Facts about the Labor Market in King and Snohomish Counties
- 2015 brings the tightest labor market in over 7 years; and will continue to become more challenging for employers to hire and retain quality workers. National Labor information released Friday September 4, 2015 reported lowest unemployment nationally since 2008 at 5.1%.
- The July 2015 unemployment rate in King County was 4.0%, and 4.3% in Snohomish County. The Federal Reserve (2015) puts Full Employment somewhere in the unemployment range of 5.0% and 5.3%. We are a full percentage point below what is defined as full employment.
- In June 8th, CNN Money magazine reported 5.4 million job openings posted in the U.S. This is the highest number of postings since the Bureau of Labor Statistics started tracking them in 2000.
- On August 19th, the volume of Manufacturing jobs posted in the Greater Seattle area and listed as new on Indeed.com’s website were 15,159!
- What is the reality check of this information? The candid answer is that today’s staffing challenges cannot be solved with using yesterday’s solutions. The facts indicate there are too many jobs and not enough people to fill them, especially for the dwindling level of highly-skilled tradesmen. The Temporary hiring model is no longer the best solution to hire the best talent for your company. Madden-assisted direct hire is the most efficient way to convince candidates to consider an opportunity with your organization.
- The contingent (ideal?) staffing model depends on having a large workforce that is available to work temporary assignments. Full employment means that casting a net with Craigslist.com or the unemployment office will yield very low results.
- Full employment also means that the ideal skilled candidate you need is currently working full time. To lure those candidates away from their current positions, staffing leaders need to put themselves in the shoes of those candidates: If you want a secure and permanent position and there are thousands of full-time opportunities in the market, why would you settle for any type of temporary position?
Monster.com Staffing Trends for remainder of 2015 and beyond.
- July 2015 report said that since 2000, the average length of job vacancies has nearly doubled from a low of 15 working days in 2009, to a high of 27 days in May 2015.
- To succeed in today’s talent market, employers must be proactive. Gone are the days of the early 2010s when employers could just post jobs on their career sites and wait for many qualified candidates to apply. Companies will need to be very competitive in 2015 and beyond. This means fast tracking hiring processes, starting talent searches sooner rather than later, and budgeting in accordance with what will be a dramatic upward pressure on salaries and benefits.
- Employers will face the music with sense of urgency. More and more companies will decide that now is the time to pull the trigger on new hires. Companies are holding back less and they are more open to relocating candidates. Pay rates are going to rise and the sooner companies address their compensation plans the more competitive they will be in the new war for talent.
In July, LinkedIn.com surveyed 10,000 people who switched jobs so far in 2015
- The number one reason people change jobs is career advancement. 45% said they left a company because of lack of growth opportunities. 59% revealed they went to a new company with the promise of advancement opportunities.
- After deciding to look for a new job, 49% said the main obstacle for them in pursuing an available position was the lack of company brand information and what it would be like to work there.
- 44% or 4400 people commented that the speed of the hiring process was very important to them. The successful hires were those that took less than 30 days from them first discovering a job to accepting an offer.
- Prepare to pay for skilled talent. 74% said they were offered a higher wage to take the new job.
- The best staffing strategy is a great retention strategy. Don’t let the good ones go without a fight. 42% said they could have been convinced to stay but were never approached.
To find out more about the Madden Industrial Craftsmen Direct Hire program please contact Rick Amero at 425-291-9190.