It's hard to believe we are already into our third month of the year! As 2017 gets into full swing, we're beginning to notice several key hiring trends starting to develop. Based on insider insights from our veteran recruiters and industry-related news, here are the four trends that hiring decision-makers should keep their eyes on in 2017:
1. Core Benefits Still Matter
Research conducted by Glassdoor recently revealed that core benefits such as Health Insurance, 401k offerings, and PTO contribute more to employee satisfaction than we think. These standard benefits were ranked as most valuable over things like employee discounts and free meals. Over the past couple of years we have seen a surge of flashy new perks like in-office bar carts, donut deliveries, and even "paw-ternity" leave. While those may seem like attractive perks, it's in a companies best interest to make sure the standard needs of employees are being met.
2. Shrinking Talent Pool
The war for talent is a never-ending battle. The current state of the labor market is tight, and that makes the hiring process tough for companies looking for top talent. According to the Bureau of Labor Statistics, the ratio of unemployed Americans to open jobs is 1.4 to 1, down sharply from July 2009 when that ratio was 6.6 to 1. With fewer unemployed people looking for new jobs, sourcing is simply harder. Recruiters and hiring managers are having to work extra hard to source passive candidates who are not actively searching and applying for new jobs.
3. Hunt for Cybersecurity Talent
Yahoo, Bitcoin, and LinkedIn ... what do they all have in common? You guessed it, or did you? All three companies have endured massive security breaches in the past year. What does that mean for today's job market? More and more companies are emphasizing the importance of mitigating security risks by hiring top cybersecurity talent. It has become a necessity for businesses to hire cybersecurity experts to help mitigate the risks of an increasingly digital world.
4. Push for Pay Transparency
Salary negotiations are never easy, but better communication around compensation may help ease the tension. New rules from the federal government will require some employers to disclose workers' pay by gender, race/ethnicity; and the SEC has new rules that will require disclosure of the ratio between CEO pay and median worker pay. With the implementation of these new rules, managers can expect an increase of salary discussions and a push for pay transparency from their employees.
Hiring in 2017 will bring its share of challenges, but keeping an eye on core benefits, hiring cybersecurity talent, transparency around compensation, and learning to source passive candidates can help you get a leg up on the competition.
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