Due to unemployment lows, hiring became more competitive in 2019. According to the Bureau of Labor Statistics, the labor market added 273,000 jobs in February alone, on top of the 225,000 that were added in January. This means that 2020 is also on pace to be a candidate-driven market. For companies that are expanding or set to grow in the new year, this means having as much knowledge about the local areas and talent will be even more imperative.
A proven path to success in these challenging times will be partnering with local experts like staffing agencies that leverage big data as part of their recruitment strategy. It may hold the key to success when you need to hire workers fast.
In today's climate, expanding companies need to work with agencies that skillfully use data to build regional talent pipelines and even have the experience of providing upskilling or reskilling and targeted training workers.
It is commonly known that working with a staffing agency allows companies to fill jobs faster. To move swiftly to fill jobs, the more knowledge companies have about the area, talent, wage ranges, and even the diversity of the workforce, is imperative.
To successfully expand your business into new areas, you need a customized hiring strategy that accounts for the following points:
Agencies can appropriately estimate the salary ranges for a new market. They will also be able to account for the cost of living in the area and determine the amount of pay based on the talent’s experience and skills. All of this information helps to not only control expenses but to ensure a competitive salary and reduce poaching.
Expansion projects can stretch an HR department that is already juggling a multitude of tasks. How much time will the HR Team require to effectively recruit/hire in the new market, while also fulfilling other core activities? An agency with a data-based talent acquisition strategy that accounts for demographics, area growth, and sizing, can alleviate HR managers needing to invest in lengthy market research projects.
This term is more than an HR trend. According to a 2018 study by global management consulting company, McKinsey & Company, diverse businesses tend to be more profitable. Partnering with the right staffing firm can ensure that your hiring pipeline includes essential demographic ratios such as ethnicity, gender, and veteran status.
Why is this important nowadays? It helps allow the flow of new ideas from employees from different backgrounds to help promote organizational performance. It also helps retain top talent and recruit top employees from new generations.
An expanding company could find itself fighting over top talent with already established companies in the area, especially in a tight labor market where businesses frequently enter new markets to increase their competitiveness.
Knowing the skills trend of the new area, plus knowing how other companies face their challenges while hiring top talent, will help to develop a strategy that can leverage data to uncover hidden pockets of talent.
Companies who leverage technology will better understand the market, talent supply, wage needs, and competition, which all together lead to a competitive advantage when it comes to procuring top talent.
If you're looking for more tips to optimize your recruiting and retention strategy in the New Year, check out the following video to learn three tips.
If you have questions about how to implement any of these tips in your organization, we're here to help. From job board optimization, social media strategy, and applicant communications, we have the team to help you get the job done.