INSIGHT – Is Change Inevitable?
It’s a new year, a new decade even, and as sure as I’m sitting here writing this little ditty you can be sure … THINGS WILL CHANGE.
No, I can’t promise you what will change. e.g. I can’t promise you the price per ounce of gold will go up the nearly 300% it has risen since January 2001. I can’t promise you that the phone/computer you carry around in your pocket, hundreds of times more powerful than the first PC’s, will be implantable by the end of this decade. (I can promise if I’m still around I won’t want one.) And I can’t promise that the incredibly good economy we’re seeing today will last beyond 2020.
Here’s what I can promise; if you’re trying to attract talent the same way you did 12 months ago – you won’t find it. The best example I’ve seen in how candidates think is this: Relocation in 2019 was at the lowest point it’s been since the Census Bureau started collecting data in 1947! Yes, there are a LOT of different reasons for that but it’s the data that matter. People aren’t moving, so if you’re in a market where the competition for talent is tight (and who isn’t?) don’t depend on being able to get people to move; even across town.
Who do I Blame?
I’m going to eschew the “blame it on the millennials” approach because there are so many of them in the workforce their impact is diminishing. (“They all live at home until they’re 30!” “They’re whiners!” “They change jobs/careers all the time”.) Even if one of those complaints is true; get over it they’re here to stay.
But here’s a big shocker; in the period from 2005 – 2006, 29% of the age group 20 – 24 years old moved; in 2019 that was down to 20%! That’s a 30% drop in an age group that, before 2019, many would have considered to be the most mobile! (That’s not pointing to a millennial thing either; it’s commentary on Cost of Living indices; the cost for housing, whether as a renter or an owner, being the significant driver. i.e. If you’re already invested in a location you probably can’t afford a move.)
All of this leads to the only advice I’ve got; know your local market. Exhaust your efforts locally, which can take weeks to do, then start exhausting the nearby market and only then, the out of State market. We’ve been contacted by clients who have already been looking for weeks and by the time we finally fill the role that can easily become a couple of months.
Competition for good people is really aggressive and that won’t lessen any time soon. We still have 1,000,000 more jobs than people to fill them – don’t pay attention to what you hear in the media! The link for the article that caused us to lead you down this particular garden path appears below.
I’m Done Now
It’s a tough market and we won’t waste your time trying to convince that we have every answer to every one of your hiring challenges. What we would like the chance to convince you of is that we know where they are and won’t waste your time by throwing résumé after résumé against the wall hoping that you’ll hire one. That simply doesn’t work for anyone any more.