According to Fortune, the unemployment rate is around 4.6 percent going into 2017. This unemployment rate is so low economists consider this level to be “full employment.” Although this may be good news for the economy as a whole, it is bad news for companies facing unparalleled competition when it comes to hiring talented workers.
If your company is facing challenges hiring in Dallas or the Dallas Fort Worth (DFW) area, you should be prepared to tackle your staffing issues head-on. A staffing agency can help your business overcome hiring challenges you are likely to face in 2017, including:
- Tough competition to hire talented candidates. Fortune warns employers that “a lack of qualified labor” is likely to be the biggest problem most companies face in 2017. More than 2.5 million jobs were added over the course of 2016, which is double the growth in the population of people of working age. With too few workers available to fill open positions, companies are going to be competing aggressively to hire skilled staff.
- A shortage of skilled workers. According to the Manufacturing Institute, there is a big skills gap in the U.S. labor force that is only getting worse. The skills gap is such a big problem that as many as two million manufacturing jobs are likely to go unfilled in the next decade. Employers in many industries will struggle to find candidates with the right abilities to be successful due to the mismatch of open positions and employee talent. Companies will need to make their expectations clear regarding essential skills for workers, but should not hold out for the perfect candidate when they can hire someone qualified to do the job.
- Difficulty retaining top talent. When the unemployment rate falls and the economy is good, recruiters often try to poach candidates from other companies. Your superstar staff members could be wooed away to a competitor. Even if no one actively tries to recruit your workers, employees could decide to explore their options in a job market where labor is in high demand. Retaining candidates is going to be harder than during economic downturns when no one wants to risk losing steady work. Make certain your company’s compensation and benefits package is in line with industry standards if you don’t want a ‘brain drain’ as your talent flees for greener pastures.
High Profile helps many employers in Dallas and the DFW Metroplex find qualified job candidates even in a competitive labor market. With 30 years of experience, our staffing agency has earned its reputation for helping to ease the hiring process, even during times when labor is in high demand. To find out more about how our staffing company can help with your hiring process, give us a call at 972-991-7900 or contact us online today.