6 Associated Builders and Contractors, Inc. SPECIALIZED RECRUITING According to Forbes, an organization may spend up to 33% of an employee’s annual salary to replace them if they resign. The costs incurred include recruitment, lost productivity and onboarding/ training. [1] That is $33,000 for a salary of $100,000! Forbes also found that “The average tenure of an employee is 4.1 years. Workers ages 55 to 64 had an average tenure of 9.9 years, while workers 25 to 34 had an average tenure of only 2.8 years!” [1] The talent market continues to ebb and flow with socioeconomic and political influences. As professional recruiters and specialists within the construction and civil engineering fields — our SRG Team has made the following observations: • There are more job openings than qualified candidates can fill. • Jobs are sitting open for months. • Candidates are receiving multiple offers. • The highest-paying job offer isn’t always the offer that wins! • Job hopping is on the rise. • Employees no longer stay at one company for the majority of their career. As recruiters and employers, how do we face these challenges head-on? What can we do to attract and retain the best talent in the market? Before we dive into potential solutions, we need to understand the current talent market and the difference between “active” and “passive candidates.” Randstad shared near the end of 2023 that approximately 70% of the workforce is comprised of “passive candidates,” leaving just 30% comprising “active candidates.” [2] “Active candidates” are actively seeking new employment and applying for job postings. “Passive Candidates” are not actively searching for a new role, but that doesn’t mean they’re not open to exploring opportunities. Passive Candidates are willing to have a conversation, but the opportunity must be better than what they’re currently experiencing. What is exciting is that even though these candidates aren’t actively applying for jobs — we can still reach them! And we must reach them. We can’t continue to rely on the “active” 30% of the workforce to fill 100% of our open jobs. Logically, our next question is: what would be attractive enough for passive candidates to consider entertaining? [2] Talent Bullseye: How to Target Top Talent in a Shifting Market By: Specialized Recruiting Group — SE Michigan Branch SRG’s Adam Klug interviews SEMCA students at the Career Fest in 2023. Josh and Bill from Independence Commercial connect with a SEMCA student.
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