Joblessness rates dropped even more during May putting our national unemployment rate below 4% for the first time since 2000. Good talent is getting increasingly harder to find and as the economy continues to strengthen, companies are noticing market average for salaries across all fields is not attracting the same talent it once did.
According to CNN Money, earnings haven’t grown significantly since 1973 and economist are now expecting that to change. Our staffing firm has already seen some of our clients who are in front of the curve offer higher salary rates and even sign on bonuses to secure top employees. We have also seen some positions stay vacant for months trying to find the best qualified candidate at what seems to be industry standard for salary rates. Employees are unlikely to leave their current firms for lateral moves.
At VITUS Search Group, our job is not only to find top talent but educate our clients giving them the tools they need to remain competitive in an employee market. One of the most effective ways, to effectively hire within a tight candidate pool is to discover how competitive you are in your industry and adjust budgets accordingly to get your desired candidates.
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