Big Hiring Trends in 2018
In April of this year, the U.S. unemployment rate hit a low of 3.9 percent. A tight labor supply presents new hiring challenges. Technology continues to evolve and change the hiring and recruiting process. Follow along as we detail the biggest hiring trends of 2018 and its impact on staffing firms.
Low Labor Supply
With unemployment at its lowest in 18 years, businesses have been scrambling to find qualified talent. CareerBuilder reported 44 percent of businesses plan to hire full-time employees and 51 percent are planning on hiring temporary employees. Even with these hiring plans, HR managers surveyed are having a difficult time filling their positions, with jobs remaining open for 12 weeks or more.
More Competitive Benefits
With a tight labor market, employers are stepping up their benefits game in hopes of attracting and holding onto employees. Wages are slowly increasing, having gone up 2.7% over the past year, according to Forbes. We are also seeing the rise of personalized benefits such as student loan aid, financial wellness, and more. The increase in voluntary benefits from employers is a strategic move to not only retain employees but to keep them engaged and loyal.
New Hiring Sources
As the number of available workers gets smaller, companies are tapping new sources of talent. According to Human Resource Executive, employers are hiring for potential not experience and acquiring potential early such as college graduates. Also, employers are seeking talent from other countries to fill the talent-gap.
Technology is Transforming the Hiring Process
From video resumes to virtual reality simulated interviews, technology is changing the way employers are finding and onboarding talent. Unlike the days when a candidate’s only form of presentation was a resume, today’s candidates are using the web to build an online personal brand. From LinkedIn, digital portfolios, and personal websites, professionals are using all available online resource to showcase their talent and experience.
Video is becoming increasingly important in the hiring process. Pre-screening video interviews are being used to filter candidates based on their soft skills. Video resumes are the new tool for candidates to present their skills and experience. AI is also being used to screen resumes. Fifty-two percent of talent acquisition leaders say the hardest part of recruitment is identifying the right candidates from a large applicant pool, according to Ideal.
The changing trends brought on by lower unemployment and improving technology brings changes to the staffing industry. Moving forward, staffing firms will need to be increasingly nimble and knowledgeable to stay on top of hiring trends.
Your Hiring Experts
Since 1969, Charles Fosterhas provided staffing and recruiting solutions. We have the experience and collective knowledge to meet today’s challenges. In our almost 50 years in the industry, we have seen every trend and met every need. Being an established company means we have the resources to tap into the latest technology and talent to find the right one for your company! Visit Charles Foster todayto see how we can fill your open positions with top talent.