Just a few short months ago, businesses were flourishing. In February, the unemployment rate was hovering around 3.5 percent . It was the perfect situation for job seekers and as employers we had to work hard to attract, recruit and retain top talent.
Fast forward to the present. Job seekers are facing a completely different situation. In May the current unemployment rate was around 13.3% and as a result, almost all businesses put a freeze on hiring, and many have had to lay people off just so they could survive.
As a nation, we are now starting to move into phase 1 of getting back to “normal.” Which means for many business owners, they are starting to think about rehiring or finding new talent for their businesses. And for those of you that are looking to find a new hire, the timing couldn’t be better. Here are three reasons why.
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1. Large available talent pool with less competition
Due to the high unemployment rate, it is now once again, an “employer’s job market.” The same top talent that you were so desperate to find just a few months ago, are now beginning to look for work. The talent pool is now very large and eager to get back to work. And with fewer companies hiring, there is currently a lot less competition to find top talent. Companies that begin hiring now, will have a great advantage over those who wait.
It’s 2020 and we have the technology available and thanks to the “stay at home” orders, we now have a reason to utilize it effectively. One of my business coaching clients, Mike Matalone of XP3 talent, has seen an increase in the number of clients that are now seeking out alternative ways to find and hire new talent. Mike says “Covid- 19 has essentially changed the way we all think about recruiting.” And many businesses are learning how to recruit, onboard, and train new hires “virtually” using various applications like Zoom, Google, and other video meeting platforms.
3. We are more agile than ever before
Having to “stay at home” has taught us a multitude of lessons as business owners. We have learned that many people can be just as or even more productive working from home. Less time commuting equals increased productivity hours, less stress, decreased transportation costs, and increased work/life balance. All this equals a happier workforce that in return will be more productive! We have learned how to better manage our virtual staff, which leads to a decrease in operating costs and an increase in profitability. And the list goes on.
Because of these three things, I want to encourage you to start looking at your hiring plan and planning accordingly. It’s the perfect time to start looking for that key team member, and starting the relationship. We call this the “Gold Standard of Hiring” Where you take opportunities like the present job market and start building your team before you need them. This is a concept we call a “farm club.” Professional sports do this all the time and you can do.
Good luck with your recruitment!
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