Well, the latest unemployment numbers are in and they indicate that, as a nation, we are basically at full employment. The new unemployement number is 4.4% – a drop of .2% from last month and a 5-year low. Sourcing is going to be even more of an issue for companies. We are seeing this in our business as we have extended our sourcing times while doubling our efforts. If you aren’t using multiple channels for sourcing, you are going to find long lead times on strong candidates.
The second part of the equation is compensation:
Workers’ average hourly earnings climbed to $16.91 in October, a sizable 0.4 percent increase from September. That increase was bigger than the 0.3 percent rise economists were expecting. Over the last 12 months, wages grew by 3.9 percent.
We have experienced this fact also as candidate compensation expectations are on the rise. There are many good jobs available with strong compensation packages. As you go to market to hire, expect a strong demand from candidates in regards to overall packages.
You know, for all the dire predictions I keep reading about the economy, it certainly seems to be cruising along at a strong clip.