We’re in a new year which means new goals for candidates and companies alike. Many organizations are desperate to boost their talent by hiring employees poised for growth and advancement. Candidates, however, have a wealth of options in today’s candidate-driven market. Here’s a look at the staffing and hiring trends that will drive the job market in 2018.
Increase in hiring volume
Almost 56% of the staffing agencies predicted last year that their hiring volume would significantly increase. A survey conducted by Indeed in recent times showed that the hiring volumes will continue to increase this year. It is believed that 61% of the staffing agencies now expect to hire more talent in 2018 than they did last year. Only 29% of the staffing agencies will be looking to maintain the current headcount from last year whereas 10% are looking to reduce the headcount.
Prioritize entry-level hiring
Taking results from the same survey conducted by Indeed, 41% of the employers believe that the hardest vacancies to fill are the entry-level positions while 20% employers say that the most difficult hires are executive level positions.
Target and Walmart have started to make entry-level hiring their priority by increasing the minimum wage. They have begun to follow this recent trend and are looking to attract and retain entry-level talents.
In addition, more and more companies should start offering reasonable wages and incentives luring them to join their company.
Candidate experience plays a significant role
It is believed that recruiting has a bad image because the practices or processes are outdated or slow in some situations. Nowadays, companies are more inclined towards valuing candidate’s experience as it is an important differentiator.
Firms now consider candidates as consumers as they want immediate updates and access to information about their job applications.
Competition is Hot
With the unemployment rate being so low, competition for hiring top talent is at an all-time high. 42% of employers are concerned about finding the candidates they need to fill new and existing positions.
The U.S. Tax Reform Bill
Whether you are for it or against it, the U.S. Tax Reform Bill was signed into law by President Trump on December 22. The tax reform will provide a whopping$1.5 trillion in tax cuts to corporations and businesses. These reductions in taxes may result in a boom in the economy and companies may look to create more jobs with their tax savings.