For workers, a growing economy means better jobs and the ability to choose between quality jobs to find that next career move. For companies, a growing economy means more revenue and more opportunities to grow. But a growing economy also means that there are less qualified workers looking for jobs, and the lack of quality employees due to the constantly improving economy is proving to be a huge challenge for companies around the country.
Many Companies Are Feeling The Recruiting Crunch
Yahoo! Finance published the findings of a report done in October 2015 that indicated that 48% of companies in the United States are finding it extremely difficult to fill positions with quality employees. That number is up from 45% in September 2015, and it is a number that continues to rise. The simple truth is that, as the economy continues to improve, recruiting is becoming more and more of a problem for American companies.
Who Is Feeling It The Most?
The tremendous growth in the service sector means that service companies are finding it the most difficult to attract new employees. Larger companies seem to have an advantage in attracting quality employees over small businesses because larger companies can offer higher wages, and larger companies can offer more competitive health benefits.
Investing In The Brand
According to a report done by LinkedIn, companies are combating the recruiting issue by investing more money in making their company brand more attractive. Many companies indicate that finding quality employees is more important than sales, which means that taking a sales approach is probably not a bad idea. By investing in the company brand image, it can be possible to attract more quality employees and increase the company’s chances of finding better recruits.
What Does This Mean For Employees?
The end result of an improving economy to companies means that companies make more money. But the concern in the past has been that an improving economy does not always mean that there will be higher wages for employees. This lack of quality employees is the worst that the job market has seen in nearly a decade. Most economists feel that the need for higher quality employees will cause companies to raise wages to attract those employees for future growth. The hope is that the increase in wages will start to appear soon and help the economy to grow even further.
A growing economy is great for companies and workers, but it becomes a burden to companies when the workers become difficult to find. It is during these economic times, when the employment is so low, that new methods of recruiting differentiate in talent acquisition.
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