6 Signs War for Talent is Heating Up

The jobs are out there. Companies just can’t find the workers to fill them. The Bureau of Labor and Statistics reports that 3.2 million jobs remained vacant as of the end of July, even as 14 million Americans were jobless.

This paradox was highlighted in an article posted in the recent issue of Central Penn Business Journal.

Winning The Talent WarThe article includes several interviews with local business executives whose growth is stymied by a lack of qualified workers, not a struggling economy. One owner, whose tool-and-die company doubled in size in the last three years, says he posts jobs in the newspaper and online job banks to no avail. Other executives echoed the challenge especially those leading manufacturing firms in heavy industry, food processing, and trucking.

More and more stories seem to be cropping up, especially in the small business sector. Despite large organizations like Bank of America announcing massive layoffs, a new survey reveals a compelling message for employers who might be feeling a bit complacent in adapting a new environment for recruiting and retaining qualified workers: high unemployment does not equate with ease of hiring.

Here’s 6 signs that the war for talent is heating up:

  • 77 percent of companies surveyed expect hiring competition to increase;
  • One-third of the companies expect significantly more competition for talent;
  • 47 percent currently recruit from competitors; another 14 percent plan to start;
  • 57 percent of employers are concerned with competitors recruiting their employees;
  • 58 percent use recruiting passive candidates as their leading strategy for competing against other employers; (54 percent use benefits; 47 percent use flexible hours; 30 percent use higher compensation.)
  • One-third of employers expect new employees to stay 2 years or less; 79 percent expect them to stay 3 to 5 years or less.

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This article originally appeared in The Total View, a weekly online newsletter that focuses on hiring, management and retention strategies. The Total View is written and published by Ira S. Wolfe, president of Success Performance Solutions and is distributed with permission by The Chrysalis Corporation. Subscribe for FREE to The Total View by typing your e-mail address in the newsletter sign-up box on the right side of this page.

 

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