It’s a buyer’s market, right? It’s certainly true for those wanting to buy a house. What about employers with open positions to fill?
The unemployment rate for June 2011 in Shelby County was 11.1%, up from 10% in May 2011, according to the TN Department of Labor. National and statewide unemployment rates aren’t much different. So for employers in the greater Memphis region it really might be a buyer’s market when it comes to hiring.
However, even in an economy with a large available labor pool you’ll have jobs you can’t fill because you need someone with a unique set of skills. Often these jobs are what the U.S. Department of Labor identifies as “Bright Outlook” occupations. These are jobs that are expected to grow rapidly in the next several years, will have large numbers of job openings, or are new and emerging occupations. (For a complete list of these occupations, go to www.onetonline.org.)
For example, the Tennessee Department of Labor anticipates the number of available positions for physical therapists will increase by 24% and radiation therapists by 31% over a ten-year period, from 2008 to 2018. For healthcare organizations looking to fill these jobs, it may not feel like a buyer’s market.
Healthcare isn’t alone. The Society for Human Resource Management (SHRM) publishes an annual LINE (Leading Indicators of National Employment) Report, which measures, among other things, how difficult it is for firms to recruit candidates to fill positions of greatest strategic importance to their companies. In the August 2011 LINE Report, SHRM reports a continuing rise in recruiting difficulty in the manufacturing and service sectors, suggesting “the rise in recruiting difficulty may be attributed to new or enhanced skill requirements for newly created high-level jobs.”
When recruiting for hard-to-fill jobs, employers might consider implementing methods they wouldn’t necessarily use for easier-to-fill positions.
Employee Referrals – Employee referral programs encourage word-of-mouth advertising by employees who are essentially ambassadors for the organization. An employee’s credibility with personal acquaintances can be a powerful tool in selling your organization. Employee referrals may also be a good way to reach quality candidates who aren’t actively looking for another job.
Reach Beyond Geography – Is there an area of the country where demand has decreased for a particular skill set? Consider going outside the typical recruitment area and find people willing to relocate in order to continue in their chosen profession. Compensation – Remember the laws of supply and demand and keep your compensation plan competitive with your target market. Hiring and retaining individuals for hard-to-fill jobs depends on knowing the current salary market and adjusting your company’s compensation plan, even if just temporarily.
Flexible Work Arrangements – Is there a candidate who wants to work two days a week from home? How about the individual who requests unconventional work hours? In some cases, working from home may not be feasible and having appropriate staffing levels may require an employee’s presence during certain hours of the workday. But many times accommodating a candidate’s personal needs can be a win-win for the employer and the candidate.
Be Proactive – Some organizations may be positioned to “create their own labor pool” through training or education initiatives. According to the Memphis Business Journal (MBJ), August 12-18, 2011, Baptist College of Health Sciences will introduce a medical laboratory science degree with classes starting in the fall of 2012. As stated in the MBJ article, Baptist Corporate initiated the move for Baptist College to offer a four-year program due to the shortage of medical science personnel projected for the future.
As a “buyer” of talent it’s important to recognize when the need for a mission-critical skill exceeds availability, even in the midst of a relatively abundant general talent pool. These moments are not for the timid! Be resourceful and willing to take exceptional steps to attract those with special skills.
Jennifer Blake is a Senior Consultant with The Centre Group, a human asset management consulting firm. With over 25 years in the human resources profession, Jennifer provides consulting expertise in most areas of HR, working with clients in a variety of industries. www.thecentregroup.com.