It seems to us that there has never been a better time to be in the recruiting business. We know that our excellent service and personal touch has helped our business grow. However, it also seems that we are not alone in our thought. Recruiter Chris Nace, who was interviewed by Bloomberg, stated: “Demand is the highest I can remember having,” said Nace, whose firm’s fees include one-time payments based on a percentage of the recruited worker’s salary. “Companies are telling us they’re willing to pay $25,000 or $30,000 fees for people who are one or two years out of school. That’s fairly atypical.” That’s great news for the recruiting business as a whole, but why is this the case? There are actually many things that contribute to this.
The Tightening Job Market
First, the job market is tight. The unemployment rate, as reported in March 2017, is only 4.5%. Pair that with a soaring number of job openings (particularly in IT and related fields) as firms strive to stay on pace with competitors and it means that many businesses are fighting to attract and retain the very best employees. While it may have been possible to post a job opening in 2009 and immediately have dozens of qualified candidates apply, the tables have turned today.
Finding the Best People for the Job
Also, many companies are simply not sure how to reach the best employees today. The internet has been a game changer when it comes to finding talent, but many firms simply don’t know how to separate the wheat from the chaff, so to speak. Plus, companies are now realizing that recruiting is important in all areas of business--not just upper management. A recruiter can help fill positions in IT, administration, banking and other fields too.
Finally, finding and hiring new employees is hard work. It can be time consuming, monotonous and just plain difficult. When a company turns this job over to an expert, the time and energy that would be put into the hiring process can be used on other tasks--tasks that help with future growth and the creation of income. Paying for a recruiter is an expense that will often pay for itself several times over.
Because of the lack of good employees and the clutter of unqualified candidates, working with a recruiter just makes sense. A good recruiter has connections throughout an industry and can quickly get to the best employees for the job. When considering how much time will be saved as well as money saved by getting the best people for the position, working with a recruiter is actually quite affordable and may make sense even for businesses that thought it was out of reach in the past.
It is important to realize that even as the recruiting industry is booming, it is often not able to keep pace with need from its clients. More companies than ever are turning to recruiters. That’s why creating those connections now is so vital. Even if your company isn’t currently looking to hire, it can help to have a recruiter at the ready so you can fill a position as soon as it becomes available. In doing this, you keep your business running smoothly and improve overall productivity throughout all levels.
With the need for recruiters growing in ways that have never been seen before, now is the time to connect with a recruiting firm and prepare yourself for the tightening job market. By building connections today, you know that you will have access to the workforce you need tomorrow--no matter what the future may bring. That is something that cannot be underestimated!