Employment Stats
In the U.S. alone, over 41 million people are either searching for, or being recruited for jobs every year, according to recent Bureau of Labor Statistics. Moreover, billions of dollars are being spent on job advertising alone, and once candidates apply for these jobs, companies have been known to invest another approximate $4,000 per candidate. These costs simply narrow down to scheduling, interviewing and assessments to decide if the person is the right fit for the job. In fact, it’s estimated that the recruitment market reaches over $200 billion worldwide, and this includes almost every active employer.
Recruiter Challenges
Recruitment agencies have definitely felt the challenges associated with the cost of keeping up and obtaining success in today’s competitive world. However, due to increasing rivalry among agencies, any money spent on staying among the elite is a wise investment; providing the agency is keeping a sensible monthly budget. Nonetheless, without the right advertising techniques and recruiting tools, agencies will find it harder to locate the best talent for a requested position, setting them further back in the competition. While there are useful resources and technology available to assist staffing agencies in achieving their very best results, these must all be factored into their overhead.
Candidate Challenges
Conversely, job seekers face their own set of challenges, which in a sense, mirror those experienced by the recruitment agencies. The competition among candidates and speed at which the job market transforms is greater than ever before. Getting noticed by top a recruiting consultant is often a trial within itself, and those on the job hunt must leverage every available tool in order to stand out from the crowd. A quality search firm will frequently offer career development programs, which vary in cost, yet provide a worthwhile resource to hopeful job candidates. The challenge, however, is balancing the expenditures of increasing one’s own add value to the work force with a job seeker’s budget.
For further details and perspective on this topic, read Google for Jobs: Disrupting the Gigantic Recruiting Market, by Josh Bursin.
Stewart, Cooper & Coon, has helped thousands of decision makers and senior executives move up in their careers and achieve significantly improved financial packages within short time frames. Contact Fred Coon – 866-883-4200, Ext. 200