The Highs and Lows of the Most Recent Employment Report
We are pleased to report that the unemployment rate is finally dropping, hiring is increasing across the board, and employers are making strides to hire strategically. However, just as every cloud has a silver lining,
this growth is now putting additional stresses on internal hiring managers—Reports say that filling open positions is harder than ever. How is this happening, and how can you make the most from this?
Private Sector Jobs Saw Large Growth in June 2014
From May to June 2014, private sector employment increased by 281,000. This change was fueled by the growth in jobs in the Financial Activities and Business/Professional Services markets, with 11,000 and 77,000 New Jobs, respectively. Further, this month’s growth saw 85,000 more jobs than the 6 month average.
Filling Positions is more Difficult than 2013
Even as employment reports state the growth of the market in 2014, another study featured in Entrepreneur Magazine reports that 83% of employers surveyed find it ‘somewhat difficult’ or ‘very difficult’ to fill a job opening this year.
Many employers cite the skills gap as a leading reason companies are finding fewer and fewer quality candidates, but the primary factor in this survey, with 52% of respondents stating concerns, was the lack of available applicants. Concerns also cited included lack of experience (10%), lack of hard skills (10%), and lack of soft skills (4%).
Still, with new jobs being added, what does this mean for businesses seeking financial executives?
- Finding the Right Employee is not Easy: 0% of Employers believe it is ‘Very Easy’ to find the right talent. Only 17% find it ‘Somewhat Easy.’
- Employers May need to ‘Bridge the Skills Gap’: We have written prior on bridging the skills gap through employer branding, building a consistent talent network, and working with top educators; but nevertheless, the right talent is out there if you’re willing to work with them.
- It requires the right skills for the employee, but more importantly, the employer: Many things go into recruiting the right talent. As job seekers become more and more technologically adept and able to find the right information online, you need to think of your job description as a cover letter and resume for the right talent. Learn more about writing an effective job description.
Maybe it’s that, maybe you need a push in the right direction. Just as every applicant is not created equal, neither is every position. Some positions are simple to fill, but finding the right executive may be something that is not your specialty. This is exactly why you need professionals that have immense experience finding the right talent. This is where The Overture Group works for you. With each member of our team drawing from a minimum of 10 years of search experience, we can help your company hire on all cylinders.
Contact us to see how The Overture Group is here for you, and please add your own value using the tools below.