CBI Way: Employment Situation and Talent Acquisition

Guest blog spot by Outside-In® Team Member Alex Patton 

The recent June employment situation released early this month has shed some new light on the workforce changes occurring since the new year. Another 288,000 jobs (predicted) were added in June, marking the fifth consecutive month more than 200,000 were added. According to the Bureau of Labor Statistics, this is the first time since September, 1999 to January 2000, this has happened, almost fifteen years ago. Additionally, the 1.4 Millions jobs added in the first half of 2014, is also the highest number since the first half of that same year, 1999. Equally impressive is the unemployment rate of 6.1%, which has fallen 1.4% over the past year, the sharpest year-to-year decline in almost three decades, according to the BLS. While exciting, the report not only tells us something about the improving job market, but also speaks to the evolving and challenging world of sourcing and recruiting. In this CBI Way Blog, let’s first discuss the groundwork, sourcing.

More jobs and a lower unemployment rate means less candidates who are actively pursuing a new opportunity. As a refresher, active candidate sourcing is related to those candidates that are unhappy, concerned with their job security, or unemployed, for example. Active candidates are easier to find, as not only are they likely looking for you, the employer, but you are searching for them. Resumes are easy to find and applications aplenty. On the other hand, those candidates which are happy, fully employed, and not thinking about possibly making a move, prove much more difficult to identify, but are often the type quality talent being sought.

Passive sourcing is about generating interest, creating excitement, and establishing relationships, and networking with candidates about the opportunity. Whether by phone, email, or social networks, passive sourcing requires a focus on the candidate. Creating a strategy of who to target, where to target, and HOW to target these individuals is key. Where are they in their career? What sparks their interest? Who may they know? These are some questions that could potentially help with marketing your opportunity and employer brand in the best way possible. Still not interested? Make sure to express your desire to help if they may ever be in the market, or if anything changes in their career. The stronger network you have, the more options available to proactively source and engage the marketplace of talent.