No – this is not a misprint! 4.3% unemployment is what CMF believes the rate to be among the A and B+ talent – the talent that everyone now wants on their team coming out of the recession.
In our financial executive search practice that specializes in CFOs, finance directors, and controllers, we are seeing increasing competition for talent. Specifically, we are experiencing something which we have not seen in several years:
- Candidates with high levels of confidence
- Candidates with multiple job offers
- Candidates accepting job offers, only to be countered by someone else
- Increases in total compensation packages
In order to maintain competitiveness, companies are going to have to recognize that, although the current overall unemployment rate is 9.1%, the rate for skilled professionals you would want on your team is much lower. We suggest the following in order to appeal to this “A-grade” talent:
- Be clear about the position and how it aligns with your company’s vision and strategy. Make sure that your interview team is articulate and on the same page. Make it easy for top-tier candidates to understand how their talents and career interests fit within your organization.
- Be sure your recruitment process is a first-class candidate experience. You need to keep topperforming candidates engaged and energized about the prospect of working for your company. Glitches in the process, lack of timely feedback, and break in communication can quickly turn off great candidates.
- Structure a compensation package that is “toptier,” allowing you to attract the best. “Little things” matter and they speak to your culture. For example, time off that provides a real break from work sends the message that you care about an employee’s life outside the office.
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