Hiring in a shrinking unemployment pool

A job seeker looks for employment

The unemployment rate currently sits at just 4%, very close to a fifty-year low. That’s great news for the economy… but not so great for anyone hiring. A shrinking talent pool means employers must get creative to attract the best candidates. So, how do you go about hiring in times of low unemployment? We’ve put together a list of five ways you can find yourself a star employee.

 

  • Don’t be afraid to use a professional recruiter

Outsourcing is everywhere you look; accountants, plumbers, lawyers, electricians… Why not take the same approach with hiring? You have a business to run, and chances are, that business is not in the recruiting field. Let certified, skilled professionals bring you the best candidates so you can focus your time and energy on growing your business.

Recruiters exist for the sole purpose of connecting employers with employees. These are the professionals – let them help you!

  • Access a hiring pool you haven’t thought of.

Employment service providers work with employers to assist them to diversify, build or upskill their workforce. They often deliver a range of Government-funded programs to improve a person’s skills and employability.

The benefits of employing someone from one of these suppliers are two-fold. For one, these employees are motivated to work, often grateful for the opportunity and bring a unique perspective to your place of business. Some cohorts of work-ready employees may also attract wage subsidies, helping your business in multiple ways.

  • Finding a successful candidate starts with you

For those who prefer to handle the hiring process themselves, a successful search begins with a great listing. A poorly written job description leaves you with one hand tied behind your back. Job descriptions should be informative, engaging, and concise; you want to give prospective employees relevant information that inspires them to apply.

If you can nail the job description, the size of the hiring pool will matter a little less when it comes to attracting quality candidates. Additionally, it’s important to make sure your offer of employment is competitive. Is your salary on par with your competitors? Are your expectations realistic compared to other employers in your field?

To provide some inspiration, we’ve attached a basic template for a job description here; feel free to adapt it to suit your needs

  • Sweeten the deal with a training/up-skilling program

Increasingly, employees are picking jobs and careers based on quality of work life. This refers to how satisfied and happy employees are about their jobs. If you can make your work more appealing, you’re more likely to attract a sought-after candidate.

One of the easiest ways to make a role more attractive is to include a training or up-skilling program. If an employee feels like they’re growing personally or broadening their career prospects, they’ll be more likely to sign the dotted line and contribute to your business.

  • Get flexible about flexibility

The pandemic affected us all, and for a lot of employees, changed the way they thought about flexible work. As remote and hybrid arrangements became commonplace, employees started to adapt. For some, the new ‘workplace’ had more benefits than the old.

Recent numbers show up to 70% of the workforce globally have not returned to offices full time, and that employees are enjoying it.

Up to 60% of workers claimed they’d leave their job for a similar job with similar pay if they could work from home.

If your business allows for it, getting flexible with your work arrangements may help you to attract happy, engaged, and contributing employees to your business,

 

And that’s the skinny of it! If low unemployment is putting pressure on your workforce growth, then these tips should help put you in the best position to enhance your staff.

If you’d like more tips and information on building a business, we’ve got more resources here. For assistance finding the right employee for your business, a My Pathway recruiter can help. Contact us today!