Human Resources News & Insights

War for talent just got more difficult to manage: Here’s why

If you’re in the market for top talent this quarter, news has come out about what you’re up against — and none of it’s going to make your job easier. 

Several new reports have surfaced about what the job market looks like right now — and what it’s likely to look like in the months ahead.

Bottom line: Expect the competition for top talent to be pretty fierce.

Some stats that paint the picture of what you’re up against:

  • About 40% of the nearly 2,400 HR pros and hiring managers surveyed by CareerBuilder recently said they plan to hire full-time employees in 2017. That’s up from 36% last year — and it’s a 10-year high for the survey.
  • The CareerBuilder survey also revealed 66% of employers plan to increase salaries on initial job offers (with 30% increasing offers by 5% or more).
  • A survey that was just released by Business Roundtable revealed 41% of CEOs plan to increase hiring in the next six months, up from 35% in the fourth quarter.
  • A long-running employment outlook survey of 11,000 U.S. employers by the ManpowerGroup revealed employers have the strongest second-quarter outlook since 2009, with more than one in five companies planning to increase staffing in the second quarter.
  • Not only will competition for talent be high, but also it looks like it’s getting harder to retain top talent, as private payroll processor ADP released estimates that about 500,000 U.S. workers left one job for another in the fourth quarter of 2016, up from 406,000 in the same period in 2015 and 365,000 two years ago.
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  • Looking at this post a while later, I think you hit the nail on the head here Christian. The market is super competitive right now, especially for the top tier talent. Companies need to offer more to stand out. Not just in terms of money, but in secondary benefits. Especially for the younger generation, the ones who consider their own goals and future when applying for jobs.

    I think it also forces companies to consider their employer brand and company culture more than ever. Sites like Glassdoor and social media in general have demanded a more transparent approach from companies. Although the employer brand can’t be fixed straight away, companies can still work on improving it, in order to stand out from their competition. We’ve published a few tips to do just that at Recruitee, I’d love to hear your thoughts: https://goo.gl/eeRpAC