27 Feb It’s An Employer’s Market — Or Is It?
If you don’t know who you’re looking for, you’ll easily find him (or her).
The unemployment rate rose from 6.5 to 6.7 percent for the Month of November, according to the Bureau of Labor Statistics—the economy shed 533,000 jobs in one short month. That’s up 2% from the same time last year. So, that must mean it’s an employer’s market. Or is it? On first blush it seems like it is. The law of supply and demand tells us “the more candidates you have to choose from, the greater the choice you’ll have among candidates, and it’ll be like shooting fish in a barrel.”
Unfortunately, recruiting is not so simple.
In a time of uncertainty, with lots of people on the job market, calculating what they’re going to do next, there are many people to choose from who are “almost-good enough” to take your company to the next level. But “almost-good enough”—- is that good enough? After you factor in the expense of the search, their orientation and training, having to put up with sub-standard performance and results for a period of time, and if it doesn’t work out, the severance you have to pay the employee to leave, it all adds up.
Real costs plus opportunity/lost productivity costs.
For a six-figure salary executive, the average mis-hire runs in the millions of dollars. When you’re in survival mode, can you really afford to make a mistake that costs millions of dollars? Out of all the people out there looking for jobs, there is one out there that is perfect for you. One who has all the skills you need. One who is a match for your corporate culture. One who’s able to do more with less people and less money. One who can do things better, faster, and cheaper. The real “A” player.
The question is “How do you know how to find him or her?” Are you going to wait for this person to knock on your door? If you don’t know who you’re looking for, you’ll easily find him (or her). There are many people out there who are almost good enough. Getting the wrong one could be a costly mistake. The original premise is correct. It is an employer’s market—the employer is in the driver’s seat.
But the job of finding the right person just got harder not easier.