As the New Year approaches, many employers are poised to increase their company’s hiring volume. The challenge will be to fill those new positions in a market where demand outpaces supply.
Last Friday, the Bureau of Labor Statistics (BLS) reported that total nonfarm payroll employment increased by 228,000 in November, and the national unemployment rate remained unchanged at 4.1 percent. Employment continued to trend up in professional and business services, manufacturing, and health care. In a separate report, BLS adjusted Q3 economic growth to 3.3%.
Engineering and IT Most Active Industries
Indeed, the popular job site, recently reported in their 2018 Employer Outlook Survey that 61% of employers say they will increase hires in 2018. The report found most companies in nearly every industry will see a jump in hiring in 2018, but some will be more aggressive than others. The most active industries for recruiting are architecture and engineering where 82% plan to hire, followed by IT/telecom companies and professional services firms at 75% and 71% respectively. A thousand employers were polled for the report.
Pitching Woo Through Perks
According to a Robert Half report that compiled survey responses from 8,000 technical professionals and 2,500 CIOs, many are using the following perks to woo IT talent:
- Flexible work schedules (62%)
- Regular social events (39%)
- Remote work opportunities (34%)
- On-site or free gym membership (25%)
- A compressed schedule (17%)
- Free food (17%)
Sharing the Spoils
To keep talent motivated, companies are also offering:
- Incentives for individual and team achievements (37%)
- Profit sharing (20%)
- Retention bonuses (18%)
- Stock options (18%)
- Deferred compensation (16%)
More Ways to Woo Millennials:
- Digital relevancy – Millennials will surreptitiously Google your company before they even consider applying. If there is little information, an outdated website and a tiny social footprint, they could perceive that the business is behind the times.
- Emphasize mission and purpose – CIO magazine reports that attracting talent from industry titans is possible if a candidate feels they can make a major positive impact on the lives of end-users and customers. Be sure to connect the role to impact.
- Know What’s Important – Millennials value flexibility, philanthropy, meaningful work, transparency and innovation. In other words, they value corporate culture. Find ways to convey yours.
- Stay Current on Wage Expectations – Compensation across the board for workers is expected to go up about 3 percent this year, and a bit more than that in 2018, according to the Society for Human Resource Management. According to Robert Half, 44 percent of CIOs say they miss out on top talent because candidates are seeking higher salaries than they’re able to offer.
What are your hiring plans for 2018? Talk to us about ways we can help.