Competition for the best and the brightest remains fierce. With near-record-low unemployment for some industries and roles and the number of job openings still sky high, recruiters and talent acquisition professionals must consider more than just where to post job openings to attract the right talent. Before posting a position, the first step to standing out in a crowded online marketplace is to answer three important questions.
- Should salary range be included in the job description?
- Will candidates without degrees be considered based on relevant skills, experience and certifications?
- Should the organization consider relocating candidates from other markets or hiring remotely?
Labor analytics, like compensation data and labor supply, can provide the answers to these and other critical questions – and boost the effectiveness of online recruiting.
Should Job Descriptions Include a Salary Range?
Many recruiters and hiring managers continue to debate whether listing a salary range makes a job description more attractive to potential applicants. By including compensation details, organizations offer pay transparency while dissuading candidates looking for more than the offered salary, saving time and money. In today’s competitive labor market, the experts are split as to whether salary bands add significant value to a job description. Some employers who include comp information aim to eliminate under- or overqualified candidates or to target entry-level talent that can be coached.
Whether you choose to disclose salary details upfront, leveraging compensation data and insights will ensure the salary range is in line with what the market demands. To remain relevant and competitive, recruiters and hiring managers should review compensation data regularly. If a job has gone unfilled for a long period of time, benchmarking salaries can be valuable, as supply and demand shifts can occur monthly, impacting compensation midpoints.
Identify Skill Needs to Determine Minimum Requirements
Once recruiters and human resources (HR) professionals know the supply of talent, they have more insight to map out a smart strategy for reaching the right candidates. If the market data reveals a shrinking labor supply for a particular occupation or skill set, market dynamics might require considering secondary or ancillary skills and credentials that align with the job requirements.
Companies like Tesla now set minimum requirements to less than a high school diploma, driving home the importance of skills over degrees. In addition to skills-based hiring, certification programs are starting to take center stage on résumés, particularly in the technical space. Approximately 80 percent of information technology (IT) professionals find that industry certifications are valuable to their careers and cite certifications in cloud computing, project management, cybersecurity and networking among the most valuable.
Leverage Labor Supply Data to Find Talent Markets
In a tight labor market, talent acquisition professionals and hiring managers often look outside their market or metro area to find the right talent. Analyzing labor supply in nearby locations can help identify talent pools beyond your immediate area, providing more opportunities to effectively advertise online job openings.
Labor supply data includes population changes, the number of college graduates in a market and diversity data. Population data can include domestic migration (cities and states where people are moving to or from your area) as well as international migration. College graduation rates can help businesses determine whether there will be more or fewer people with the skills to fill roles. These numbers, in combination, identify whether the aremore specific the informationa has the workforce to fill your demand.
Get Actionable Answers
Labor market intelligence is only as effective as the quality of the data. Rely on sources that have a proven track record for accuracy. While national or state data can be helpful, the is to your target metro, the more relevant it will be to your organization’s recruitment strategy.
Recruiting in a tight labor market forces hiring managers and HR professionals to find ways to better connect with the right applicants. Being thoughtful about the information listed in a job posting, the availability of the local labor supply and the position’s minimum requirements will make the hiring process easier for employers.