Jobs and People by the Numbers
Based on the numbers in our infographic below (scroll down to take a look!), we know that number of jobs in the Clinical/Scientific Industry have been increasing, predicted to be at 97% of peak levels in 2014, and also anticipated to continue to grow through to 2022 by 10%. STEM (science, technology, engineering, and math) occupations will continue to remain center stage, with more than one in four employers (26%) planning to create jobs in these areas over the next 12 months.
We also know that clinical/scientific jobs are at the top of the list of skillsets for which employers need help finding qualified potentials. And that 60% of CFO’s say it is somewhat or very challenging to find skilled candidates for professional-level positions today.
Finally, when it comes to workers, we know that more professionals are seeking new jobs in 2014 than they have been in prior years since the recession. While various sources present drastically different percentages of workers that will look for a new job this year, they report that in 2014 the percentage is greater than it has been since the recession. Our sources also note that workers are more optimistic about the outlook of the coming year.
CareerBuilder states that, “A drop in job satisfaction may account for the expected rise in turnover.” The percentage of workers that are satisfied with their jobs dropped from 66% in 2013 to 59% this year; and those that are dissatisfied rose from 15% last year to 18% in 2014. The top reasons cited for dissatisfaction are salary (66%) and not feeling valued (65%).
So, how can we boil all this down?
At the Outside-In® Companies, we see these numbers in action daily while serving our customers in the pharmaceutical and bioscience industries. More companies are hiring for positions so demand is high, which makes recruiting quality candidates more difficult. With this shortage of people, companies have to be creative in their recruiting. So taking advantage of the positive outlook both c-suite executives AND workers have for the coming year, how can employers identify and win over great candidates?
Here are five tips for your company to consider:
Marketing Your Company: Workers may feel optimistic about the coming year, however they won’t take the decision to jump jobs lightly. Your company needs to market itself to potential candidates so they become aware of who you are and what makes you so great. Understand that this is a long-term investment, that changing the market’s perception of you will take time and you won’t see the pay off immediately. In many cases, the market doesn’t know about you, doesn’t know much about you, or they think negative things about you – so focus on increasing your brand’s awareness and generating a positive impression on people so they want to work for you.
Beef-up Your Employee Referral Program: Your employees already work for you for one reason or another, which makes them some of your best assets! Encourage your people to bring their friends on board – they are likely to have similar interests and similar values that will fit in with your culture. You can encourage employees by simply asking them to refer people they know for current openings, but also consider how you can “pay” people for their efforts. Many companies offer bonuses when employees’ referrals are hired, or when the person sticks around for 6 months. Good employee referral programs are often the top source of hiring!
Perk Up Your Benefits: Sure, people may be considering switching jobs this year, but with salary and “feeling valued” at the top of the list for dissatisfaction, they need to know that they will be getting better benefits in a new job. How does your compensation compare to your competition? How does your culture recognize its people? “Offering frequent recognition, merit bonuses, training programs and clearly defined career paths are important ways to show workers what they mean to the company,” said Rosemary Haefner, vice president of human resources for CareerBuilder. In this market, the candidates are calling the shots – so what do you have to offer them that is shinier than what they currently have?
Consider Temps and Independent Contractors: The Bureau of Labor Statistics released on February 7th that there were 2.78 million contract and temp workers in the temporary help services industry in the U.S. 2.78 million is the largest number of temps in the workforce ever. More workers are pursuing contract work or being independent consultants, so consider bringing quality candidates in as independent contractors. The world is going temp, so this is likely a good option for bringing in the best people for the job.
Location, Location, RELOCATION: With a shortage of quality applicants and trouble finding the right people, your company might want to consider relocation. By expanding your search outside your geographic region, you can easily increase your candidate pool. You’ll want to look back at tip #3 to help convince people to make such a move to work for you, but it’s probably worth it so you don’t have to keep scratching your head looking at the same resumes again and again.
Infographic – Presenting the Numbers