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
PITTTSBURGH & MAYNARD, Mass. (PRWEB) March 27, 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 practice 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
The "Selection Forecast 2006-2007" executive summary is currently available online from DDI http://www.ddiworld.com/thoughtleadership/hrtrendresearch.asp and the Monster Intelligence web site, http://intelligence.monster.com.
This report presents the results of a global study conducted in 2006 by DDI and Monster Intelligence, of over 3,600 job seekers, 1,250 hiring managers and 620 staffing directors in five global regions, including U.S./Canada, Europe, Latin America, Asia and Australia/New Zealand.
Founded in 1970, Development Dimensions International, a global human resources consulting firm, helps organizations close the gap between today's talent capability and future talent needs. DDI's expertise includes designing and implementing selection systems, and identifying and developing front-line to executive leadership talent. With more than 1,000 associates in 75 offices in 26 countries and headquarters in Pittsburgh, PA, the firm advises half of the Fortune 500. For more information visit, http://www.ddiworld.com/aboutddi.
About Monster Worldwide
Monster Worldwide, Inc. (NASDAQ: MNST) parent company of Monster(R), the premier global online employment solution for more than a decade, strives to bring people together to advance their lives. With a local presence in key markets in North America, Europe, and Asia, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P 500 Index and the NASDAQ 100. To learn more about Monster's industry-leading products and services, visit http://www.monster.com. More information about Monster Worldwide is available at http://www.monsterworldwide.com.
Special Note: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding Monster Worldwide, Inc.'s strategic direction, prospects and future results. Certain factors, including factors outside of Monster Worldwide's control, may cause actual results to differ materially from those contained in the forward- looking statements, including economic and other conditions in the markets in which Monster Worldwide operates, risks associated with acquisitions, competition, seasonality and the other risks discussed in Monster Worldwide's Form 10-K and other filings made with the Securities and Exchange Commission.