Article

The State of the 2021 Labor Market:

As Capricious as Spring Weather​

AUTHOR: Szilvia Tóth

The State of the 2021 Labor Market

As Capricious as Spring Weather

As the snow melts slowly across the country, businesses everywhere wish the pandemic-ignited chaos and economic uncertainty would melt away as well. The ups and downs of the last 15 months were unprecedented. Unfortunately, the job market seems to be about as temperamental as spring weather itself. Businesses across the country wonder about what is next for the labor market and its effect on their recruiting efforts.

The economy is roaring back, and the hiring wave has definitely begun. More people are getting vaccinated and are eager to resume their pre-pandemic lifestyles. Businesses are reopening and employers, ready to staff up with talent, are hiring to get their operations back on track.

Or …at least they are trying to. More often than not, employers are met with glaring labor shortages that left them scrambling for critical talent. Data shows that the number of open jobs steadily increased over the past few months.

With the unemployment rate still hovering above 6 percent, why is it so difficult to find talent? Valid question. Let’s look at the forces at play:

We have a sharply reduced volume of job seekers active in the market

4 million people are scared of contracting COVID, or are living with/caring for folks that are in a high-risk group.

Millions are taking advantage of extended and supplemented unemployment.

Those who are gainfully employed have grown risk averse. There is an increased unease when considering job changes.

Consider this: for most employers, the cost per applicant has quintupled in the last couple of weeks. The struggle is real. We all feel it.

So, what is there to do you ask? Figuratively speaking, you should get your rain boots out to weather the storm. More directly, this is the time to innovate and fix what may not be working for you under the current circumstances.

Speaking from nearly a decade of experience in the talent space, we know that in this market you must execute 3 objectives particularly well:

A Compelling Employer Brand

Tell the story of your brand, defend your reputation and refine job ads to reflect the appeal of the job to the candidates you seek.

Recruiting Process Excellence

Early, frequent and effective candidate engagement.

Compensation Competitiveness

Tracking the market weekly to ensure competitiveness.

 

Agility and openness to change is the most important factor, as is up-to-date, accurate market information. Doing this on your own can feel like a monumental task. Partnering with an industry expert who has the resources to provide your business with real-time insights in the rapidly changing environment – on compensation, market competitiveness and labor supply – is invaluable.

Talentcare is that industry expert partner that will empower your business for growth. This multi-pronged strategy allows employers to rise above the competition in the most effective way possible:
Accurately Sizing Up the Competition

We conduct market analyses to help employers understand ways to make their jobs the most preferred among their competitors. We look for pools of talent that are underutilized in specific markets where there is potential leverage for relocation.  

Crafting a Multi-faceted Approach

Posting your positions on one job board and hoping for a response is a thing of the past. It is imperative to create a holistic plan to reach candidates in a multitude of ways other employers are not, leveraging various mediums and avenues in our arsenal of tools.

Expert Reviews on All Job Ads for Optimization

Getting trained eyes to evaluate the appeal of your job postings is a must. These may include copy revisions, advertising pay rates where competitive, enhancing call outs for entry-level opportunities, relocation or sign-on bonuses, and other incentives.

Expediting Candidate Follow-up

Time is of the essence when it comes to outreach and follow-up with interested candidates. Employers run the risk of losing candidates with every delay they inject into the hiring process. Removing those roadblocks can get deliver candidates to interview faster.

 

Make no mistake, this current job market will stick around through the end of summer – at least. Talent is the life blood of every business. Having the right people to power your business could mean the difference between shut down and survival, or the difference between innovation and modest growth. Relying on an expert as your talent acquisition hub, instead of attempting to navigate volatile waters on your own, can give your business the upper hand in quickly acquiring top talent to help your business thrive.

While this is a very unique time for us all, we offer an advantage that comes from the sheer volume of experience from those of us that live deep in the talent space. This experience allows us to offer employers valuable strategic advice that keeps them with us year after year.

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