Top 5 Hiring Trends for 2016Admin
As the 2015 chapter closes and 2016 begins, it is time for management to design and set their 2016 hiring plans and goals.
Before making your hiring plans, take a look at our top 5 hiring trends for 2016:
1) Unemployment rate decreasing.
According to CBSnews.com “If we keep adding jobs at a decent pace, it will eat away at slack in the market,” said Elise Gould, senior economist at the Economic Policy Institute. The natural unemployment rate lies between 4.5% and 6% according to Federalreserve.gov. In 2016, the unemployment rate is estimated to stay at 5% or lower. This will mean fewer active candidates in the market. Companies should create new strategies to locate and recruit passive candidates who are currently working.
2) Increasing wages.
With higher demand for workers, wages will increase. According to recruitingtrends.com the technology sector is expected to see the highest compensation increase at 5.3%. In second place, finance and accounting employee’s compensations will increase at 4.7%. Paying market wages will be a must in order to retain top employees. With predicted increased time to fill open positions, above market salary increases for existing employees can be justified.
3) Social media recruiting will continue to boom.
Top talent will continue to be difficult to find which will cause hiring managers and recruiters to develop new ways to attract ideal candidates. In a busy market, we find that candidates often remove their information from the major job boards, due to the high volume of calls received when positing a profile. Improving your referral plans, refining your social recruiting profiles, and downloading new social recruiting applications will allow your candidate base continue to grow in the current job market.
4) Utilizing technology to increase hiring efficiencies.
To save money and time during the hiring process, many hiring managers will increase the use of video interviews through Skype or Facetime to screen candidates. Due to social recruiting and improved ATS software always changing, reconsidering your current situation in 2016 is a must.Visibilitysoftware.com states a company with only 8 employees can save $10,000 per year by using ATS software.
5) Employer branding and workplace environment.
Employer branding will be even more important as a crucial part of attracting top candidates through social networking, professional networking, and company websites. According toIndeed.com, 83% of respondents said employer reviews influenced their decision on where to apply. To attract top talent, workplace culture and unique workspace environments will be a big deciding factor for candidates to accept or decline your offer.
For more information on your company’s 2016 hiring needs, contact us!