No longer just a trend, today’s tight labor market is something that hiring managers in every industry grapple with each day. With demand in most fields outpacing supply, a dramatic skills shortage has driven the national unemployment rate down to 4.1%. Such a low level indicates the country is at a level of full employment that has talent happily employed while hiring managers struggle to keep their organizations fully staffed. This phenomenon stunts the growth of businesses in a number of ways and magnifies the importance of implementing a new hiring strategy.
At a time when hiring managers and business leaders continue to wrestle with a distinct tech skills shortage, finding and recruiting knowledgeable talent has never been more difficult. A low, 2.5% unemployment rate in the field has magnified this shortage, leaving hundreds of thousands of positions unfilled across America.
Some people seem like they were born with a high level of creativity. Perhaps it’s in the way they speak about their craft, their ability to quickly offer a solution to a problem, or the way they make their job look so easy. While creativity can’t necessarily be taught, employers can still nurture and help grow an employee’s ability to fulfill their role and tap into creativity they didn’t even know they had. Doing so is key to filling the creative skills gap
When skilled talent is in high demand, hiring managers must tailor their hiring strategies and open roles to better meet the preferences of job seekers. As more and more candidates desire short-term jobs or freelance-type work, it has led to the rise of the gig economy. It’s estimated that by 2020, 40% of Americans will be working outside of traditional permanent full-time jobs. Nowhere is this future more visible than in the creative field. A study of LinkedIn users found that 46% of all freelancers work in Art/Design and 35% work in Media/Communication. In all, creatives make up 80% of the gig economy.
When you need to hire for an in-demand role like Internal Auditor, Web Developer, or Creative Director, does it turn into a long and difficult process that doesn’t even result in the best candidates? You’re not alone. Today, a skills shortage affecting the Finance, IT, and Creative fields is no passing trend but a new normal that cannot be ignored. Regardless of your industry, continuing with the same hiring strategy will only achieve the same subpar results. It’s time to adopt a new recruiting approach that can increase your talent pool while placing the best candidates into your open roles.
Those looking to hire in the creative field are quickly faced with a hard truth: locating and recruiting creative talent is a challenge. CareerBuilder numbers confirm this difficulty, as in the last year there have been 401,498 creative job postings but only 65,869 available candidates.
It goes without question that hiring managers in nearly every industry are finding it more difficult to fill roles with top talent. Part of the reason stems from external factors that make it harder to locate the right candidates when there are so few of them available. However, the lion’s share of recruiting difficulty arises from internal factors related to the hiring timeline. The average hiring process has stretched to 23 days, an eternity in high-demand fields. There are many risks associated with a long hiring process, but luckily, many solutions exist.
It’s no secret that the Finance and Accounting field is being transformed by technology. In a study from EY (formerly Ernst & Young), 58 percent of Finance leaders are focused on combing leading-edge technologies with process improvement. Furthermore, where organizations once relied on their IT leaders to drive these changes, CFOs are now reporting their increased involvement in the decision-making and adoption of these new technologies. According to EY, there are a number of technologies that significantly impact hiring in the Finance function.
While every demographic of Finance and Accounting talent provides valuable skills to companies in the industry, no two have a bigger impact than Baby Boomers and Millennials. In their own way, each is shaping the environment and altering hiring and retention rates drastically. In order to avoid any information loss or decrease in output between these generations, hiring managers must understand the changes each group is bringing to the Finance and Accounting field.
The Accounting and Finance sector is under an extraordinary amount of pressure to respond to a shifting talent landscape. The root cause of this shift is multi-layered – a combination of generational differences, technological advancements, and economic growth. When it comes to the hard data, CareerBuilder’s Talent Intelligence tool reveals a Hiring Indicator score of 34 for Finance and Accounting positions, which suggests “relative difficulty” in hiring for jobs in the field. Over the past year, there have been just under 1 million job postings in this industry in the U.S., with only 128,609 active candidates. That number is comprised of only 6,387 entry-level candidates and 7,375 candidates with management experience, and represents a 16.3% decrease in candidates year-over-year.
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