If you haven’t heard, the world’s population just surpassed 7 billion people. The national unemployment rate has also largely remained unchanged around 9.1% since July 2011. So it’s reasonable to conclude that you’ll continue to have an uninterrupted supply of great candidates for your positions, right?  Unfortunately, no you can’t.

The Economy Isn’t as Bad as Reported
The US economy has now risen above pre-recession levels. In Q3 2011, the US economy grew at a pace of 2.5%, and the GDP grew to $13.35 trillion. This exceeds the pre-recession high of $13.33 trillion during the last quarter of 2007. Companies are also beating Wall Street expectations for the eleventh straight quarter. A total of 220 out of 295 Standard & Poor’s 500 Index companies have exceeded forecasts for the third quarter, according to data compiled by Bloomberg.

More Money, More Hiring
Middle management is ready to offer their staff some “workload relief” and are pushing company leaders for bigger budgets. With more cash on hand companies will be granting management requests, and middle management is licking their chops to start strategically rebuilding to their pre-recession staff levels. This has resulted in a rash of hires by companies and doesn’t even take into account holiday hiring or stretched small business owners looking to add key positions to support new business. Simply put, the demand for candidates is going up dramatically. 

More Hiring, Fewer Candidates
Since 2008, it’s been the proverbial land of milk and honey for candidate sourcing. Throw out a job posting, and voilá instant qualified candidates! Candidate pools were bursting with outstanding talent itching for the next opportunity. That pool however has been depleted. The top tier talent that lost their jobs during the recession is already back to work. You can no longer cherry pick the resumes that come in from job postings because it won’t get the results you want. In addition, companies with seasonal projects and temporary assignments are snatching up second level candidates as well.

Top Candidates Aren’t Coming To You
We’re not on easy street now.  You will be at a competitive disadvantage if your in-house recruiting tactics primarily consist of job ads. This will not help you reach the largest source of untapped talent – those who are currently employed. Of potential talent, 84% are happily employed making good money. They are not going to the job boards and looking at your postings, they’re trying to produce excellent results for their current employer. You can no longer rely on these passive recruiting tactics, or you will have a weak candidate pool.

If You Wait, You’ll Lose
The weakened candidate pool means there’s less of a chance you’ll be able to find someone else. If you have a candidate that you like, hire them. The days of having all the time in the world to make a hiring decision while an excellent candidate waits are over. Recently, I’ve had two clients miss opportunities to bring on great talent because they waited too long. They decided to wait on an offer to look at other candidates, and by the time they interviewed those other candidates it was too late. When they came back, the original candidate was long gone, hired by someone else.

Are you having a challenging time finding the right candidates for your opening? Have you felt the sting of the shrinking candidate pool? That’s where Celebrity Staff can help you! Call us today to speak with an account manager about your specific needs.

Adam McCoy, Celebrity Staff Senior Account Manager

About the Author, Adam McCoy
Adam has been in the staffing and recruiting industry for more than two years combined with more than 10 years of client services experience. As a Senior Account Manager, he is responsible for mentoring new employees and cultivating strong relationships with key accounts vital to Celebrity Staff. Adam’s talents include managing accounts across the country, business development, coaching, and employee development. He has been recognized as a key contributor throughout his career through various awards and recognition. 

 Originally from Monticello, IA, Adam is married with two children and stays busy with ministry and family activities. He also enjoys reading about and tinkering with the latest technology and is a self-professed “egghead”