With U.S. rates of unemployment at their lowest in over a decade, the country's staffing and recruitment industries are enjoying a much-welcomed boom.
SARASOTA, FL, UNITED STATES, April 30, 2018 /EINPresswire.com/ — At just 4.1%, current unemployment rates are down from a recent high of 10% in 2009. As a result, the value of the staffing and recruitment market has now rocketed to a total of over $150 billion annually.
"What's more, recruiters almost unanimously agree that it's candidates, not employers, who are holding the cards in today's staffing market," explains John Piccinini, a Fort Lauderdale-based recruitment specialist.
A recent industry sentiment study by MRINetwork confirms this, with upwards of 90% of recruiters surveyed believing the current market to be driven by candidates. "This is largely based on job offers and opportunities outstripping supply of potential staff," adds Piccinini.
Since records began, the U.S. has seen unemployment rates as low as 1% during World War I and peaking at 25% during the Great Depression. The 2009 high of 10% is only fractionally behind the second highest peak on record when in November 1982 the country's unemployment rate reached 10.8%.
"Over the past 70 years, the average rate of unemployment across the board in the U.S. has been 5.8%, so to see a new low of just 4.1% is great news," notes Piccinini. "Right now," he continues, "talent is more in demand than ever, which is ideal for candidates seeking new or alternative employment. Executive search, in particular, is seeing a huge resurgence and now accounts for more new hires than ever before."
Often referred to as headhunting, so-called executive search now accounts for upwards of 30% of all new hires, according to Piccinini. "These candidates, on average, also prove to be twice as efficient as those hired through non-executive search methods," he adds.
A study by recruitment software company Lever backs this up, with the same study also revealing that 90% of professionals currently in employment are open to being approached with new work opportunities.
"Only a third of professionals are actively looking for, or considering looking for, a change of employment, despite 90% being receptive to offers, according to the Lever study," explains Piccinini. "That's why executive search is important, and, as a result, enjoys great rates of success. Executive search provides employers with access to swathes of brilliant candidates who would otherwise be off the open job market," he continues.
The same study meanwhile highlights that over 50% of individuals seeking or recently settled in new employment reported experiencing one or more negative encounters during the process. It's with this in mind that Piccinini believes that for as long as demand continues to outstrip supply in the job market, it's candidates who have the upper hand, even while in existing employment.
Piccinini explains, "If you're a skilled professional willing to explore new opportunities, you must make sure that you're receptive to them."
"Keep an open mind to offers," he continues, "and pay particular attention to benefits and other factors which could improve your quality of life both at work and at home."
To read more recruiting tips from John Piccinini, you can read more here.
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Source: EIN Presswire