America’s job market is facing a unique challenge to its forward trajectory — finding new hires. It’s not because the positions aren’t there. It’s not because of a lack of candidates or an unqualified applicant pool.
In fact, with unemployment rates at a record five-decade low of 3.6% as of October — and 128,000 new jobs generated last month alone — the economy is in a better position than it has been for years. So why is it so hard for employers to find the right hires?
Why “Now Hiring” Isn’t Enough
With the holidays right around the corner, there’s no shortage of open positions on the market. Online job search platforms like Monster and Indeed are littered with posts for new hires, and it seems like those “now hiring” signs are a permanent fixture wherever you go.
As an employer, you know that finding the right talent takes more than just posting an open position — and you can’t just throw a sign up in the window anymore. But even with the internet offering more diverse hiring avenues than ever, a majority of companies are struggling to fill their vacant positions.
In a 2018 Recruiter Nation Survey on the state of the job market, 74% of employers predicted that recruiting would become even more tough throughout 2019. Sure enough, the ratio of unemployed candidates to job openings decreased to 0.8 this September.
While this increase in American jobholders is beneficial for the economy, the same can’t be said for company in need of new employees. With such a low person-to-job ratio, the problem isn’t that qualified candidates don’t exist — it’s how to find the right qualifications to fit the role.
Creativity in Candidate Sourcing: The New Age in Qualified Recruitment
In 2019, 40% of employers are looking for permanent full-time employees, and yet almost 75% of companies have serious trouble filling their vacancies. It’s not enough to post a position, because the perfect candidates won’t come to you anymore — you have to track them down.
To improve their position-filling prospects, many companies have begun to develop more creative ways of attracting qualified candidates — including modern methods like social media messaging, texting, improved marketing strategies and even company rebranding to bring in better reviews. Still, 63% of companies bring in hires without the necessary skills for the position, which necessitates the need for in-depth on-the-job and outside training.
With company resources stretched thin enough by vacant positions, wouldn’t it be better if you could simplify the recruiting and onboarding process rather than complicating it?
You can — your company is just looking in the wrong place. Because when it comes to the candidate-to-vacancy ratio, statistics overlook one important demographic — students.
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Make Qualified Candidate Connections With Barefoot Student
With nearly 4 million college students projected to earn degrees in the 2019-2020 US academic year, the candidate pool isn’t as scarce as many companies might believe. In fact, more qualified potential professionals graduate into the market every semester, each with fresh industry knowledge, relevant educations and burgeoning qualifications.
Not only are students equipped with valuable skills they’ll continue to develop in new positions, but they’re eager to accept offers and less expensive to onboard.
Many employers overlook the potential of recruiting recent grads or are unsure how to market towards them — but you don’t need to overhaul your recruitment strategy. As the top student-centric recruitment site for universities around the world, Barefoot Student is making valuable connections between employers and the best candidates for their companies.