How Your Competition is Hiring Great Employees in Todays Tough Labor Market

We’ve heard it a thousand times - the labor market is tight and only getting worse.?Unemployment for professionals is close to an all-time low while demand continues to skyrocket.?Frankly, this is nothing new, nor should this be news to most of us.

What is rather striking are the number of companies who seem to have little plan in place for how they’re going to continue to hire new employees amidst one of the most competitive and challenging employment times in our nations’ history.?Where plans lack, so do results.?Long gone are the days where we can post a job online and get a slew of great applicants, especially in the technology sector.?Why??Because everyone is working, which means those who aren’t, well there might be a reason for that.?

What this also tells us is in large part the people we all want to hire are gainfully employed elsewhere, to get their attention to come work for you you’ll need to have a plan in place to do so.?Before we can build a hiring plan we first need to understand what we’re up against.

Local Marketplace Dynamics – Orange County, CA:

·??????Wages in OC are on average 17.3% higher than the national average and 21% higher than neighboring counties

·??????OC unemployment in September 2021 was 5%, for professional workers it’s estimated to be under 2% (meaning more than 98% of professionals are gainfully employed right now)

·??????Many industries are experiencing record growth including IOT, app developers, banking, services and healthcare

·??????Supply vs. Demand - there are more than 3x the number of job opportunities available as there are people in professional roles to fill them; the supply and demand disparity is even worse in the technical sectors

·??????Hiring for light industrial/ manufacturing personnel is incredibly challenging due to sheer demand coupled with the supply of personnel still artificially minimized due to geopolitical reasons

If your organization is hiring now or in the near future, especially for technologists, I strongly recommend you consider the following hiring and company operational best practices as these will set up both your organization to attract and retain the best people.

Remember, the ‘art of hiring’ isn’t a guessing game or round of blindfolded pin the tail on the doneky.?People work where they feel appreciated, respected, and compensated appropriately so your organization needs to be able to demonstrate that and then operate accordingly.

Hiring & Company Operations Best Practices:

• Attraction – two of the best ways to get more eyeballs on your company organically is through your existing employees and social media.?If your existing employees like where they work they’ll tell others, simple as that.?Good people attract other good people.?Some companies offer referral bonuses to their employees for helping to fill key roles.?Secondarily, social media continues to reign supreme when it comes to getting the word out to a large audience.?The trick is to determine which platforms are the best then ensure your messaging is consistent and resonates with your audience.
• Sell Your Story – process by which companies build out their sales pitch to attract better talent by using a story to describe the company’s ‘WHY’; it’s a marketing strategy based around the company’s vision and mission – your reason for existing as a company.?This approach is especially powerful with younger generations.
• Fringe Benefits & Perks – this isn’t just for Silicon Valley companies any longer, if you aren’t offering some of these you’re automatically in 2nd or 3rd place as an employer:

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