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Decades Low Unemployment Rate; Small Businesses Forced to Adjust

Having trouble filling those open positions? You are not alone! All the data and statistics confirm, this is a growing problem for small businesses and organizations nationwide, and its time to make some adjustments.

According to Trading Economics, the U.S. unemployment rate is expected to hit 3.80 percent by the end of this quarter. This past April it was at its lowest point since 1969, making it harder to engage talent pools for new job opportunities.

There are several reasons why you can’t find what you are looking for, and mindset might be the biggest.

Yes, the unemployment rate is painfully low, but maybe you are trying too hard to find the ‘perfect’ candidate. If you find someone with the right attitude and skill set, and they fit in with your team, perhaps you should take a chance on them?

There are many qualified, and over-qualified, individuals looking for work right now.

Here are some other small changes you can implement to attract and retain top talent:

  • Make sure the job ads sells your company’s culture and tells the story of what the person would be doing in the role.  Explain how that role will help to meet the company’s mission and/or impact the community.
  • Create a shorter hiring process.  Active candidates want a new job NOW.
  • Target passive candidates.  Monitor and engage through Indeed, Glassdoor, LinkedIn, and Facebook.
  • Train new hires to meet the skill sets you need, or employ interns with an incentive to onboard upon graduation.
  • Create effective employee referral programs.  Remember, your staff is also your customer.
  • Create a positive social media presence to attract and improve the candidate experience.
  • Focus on the employee’s work/life balance.  Consider letting employees work remotely.
  • Build in career paths, and
  • Offer attractive benefits packages.

We’re all out there fighting for good teammates. With a few small changes we can shift our focus from ‘recruiting’ to attracting and engaging new and promising talent.

If you’d like to speak with an HR specialist about your hiring needs click here.

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