Seller's Market?

We are bombarded with statistics . . . . . .

• 7.6% - the May unemployment rate for the US (June's rate will be out on Friday July 5th)
• 5.3% - the May unemployment rate for MN
• 4.9% - the April unemployment rate for the Twin Cities (the May rate is not out yet)

And . . . . . .

• 3.8% - the May unemployment rate if you are 25 and older and have a 4-year degree of higher
• 1.8% - the annualized growth rate for the US during the first quarter of 2013

With the exception of the last two numbers (3.8% and 1.8%), these are still historically high numbers.  We long for a US rate at 5% of lower.  We are slowly getting there.  That said, there is not a day that goes by where the media does not comment about high unemployment.

That is not what we hear on the phone.

As we often say, we have never received a call with an easy position to fill.  Companies call us when they have a challenge - they need to fill a position that they know will not be easy (or necessarily quick).

There is a reason we call it search.

We are commonly calling people who are (presumably) happy and busily employed.  We are also targeting the 3.8% population (that number is actually lower in Minnesota).  Here is what we hear on the phone:

• You are the fourth call this month I have received for a similar position.  (We know that this is not about the role we are filling; all of our work is retained and, as a result, exclusive to us).
• I am in the final stages of an interview process with another company.
• I just turned down another offer - and was able to get a counter-offer because of it.

What is the message we can pass along - especially to our clients?

From the McKinsey & Company War for Talent work (the original work and follow-up studies), there are key imperatives that must be followed:

• Instill a talent mindset - beginning with senior management.
• Create an extreme value proposition - why do employees and prospects want to work for your company?
• Recruit talent - continuously.

And the message to candidates?

• Be selective - the market is improving.
• Be open - the position could be a great opportunity for you OR someone you know.
• Be certain - know the career/position criteria that are important for you before you receive a recruiter call.

The overall message is one of market improvement and competitiveness.  We are hearing it from candidates; we are seeing it in the searches we are conducting.  Clients - be aware and planful.  Candidates - be career strategic, not reactive.