Recruiting in 2019, 2020 & 2021: From Acceptance to Witchcraft to Saviors
William Spengler
Recruiter: Delivering Contract & DH at Frederick Fox | 602-316-3743 | #1 Executive Search Community | 23k+ followers
In 2019, unemployment hit a historic low and the market was “on fire”. In Q3/Q4 2019, unemployment was below 4% and degreed unemployment hit close to 1%, even though it felt more like 0%. In 2019, agency recruiters faced an extreme demand for our services, but we also faced an extreme candidate shortage, which equates to a drop-off in our ability to deliver on our services.
In these supply/demand labor economics, recruiting agencies naturally raise their prices as they are faced with trade-offs when delivering talent for their book of business. On a micro or individual level, “selling” agency recruiting services in 2019 became easy, but operations and delivery became increasingly difficult. What recruiting firms and companies experienced in 2019 was what the “biz” calls a “candidate market”. In a candidate market, companies have to get creative to attract and retain talent. These creative solutions included counteroffers, raising wages, offering flexibility, promotions, and career development. We learned in 2019, that ping-pong tables no longer cut it to retain talent and recruiting in 2019 sharpened our pencils for what was coming in 2021.
~Skipping 2020~ (Recruiters were doing “witchcraft” in 2020 in a labor market with above 20% unemployment)
Here we are again in 2021 working our way through “the great resignation” as well as a “candidate market” the likes of which we have never seen. Except for this time, we are dealing with a far more complicated scenario. Below are a few things that are different in this candidate market in 2021:
· We have a “great resignation” occurring
· We have a flurry of hiring due to pent up demand
· We have a candidate market with different “wants/needs” due to 2020
If you are curious about how to hire or navigate the Great Resignation and the candidate market of 2021 to the likes of which we have never seen, please do not hesitate to reach out to Frederick Fox. We are an executive search agency focused on Financial Executive and Technology-based roles. www.frederickfox.com
Co-founder at myBasePay | Contingent Worker Advocate | External Workforce Expert | SIA DE&I Influencer
3 年Love the skip over 2020 ??
Great post!
Director of Training at Loxo
3 年great!
Legal Recruiter. Professional Shoulder Tapper.
3 年Well done William. Yes, people have options now along with a new perspective and desires. Companies see that employees can be very productive when working remotely. As many businesses rebound, clients have been able to pay their bills and now companies are bullish on growth. I think Nina Simone said it best in her 1965 hit, "Feeling Good."... "It's a new dawn, it's a new day, it's a new liiiiiiife..."
Army 1SG(R) - Senior Recruiter with JANUS Research Group
3 年Thanks for sharing, William! Very good insight into the current market and how we got here.