Read a short excerpt of the Time-to-Hire report below.

Despite the economic slowdown, it’s still hard to find good people. As you’ll read in this research, time-to-hire rates are higher, and in some cases getting worse. This means employers have to work even harder to find just the right candidate in most positions.

Why, in this time of slowing growth, is the job market so competitive? To answer that question, we need to look at three major drivers, which are happening all at once.

First
The unemployment rate is low. Thanks to the low birth rate and the exit of many baby boomers from the workforce, the actual working population in most countries is stagnant or decreasing. And demographic forecasts show that almost every developed economy will see a shrinking working-age population in the future. Therefore, the raw number of people looking for work is not increasing, and this, of course, gives job-seekers more power.

Second
Job-seekers are more picky. Despite some layoffs in certain industries, research shows that many workers are looking for better pay and job-seekers now expect or demand flexible work. Companies have lavished benefits on their employees during the pandemic, and most job-seekers expect a wide range of such benefits, leave options, insurance, and competitive pay.

Third
Technology, IT, supply chain, and finance are quickly demanding new skills. New technologies, new tools, and new business models are changing the nature of most jobs, forcing employers to look far beyond experience to find the right candidate. Most well-paying jobs are “skills-centric” positions, where employers are looking for cutting-edge skills, competing with peers for strong candidates.

Our forecast
The combination of demographic changes, empowered workers, and a rapid need for emerging skills is here to stay. Prepare yourself for a complex hiring environment, and look at systemic HR solutions to keep your company growing in this time of change.