Recruiting for Today’s Employment
March 28, 2016 |
CEO, Y Scouts, Inc.
If you’re an employer in Phoenix metro with aggressive growth goals, then you better start prioritizing recruitment. A couple years ago employers had their pick when it came to hiring a quality candidate. As the economy has improved, the job climate has changed. Today it’s harder than ever to find the talent you need to succeed.
Why is it hard to find talent today in the Valley of the Sun? Mainly because it’s a job seeker’s market. The national unemployment rate in January 2016 has fallen to 4.9 percent1. That percentage is beyond what’s traditionally known as “full employment” – where virtually all who are able and willing to work are employed. In fact, the last time we saw the unemployment rate this low was sometime just before the start of the recession in 2008. Just three years ago in January we had a 7.9 percent unemployment rate.
Employees are also getting paid better. The last six months has been the best extended period for employee paychecks in the last six and a half years2. It’s a sign that the job market is getting so tight that employers are turning to higher pay in order to attract and retain the best and the brightest employees.
For manufacturing and tourism – traditionally the base industries in Phoenix metro – these employment trends mean that it’s becoming increasingly more costly to find the right people. So, what’s a recruiter or small business owner to do to attract top tier talent in such a competitive employment market?
In such a competitive market for talent, the best sustainable recruitment and retention strategy is based on one simple measurement. How happy and engaged are your employees?
Happiness in the workplace is the most critical piece to the puzzle. It’s what drives employees to believe in what they are selling and gives them deeper meaning and purpose in their work. For example, happy sales people produce 37 percent greater sales3. It’s our responsibility as leaders and hiring managers to give employees reasons to be happy and create a culture where they truly care about one another. Close friendships at work boost employee satisfaction by 50 percent4.
It’s never too late to build a great work culture to increase engagement and happiness. Declare your purpose and clarify your values. This is the only sustainable recruiting strategy. Companies who are able to find a good balance of purpose and execution will be the only companies able to recruit and retain high performing talent.
While the competition for employees is at an all time high, the Maricopa Association of Governments is expecting more than 2 million more people to move to Arizona by 2040. It’s up to you to give prospective employees reasons to come work for you.
Y Scouts, Inc. is highly respected as pioneers of a Purpose Based Leadership Search Firm on a global scale with a focus on U.S. based companies headquartered out of Scottsdale, AZ. Max and his team have had the privilege of working with some of the most purpose and values-driven companies in the U.S. www.yscouts.com.
1 U.S. Bureau of Labor Statistics, 2 NY Times, 3 Gallup, 4 Wall Street Journal