Posts Tagged: Job Market


What is a passive job candidate?

April 8th, 2016

Just about anyone in a company may have to recruit at some point in their career, but if you’re not entrenched in the world of talent acquisition, you may not be up to speed on all recruiting jargon. Like “passive candidate” for example.  Recruiters are not making a judgement call about a candidate’s personality, instead they are categorizing them based on who is seeking who.

what-is-passive-job-candidateGoogle offers a great definition: A passive candidate (passive job candidate) is someone who is being considered for a position but is not actively searching for a job.

An active candidate, on the other hand, is someone searching for a job. They are on the job boards, going to networking events, emailing recruiters and applying to open jobs. In that case, the candidate is actively seeking a new job. For passive candidates, it’s the recruiters who found them. A recruiter came across information about a person or found their online job profile and thinks they are a great fit for a certain job and/or company. In this case, the recruiter is seeking the candidate.

Passive candidates are often considered to be higher quality candidates, but they can also be more difficult to engage and convince to make a career move. As the economy shifts back and forth from an employer’s market to a candidate’s market, the number of active candidates ebbs and flows. LinkedIn reports that “Passive talent accounts for 79% of working professionals around the world.” Regardless of whether or not passive talent is better or not, targeting passive candidates should always be a part of your recruiting strategy, especially for rare & hard-to-fill roles. Here’s a few suggestions for how to catch the attention of A+ talent that ignores you.

Need help attracting top talent?

Recruitment-Assessment

 

 

The Realities of the Current Labor Market. (plus a prediction)

November 4th, 2015

Contrast perceived advantages to working with small/medium firm versus a bohemoth. What is market information telling us?

The US unemployment rate is at 5.1 %; this is considered full employment for economic discussions. However, we have only been here for a couple months. In fact, at the beginning of this year we were at 5.7%, and this time last year we were at 5.8%. This is not a lot of time for workers to see a change in their job search outlook. Nor is it much time for employers to see and react to trends in turnover and hiring.

(Source: Bureau of Labor Statistics)

The realities of Oct/Nov 2015 if you’re a worker, is that it has not been “good” for very long at all. Not even long enough to notice any change really. And this unemployment rate a national statistic. Some regions are red hot and doing better like the mid-west or parts of the west. The east is much cooler in jobs-related reporting than other regions right now.

And if you’re in charge of hiring, every company story is different. Fewer companies are really-aggressively hiring right now. Business strategy drives talent plans. And many current talent plans were set during more conservative and modest business times, likely around the second half of last year. Big companies are not adding or are, in fact staying status quo with hiring plans this year. Small to mid-size companies on the other hand, are driving the growth. As is the rise of the contingent worker who is freelancing, temping, or contracting to greater and greater numbers, which (frankly) barely shows in government labor data.

Now for my predictions.

  • Managing labor costs in business will continue to be a critical focus. This means employers still want flexibility in their labor costs as a strategy. Enter in temps, contractors, independents and or outsourcing.
  • Companies will lower labor costs over time. IT is a great example — After years or decades of using contractors many organizations are seeking to lower costs by bringing more IT folks in-house. This will happen in any skill set over time.
  • We are entering an era of labor shortages. The War for Talent predicted the boomers exit from the workforce and it is happening everyday. Yet now, the exiting labor pool is causing a negative point of view on today’s labor numbers. The labor is leaving the workforce as predicted, albeit a little slower than anticipated. But it is happening and it will cause labor shortages. We simply want our labor shortage to be caused by marketplace growth versus a sharp reduction in supply!

Job Market Trends: Plentiful vs Hard to Get

September 23rd, 2015

Something unique is happening in the job market and no one is paying a bit of attention. While most of us were squeezing in one more summer vacation or doing back to school shopping, employees left their jobs in what appears to be record numbers! Allow me to explain.

The US economy is into to its sixth year of job recovery. Relative to the labor market there has been a slow but steady environment of job creation with an average of 211,000 jobs created per month in 2015 while the unemployment rate has dropped .4 percentage points during that time. In August, while a little below average, 173,000 jobs were created, prompting unemployment to drop from 5.3% to 5.1%. All of this has happened right in front of us, with very little impact on the mindsets of employees and hiring managers.

A lack of awareness of the recent turnover makes sense on a base level. We have had very little, if any, wage pressures or inflation. There has been no real pain for employers. Sure, we hear the market talking about some skills sets that are in short supply. That STEM jobs never really felt the recession. But, job postings that used to produce a slate of candidates, well, no longer produce quality candidates. In fact, in July the US set an all time record going back to the year 2000 for the number of jobs posted. Yet hiring was about the same, yet consistent number? Why?

What is the shift? Voluntary Turnover. Every Monday morning we are getting calls and messages pointing out the obvious. Employees are leaving for greener pastures. And, more than likely, they were not even looking for work. They either got a call from a friend, someone sent them a job posting, or perhaps they got a call from a recruiter. At 5.1% there are fewer being laid off, fewer who are unemployed. There are simply less active job seekers available now than there have been since 2007 (pre-recession). And the pressures of this environment are now starting to show during planning sessions with talent acquisition professionals. For most, business is good, earnings are up. Revenues hanging in there. Now we have talent gaps, shortages and resignations? What next?

But Burkhard, where is your hard data? This is just conjecture and first-hand marketplace experience. Trust me, we are looking for others that are studying this. And we are working on plans to launch our own survey very soon. But here is my proof.

The Conference Board just updated Jobs Survey Results — a survey they have done for 20+ years. September is the first time since late 2007 that the proportion of respondents “who are finding jobs plentiful equals that for those who are finding jobs hard to get. The last two times the ‘plentifuls’ first exceeded the ‘hard-to-gets’ after an economic slowdown were 1996 and 2005.” In both of those period jobs, unemployment, and frankly a good economy followed. (Source: Bloomberg, Wells Fargo Investment Institute)

So mark my words: what we see is real. If the economy holds up we are entering a new era in employment. Get ready for turnover. Be prepared for job postings to produce less. Get conditioned to recruitment and talent being critical business issues that hold back your business. Employees have had choices. They and their employers simply did not know it. Demand is so strong that the jobs are coming to them!

I am not sure business is prepared for what’s to come. Expect Monday morning surprises “Hey boss, do you have a minute?” Your talent strategy will stop producing they way it did. Your turnover could and should spike, regardless of your focus on talent, culture and employee engagement. Whatever your talent weakness has been, it will be exploited!

Got data? Lets talk! We have many, many relationships that are seeing this ‘plentiful vs. hard to get’ trend.

Delaware Job Market

July 1st, 2011

Have We Turned the Corner on the Job Market in Delaware?

As a Customer Relationship Manager at CBI Group, Rich Kolodgie talks to business leaders, HR and Talent Acquisition professionals every day. Working from our headquarters in Newark, Delaware, Rich sensed that things in the local job market were improving post-recession and turned to his relationships to see what they thought. Rich surveyed leaders representing a wide cross-section of industries to gather their perspective on how the job market in the first state is fairing.

Rich’s findings were published in the July/August issue of Delaware Business Magazine.

Download his article, “Have We Turned the Corner on the Job Market in Delaware?” here.

Outside-In® Book List

Review-Us-Blog-02
© Year CBI Group. All Rights Reserved. Site Credits.