The latest Society for Human Resources Management Leading Indicators of National Employment (LINE®) survey for March 2016 revealed a steady hiring outlook. In the manufacturing and service sectors, just about 2 out of every 5 expected to add jobs this month. Compared to last year, that’s down 1.9 percent for manufacturing and up 4.3 percent for services.
As hiring needs grow, so does the need to recruit new talent. In the services industry, it was reported that recruiting difficulty was up 7.2 percent in February. That could be tied to the fact that new-hire compensation was down 7.4 percent. Without the ability to offer competitive packages, not to mention the very low unemployment rate, recruiters may have a harder time attracting applicants. Compare that to manufacturing, in which recruitment difficulty dropped slightly, but compensation stayed the same.
Recruitment challenges are nothing new, according to the report, which is the only national employment indicator that includes hiring expectations for the month ahead. In fact, SHRM data from October 2015 revealed that 38 percent of HR professionals said they had trouble recruiting at all levels of their organizations, and 55 percent had said the same for bringing highly skilled employees on board.
No matter the industry you’re in, contact CareerCo to learn about new ways to source talent for your current and upcoming hiring needs.