We’ve spent much of the past month visiting and speaking with clients who state that the number one issue they are dealing with is availability of skilled labor, be it blue collar welders or white collar accountants. This observation is reinforced both in our executive search business for CFO’s and controllers, where clients are increasingly involved in protracted negotiations with candidates in possession of multiple offers, and in November’s decline in the unemployment rate, from 9.0% to 8.6%.
Three things have changed significantly from three years ago that proactive organizations need to know:
- The market rate for talent is changing on a monthly basis – It is as if there is now a spot market for most types of skilled labor, so educate yourself on today’s market rate for talent
- Your team members’ roles and responsibilities have changed – Update job descriptions so that your new employees understand not only what is expected of them, but also what others within the organization do
- Candidates are conducting as much due diligence on your organization as you are on them – Organize and prepare your internal interview team so you are able to not only evaluate the candidate, but to also sell the candidate on the opportunity
The above tips are true for most regions and industries based on the trends in the current marketplace. Get prepared now for a tightening of the labor market in the first half of 2012. Until then, eat, drink and be merry – even if you are in the middle of a deal closing!
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