The job market is changing. Job openings are increasing, people are looking for new opportunities, and the workforce itself is starting to look younger. Employers need to pay attention to these changes. The available talent is looking for more than just money and the boundaries that once held some back from certain opportunities no longer exist.
If you want to hire and retain the best talent, you need to be aware of the state of the job market and make sure you are adapting to the changes. Capitalizing on the way people find new jobs and the things that influence them to accept will better your chances for hiring the right person for your company.
Here’s what you need to know:
2019 Job Market Stats
- The Labor Department reported a record high of 6.6 million job openings earlier this year, an all-time high affecting 50% of U.S. employers.
- Hiring is expected to become more competitive in the next 12 months for 74% of recruiters.
With more and more jobs becoming available, businesses are competing for the top talent more than ever. In order to keep your name at the top of that list, you need to actively consider what will make you stand out and cater to the needs and wants of potential employees.
- More than a third of the workforce is now made up of millennials.
- It is expected that 50% of the U.S. workforce will be millennials by 2020.
Millennials are now the most important demographic when it comes to hiring. And they are specific about the things they are looking for in a job.
- 58% of millennials said they plan to change jobs this year. What they are searching for is learning and growth opportunities, as well as work-life balance.
- Today’s labor force is also much more mobile. 89% said they would move for the right company or role.
- 85% of millennials said a company’s reputation is important or very important when they are considering working there.
Money isn’t the most important factor when choosing a job. With as many options as there are, many are looking for flexibility, professional development, and good culture. If you understand what makes potential employees want to work for a company, you can make a more compelling offer. Reviews, employee testimonials, and social media need to be part of your strategy for bringing in talent.
It’s also important to understand the growing number of freelance workers. It may be possible that the person you are looking for isn’t someone who you will hire to work for you full time.
- Use of gig work platforms has grown by more than 30% in emerging economies.
- Only 20% of freelancers would prefer full-time employment.
- 40% of companies expect that gig workers will become an increasing part of their workforce.
And let’s not forget that the older generation is deciding to work longer in order to maintain their lifestyle in a time when retirement funds are dwindling.
- 29 percent [of Baby Boomers] expect to work past age 70.
This means that there is a possibility that these people with many years of experience will be available candidates. Their knowledge of your industry could be a real asset to your team.
All this is happening in an increasingly tight labor market, which puts the power in the hands of the job seekers. In 2019, your company has to have a clear message if you want to attract the best talent.
Knowing how to hire is one thing, but who you should hire can be tough.
That’s why we took our market research expertise and created this short quiz.
Who is going to make the biggest impact on your team? Take the quiz and find out today!