A tight labor market makes it challenging for many businesses to hire talented people for open jobs, but using the right recruiting technology might help.
The number of job openings in the U.S. hit 11.4 million in April — down by 455,000 from the previous month, according to the U.S. Bureau of Labor Statistics. Meanwhile, 4.4 million people quit their jobs, and companies can’t replace them fast enough, hiring just 6.6 million that month.
And it’s no longer just the Great Resignation that’s contributing to the tight labor market — job-hopping is on the rise. When Recruiter.com Group Inc. RCRT asked recruiters how many jobs the average candidates they are speaking to have had over the past two years, 44% of recruiters said candidates have had two jobs and 16% said they’d had three.
Hiring new employees also is expensive. Companies spend an average of $4,000 per position filled, with most hiring managers spending two full days a week sorting through resumes, according to a story by Business News Daily.
So how can businesses fill all those open positions?
Two options they have are to post open positions on boards or use staffing agencies.
Thankfully, there are options as the recruiting industry is massive, generating annual revenue just short of $120 billion, according to Statista.
Some of the significant sectors and companies within the industry include:
Recruiting and HR technology
Ceridian HCM Holding Inc CDAY
Learning Technologies Group PLC LTG
Workday Inc. WDAY
ZoomInfo Technologies Inc ZI
Recruiter.com Group Inc. RCRT
Online job sites and marketplaces
Upwork Inc UPWK
DHI Group, Inc. DHI
Recruit Holdings Co RCRRF
LinkedIn via Microsoft MSFT
Fiverr International Ltd. FVRR
ASGN Inc. ASGN
Adecco Group ADR AHEXY
BGSF Inc BGSF
Gee Group Inc. JOB
Kelly Services KELYA
Kforce Inc. KFRC
Manpower Group Inc. MAN
Trueblue Inc TBI
Heidrick & Struggles International, Inc. HSII
Korn Ferry KFY
Hudson Global Inc HSON
Payroll and HR system companies
Automatic Data Processing Inc ADP
TriNet Group Inc TNET
Insperity Inc NSP
Paycom Software Inc PAYC
Paychex, Inc. PAYX
Recruiting software tools are designed to help recruiters and hiring managers find and engage potential candidates.
Recruiter.com says it uses advanced artificial intelligence (AI) recruiting software to match job candidates within its 160 million indexed profiles to positions they are qualified for. Its on-demand recruiting platform provides flexible talent acquisition solutions that scale from startups to Fortune 100 companies.
The company reports that it recently updated its software platform to speed up the sourcing and hiring process and debuted a candidate tracking platform that allows employers to review each candidate's background in an integrated view and quickly approve or deny them.
Updates to the platform provide improved search capability, allowing employers to search for candidates by current or previously held job title, industry, geographic location and skills. The platform also enables employers to send outreach emails to the most qualified candidates faster.
“We see indications of a continued tight labor market,” Recruiter.com CEO Evan Sohn said. “With the Great Resignation transitioning into the job-hopper economy, employers need to step up their hiring game and increase their talent pipeline. Initially, we saw companies, especially those in tech, overhire to be proactive about the inevitable churn that comes hand-in-hand with the job-hopper economy. But, with the tightness of the overall labor market continuing, we expect that every company of 20 or more will allocate a sum of money towards talent acquisitions.”
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