1. The Recruiter's View:
Candidate-Driven Market to Present Retention
Challenges in 2015 among Top Performers
U.S. employment had challenges during the winter months of 2014,
but throughout year we've experienced consistent growth as
222,000 new jobs has become the 12-month average, and the
November numbers were robust.
Despite the fact that many companies are in growth mode,
retention is increasingly problematic. This is especially
challenging in the executive, managerial and professional job
sector which is candidate-driven.
The brightest talent recognizes more jobs are available and feels
more confident about pursuing them, Recruitment additionally faces
challenges in the sector, as many employers continue to lose great
candidates to lengthy hiring practices, below-market salaries and an
inability to sell the company brand, the role and true advancement
opportunities.
New data from the most recent MR I Network Recruiter Sentimen t
Study, a biannual employment landscape survey of MRINetwork
recruiters across approximately 600 worldwide offices, indicates that
the candidate-driven market, which has experienced a consistent
uptick since 2011, is here to stay, and the rate at which top
performers are rejecting job offers continues to grow.
As we approach 2015, employers will need to review their
recruitment and retention strategies from the top down to remain
attractive to employees and potential new hires.
"It is definitely and without a doubt a candidate-driven market,
however many employers are still laboring under the same
processes as they did when it was an employer-driven market,"
said Robert Boal, General Manager of Management Recruiters
of Cleveland-SW, responding to the study. "Candidates now
have choices and employers need to make the interview
process go smoothly and quickly." According to the report, in
the second half of 2014, 83 percent of recruiters described the
talent market as candidate-driven, up 29 percentage points
from the second half of 2011.
December 5, 2014 VOLUME VIII ISSUE 12
The executive and managerial market continues to be candidate-driven
because of the availability of more job opportunities and
growing talent shortages due to skill gaps. Top performers have a
strong advantage, with multiple job offers to consider and the
ability to reject less desirable work opportunities. This is significant
when you consider the factors motivating a job move. According to
the study, 49 percent of recruiters say greater opportunities for
advancement is the primary motivating factor for candidates
looking to make a move, followed by improved compensation.
Based on year-over-year data, the main reasons for rejected
job offers continue to be a result of great candidates
accepting offers with other companies and being presented
with disappointing compensation.
Further, the time between the first interview and the rejected offer
is shrinking, with a six percentage point increase from the second
half of 2013, for candidates that rejected offers within two weeks
of the first interview.
MR I Network recruiters provide the following survey insight about
rejected job offers:
· The search process is still taking way too long
considering the recession has been behind us for years
and the fact that it is a candidate-driven market in many
industries. This provides candidates with the time to
investigate other opportunities.
· Candidates are much more fully engaged and also much
more aware of their worth in the marketplace.
· Clients are still looking for the perfect candidate, yet are
not offering an enticing salary.
Although the study results demonstrate that hiring trends are
highly favorable towards top performers in the executive,
managerial and professional space, recruitment and retention will
continue to present ongoing challenges for overall hiring as the job
market expands. A fundamental shift is taking place in the way in
which candidates expect to be recruited, and companies need to
get on board with these changes to bring in and hold on to the
talent they seek.
© 2014 Management Recruiters International, Inc. An Equal Opportunity Employer
Source: Department of Labor
Submitted by: Sean J. Spellacy
Management Recruiters of Cleveland-Southwest
>Experts in Global Search
(330) 273-4300 ext. 108
Sean@MRCSW.com
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2. Bureau ooff LLaabboorr SSttaattiissttiiccss
Employment Situation Report
Although the nation's unemployment rate remained the
same in November at 5.8 percent, widespread gains
were seen across a variety of different sectors. The
amount of jobs added to U.S. payrolls increased
exponentially from October - a good sign for the
country's economic strength as 2015 approaches.
Increases throughout a variety of fields
According to the November Employment Situation from
the U.S. Bureau of Labor Statistics, employment
increased by 321,000, a hefty increase over the
nation's monthly average gain of 224,000. Professional
and business services saw the most significant
additions with the creation of 86,000 jobs. This industry
followed the overall trend, adding nearly 30,000 more
jobs in November than its average monthly gain of
57,000. Some of the largest gains in this field came in
the form of accounting and bookkeeping jobs.
Temporary help services also saw an uptick, adding
23,000 jobs over the month.
Retail added 50,000 workers, many of them in the
motor vehicle parts industry, though clothing, sporting
goods and hobby stores also hired more staff. The
U.S.'s growing healthcare sector tacked on 29,000 new
jobs, contributing to the 261,000 jobs created in this
field over the past 12 months. Construction gained
20,000 workers, while the transportation and
warehouse sector saw an increase of 17,000 jobs.
Manufacturing expanded by 28,000 positions, many of
which were in the durable goods sector.
Slight wage gains show promise for future
compensation rates
In addition to increasing its workforce throughout the
month, the U.S. also upped its pay rates. The report
noted that average hourly wages for nonfarm jobs
increased by 9 cents this month, coming in at $24.66.
Private sector production and nonsupervisory jobs saw
a gain of 4 cents to an average wage of $20.74 per
hour.
November exceeds economists' expectations
According to Business Insider, November's
employment expansion was stronger and more
significant than economists had predicted. While they
had anticipated an increase of approximately 230,000
jobs, actual gains were upward of 300,000. They had
expected hourly month-on-month earnings to increase
by 0.2 percent, a number that actually doubled, with
wages going up by 0.4 percent. The source noted that
this month's impressive jobs report not only exceeded
expectations, but was the biggest payroll gain the
country has seen since January 2012. It is also the 10th
consecutive month of job increases over 200,000 - the
longest streak for the U.S. since 1995.
Analysts feel the consistently strong numbers over the
last few months could increase the likelihood that the
Federal Reserve will begin to raise interest rates,
although there doesn't appear to be any apparent rush
to do so.
"With job creation as strong as this and wages picking
up, the economy looks increasingly able to withstand a
modest tightening of policy," Economist Harm Bandholz
of UniCredit told The Economic Times. "On the other
hand, the lack of any significant wage growth points to
a benign inflation outlook, which in turn suggests there
remains no immediate rush to hike rates."
Provided by MRINetwork www.MRCSW.com |