Development Dimensions International And Monster Releases Job Market Study
Today’s job market is increasingly in the hands of the candidate, according to a study released today by Development Dimensions International (DDI), a global human resources consulting firm and Monster(R), the leading global online careers and recruitment resource and flagship brand of Monster Worldwide, Inc. (NASDAQ: MNST). The study, titled “Slugging Through the War for Talent: Selection Forecast 2006-2007,” reveals that 73 percent of staffing directors report competition for talent has increased since 2005, while 79 percent expect it to further intensify in 2007.
“Candidates are in a very powerful position--organizations need to think about hiring as a competitive practice if they want to attract the best people,” said Scott Erker, senior vice president of DDI’s Selection Solutions. “Right now, there is a significant gap between what candidates want and what employers think they want. That’s dangerous for organizations, because many don’t understand the motivations of the candidate sitting right in front of them.”
This is DDI’s third study of hiring and recruiting practices since 1999, providing perspective on the changing shape of the hiring market over the last eight years. The report, which reflects responses from staffing directors, hiring managers and job seekers across five global regions, examines recruitment, selection and retention practices and reveals that a tightening labor market has subsequently led to a power shift toward job seekers. In order to lure top talent in this increasingly competitive environment, the findings suggest that employers must identify, understand and respond to job seekers’ motivations and desires. The study also outlines the tactics and strategies organizations can implement to improve their hiring systems and better meet job seekers’ needs.
“The recruiting industry has acknowledged for several years that retiring Baby Boomers, coupled with a tightening labor market, would eventually bring about an acute labor shortage. However, the survey findings indicate that this eventuality is already upon us,” said Neal Bruce, vice president of alliances, Monster. “As a result, HR professionals will need to act more like their marketing colleagues, focusing more on the wants and needs of job seekers and effectively ’selling’ their positions and organizations in order to attract and retain top talent.”
More than half of the staffing directors surveyed said they are finding fewer qualified professional candidates compared to two years ago. By incorporating marketing elements, such as branding, sales and retention tactics, into recruitment campaigns, employers can increase the likelihood of reaching and connecting with the target market - qualified candidates.
Select Survey Highlights
-- It’s a buyer’s market. More than half of hiring managers feel they must “sell” jobs to candidates, demonstrating that employers are feeling the effects of the tightening labor market.
-- There is a gap between employer perceptions and candidate realities. Seventy-four percent of job seekers believe it is important to work for an organization they can be proud of, while only 55 percent of staffing directors consider it an important issue for candidates. In addition, job seekers cite insufficient compensation as their top reason for leaving a position. Yet, both hiring managers and staffing directors rank this factor third, instead citing external factors as the top reason for turnover.
-- Turnover is rapid. Nearly one-third of candidates had been in their current job less than six months, yet they were already on the market for a new position.
-- Interviews can be dealmakers or deal breakers. Two-thirds of job candidates surveyed said that the interviewer moderately or significantly influences their decision to take a job or not.
Other Topics Within the Survey
-- Impact of using assessments during the hiring process
-- The importance of the job interview process for seekers and employers
-- Job seekers’ expectations regarding response to their application
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