What is Full Employment?
A “full employment” market is one in which everyone, or nearly everyone, who has the skills and desire for certain work already has a job that uses those skills. While not every single adult might be employed, those who aren’t are generally understood to be temporarily between jobs or choosing to pursue a life goal other than employment (such as raising kids, taking care of elderly parents or launching a business of their own).
What It Means to Hire in a Full Employment Economy
Full employment means the unemployment rate can’t get much lower – and the pool of available candidates can’t get much bigger. Because full employment markets are often caused by job growth, this lack of candidates hits at the same time companies are looking for skilled people.
The result can be tough on businesses. The 2018 hiring market is tipping in favor of candidates, with many of the most talented comparing multiple job offers. Organizations that want to attract outstanding candidates must shift their approach to address the specific challenges posed by a full employment market.
How to Find the Best Candidates – Even When They’re Already “Hired”
Good candidates are tougher to find than they have been in recent years – but they’re not impossible to find or to hire. When developing your staffing strategy for a full employment market, keep these points in mind:
- Many top candidates are more open to considering a move in a full employment market. When opportunities are ample and good people are scarce, many outstanding candidates are willing to make the move to a company that offers a better cultural fit or more support for their career goals.
- Proactive moves have never been more important. To get the best candidates before a competitor does, streamline your hiring process, start talent searches sooner and keep an eye on competitive salary and benefits data.
- Your recruiting partner will be your best ally. Recruiting firms pay close attention to hiring data and trends. When full employment nears, your recruiting partner can help you build your employment brand and reach out to already-employed “passive” candidates who would be interested in taking a new job with a better fit.
At TERRA Staffing, our recruiters help clients find outstanding candidates – even when the market for top talent is tougher than ever. Contact us today to learn more about our recruitment services in the Pacific Northwest and Phoenix.