According to a recent article in the Wall Street Journal the labor market has tightened and the outlook is that it will continue this way for some time. That’s great news as they see the tightening of the labor market as a sign of a strong economy. The conclusion of strong economic momentum comes from a gathering of CFO’s at the the Wall Street Journal’s CFO Network conference, an annual event hosted by the paper.
This is what two attendees had to say about the labor market:
“We’re seeing increased competition for talented employees, ” Kedrick Adkins Jr., CFO of the Mayo Clinic, said. “It’s across the organization.”
“Our market for talent is very hot right now,” added Dan Fairfax, CFO of Brocade Communications Systems Inc.
They note that while wage growth is stagnant at the moment most CFOs expect to increase wages in the coming year, up to 30% expect to to see higher wages in fact. In light of a tightening labor market it’s no surprise that experts would anticipate wage increases.
What does this tightening labor market mean to you and your business? In a nutshell it means it’s going to be more difficult to attract the kind of high caliber talent you need in your department. It means that you’ll have fewer candidates to fill increasing positions in the coming years. It means you’ll spend more time lining up interviews than actually interviewing or hiring those candidates. And finally a tightening labor market means your going to pay higher wages for the talent that’s available, even if it isn’t the talent you need.
It takes more than throwing money at a potential candidate to solve the labor problem. Finding the right talent takes talent. Sure, you can fill your days interviewing candidates from Linkedin, or any of the hundreds of online job sites, but how do you know you’re getting the best talent available for your company, position and budget?
You don’t and you can’t. You’ve got more important things to do like managing your department. Finding top talent is our job, and we do it exceptionally well.
HT Partners has cultivated a pool of great candidates that aren’t necessarily looking for new positions right now, which is why you won’t find them on Linkedin or any online career website. We work with top talent in the IT industry, people you may never reach because they aren’t looking for you. In a tightening labor market it’s about finding the best talent for the position and company. It’s also about presenting your company or department in the best possible light to attract that elusive talent.
Talent is out there, good talent, but it might not be the best talent for your department. At HT Partners we find the right talent for the right company. It’s a marriage of sorts and we want to make sure it’s a long and happy one.
To learn more about finding the best possible talent for your company please give HT Partners a call at 847-202-3242.