One month has passed in 2019 and while some companies may have been planning for months on their hiring needs for this year, others may have just started looking at forecasting and their budgets. As employers examine their hiring needs for the year, we must first understand the current labour market and trends.
Last year, Canada had its lowest unemployment rate since 1974 at 5.6% and rose slightly to 5.8% in December as we entered 2019. In Ontario, the unemployment rate was slightly lower than the national rate at 5.4% in December. (Government of Ontario)
So, what does this mean for Employers?
There is less available talent for the increasing number of job vacancies that will become available this year. Jobs that were left unfilled from last year will be competing with new job openings this year for the available talent. As passive and active job seekers see a higher number of job openings, they will be choosing opportunities that are the best match for them.
Employers must understand that there will be an increasing amount of competition with other companies as they draw from the same talent pool. Gone are the days of high unemployment rates and job applications flooded companies’ inboxes. Employers need to do a lot more to attract Talent and they must evaluate their current recruitment strategies to see how they can have a wider reach into the labour market and attract more talent to their company.
Furthermore, Employers are starting to realize that it is simply not enough anymore to reach out to the talent pool when they have a job they must fill. Employers understand that they need to proactively attract passive and active job seekers long before job openings become available.
So How Can Companies Standout And Attract Talent?
1) Evaluate Your Company Branding
It has become more important than ever before that Employers take a good look at their Company Branding and how they are perceived in the labour market. Job seekers are no longer just looking at the salary and compensation packages when deciding on making their career moves. They are attracted and align themselves to companies that share similar views and values and are considering things such as: company culture, working environment, flexible work hours, team dynamics, growth opportunities, and more.
2) Online And Social Media Presence
When Job Seekers are reviewing a job opening for any company, the first thing that they do is to go online and search for anything and everything they can find out about that company. It is very important for Employers to keep their website updated as it raises concerns for Job Seekers when companies do not have a website or have a website that has not been maintained, have broken links, or is outdated.
Next, Employers must consider all options when advertising their job openings to get in front of prospective Job Seekers. Companies are competing with one another on the internet on different, job boards, platforms, and search results hoping to catch the attention of the top available talent.
And with Social Media taking a bigger role in our personal and professional worlds, Employers must take advantage of this stage to promote themselves to a large audience. Many Employers connect to their audience by sharing stories that showcase their company culture and values. It can also be used to highlight success stories and letting people share stories about their experiences with the company. A well-managed Social Media presence can give Job Seekers a positive insight into your company.
3) Working With A Local-Industry-Specialized Recruiter
With a decreasing number of available talent in the labour market, partnering with a trusted local recruitment firm can help Employers find active and passive Job Seekers. An industry-specialized recruiter is well-connected in the labour markets with a network of qualified candidates at their fingertips. Their experience and expertise also allow them to understand different job requirements to successfully find and qualify suitable candidates quickly. A good recruiting partner is a great promoter and marketer for any Employer.
4) Employee Referrals
Employees are the driving force for any company and Employers must recognize that their Employees have connections outside of the workplace. Employees are a big part of building a company’s success, the culture, and the work environment. They understand what the company needs and who can fit into their team. Employers should encourage their Employees for referrals as they are also great promoters for their Employers.
As the available Talent in the labour market become tighter, Companies must evaluate if their current recruitment strategies are enough to compete with other Employers and the race against time.
Contact us today to speak with one of our Recruitment Specialists and let us help you build your team with talent this year!