Accounting, or Finance professional, or work in any of those fields and looking to advance your career, you can contact Equis Staffing via email at email@example.com or give us a call at (818) 444-0100.