First of all I want to apologize if you haven’t heard from me during these last few months. The reason? The market is changing and we have been extremely busy. I know this may come as a shock to you if you have seen the recent unemployment rates but it is true! We noticed the market changing at the beginning of the summer when the candidates who registered were getting positions quickly after registering and our contract workers started turning in their notice because they found permanent employment.
The industry information that we receive on a monthly basis shows that in April 2011, it became more difficult to find the candidate than the job. What that means is that it could be returning to a “candidate’s market.” There is no question from our perspective that hiring managers cannot continue to do the things they have been doing the past few years. As a hiring manager, you need to move quickly on candidates that you are interested in. You cannot wait as long as you have in the past to make hiring decisions. Also, now that you are up against competition, you will have to pay more competitive salaries because the candidates have more opportunities to choose from and often the highest bidder wins.
Let’s add some fuel to the fire. If you are targeting candidates that have a college degree, the unemployment rate is below 4.5% (see this illustration from the Bureau of Labor Statistics). There is a good article addressing this topic that states:
"To put it another way, more than 95 percent of college graduates in the United States are working – in the aftermath of one of the worst recessions in living memory." ibtimes.com
So even though you have probably heard that unemployment rates are close to 9%, that isn’t an accurate number when you are targeting a degreed Accountant. Inside Indiana Business reported last week that only 33 out of every 100 Indiana public college students graduate with a four year degree within eight years. This helps create the shortage of candidates in Indiana that have a college degree.
I have spoken to several of my HR hiring managers and they have communicated that they are seeing the things mentioned above. I would love to hear your thoughts, please sound in by posting a comment on my blog and let me know your thoughts!