The job market has changed … dramatically. Men and women who never dreamed they would be in a job search are now actively pursuing their next position.
With the U.S. economy losing 22 million jobs since the start of the pandemic, complete industries have come to a screeching halt with millions of people receiving unemployment insurance while they actively pursue career opportunities.
Add to this the uncertainty of extensions for unemployment insurance and COVID relief funding, job seekers are growing weary because of not having consistent work.
Contrary to what some may believe, the vast majority of people collecting unemployment insurance benefits would much rather be gainfully employed than not.
On the one hand, you have those who will apply for any job that comes along while others are looking for positions that align with their values and belief in something bigger than them. They seek a meaningful career, rather than simply a job to pay the bills. There are those for whom the industry, mission and environment are essential. Even with remote positions, culture, industry and mission impact one’s decision to pursue a position with the organization.
While some companies are holding off hiring, there are others that have jobs that absolutely must be filled as quickly as possible.
A study conducted by Society for Human Resource Management indicates it takes 36 days, on average, to fill a position. Yet, 25% of jobs take 45 days or more to fill.
When it comes to filling positions, there are several options.
- Internal search
- Job boards
- Headhunters and recruiters
- Niched employment platforms
In a perfect world, there would be enough internal talent to fill empty positions, but we don’t live in a perfect world.
Trying to fill the job internally may not be a reasonable expectation to put on already maxed out staff members. Additionally, depending on the skill set and experience level, talent for a highly specialized position may not be readily available from current staff.
Traditional job boards can be equally challenging. Whether it be Monster.com, Indeed.com, GlassDoor.com, Craigslist or any other automated site, when a job is posted, dozens, even hundreds of resumes and CVs flood the system.
With millions of people seeking employment, companies are challenged with filtering through serious applicants to fill positions.
Often, companies will choose to work with headhunters and recruiters to fill the position with highly qualified candidates. The job of the headhunter is to find an ideal candidate for a specific position. They handle the vetting process which saves hiring managers and companies a considerable amount of time and frustration.
The standard recruiting fee for agencies is between 15% and 20% of the first-year salary for a permanent job the recruiter is filling. Some agencies may charge as much as 25 – 30% for hard-to-fill roles.
Some companies have exclusive arrangements with agencies due to the need to fill key positions in a very timely fashion. These can be upper management and C-suite executives.
Niched Employment Platforms
More every day, employers are looking for employees whose values align with what the organization stands for. By doing so, they are more likely to be successful due to team members feeling they are part of something bigger than simply having a job. They have a mission.
Some industries have very niched platforms for job seekers such as AllRetailJobs.com for those interested in a position in retail or Culintro, a national restaurant organization. Regardless of the industry, it’s likely you’ll find a platform that focuses on your interest.
One of the most innovative niched employment platforms is Passion Placement. With a clear statement of purpose, Passion Placement is in the right place at the right time. Focusing on matching companies, associations, and nonprofits with those who are truly aligned with mission-driven values as they relate to making a difference for people, the planet and animals, Passion Placement is the single source where mission-focused organizations and people connect to reduce, and ultimately eliminate, the needless exploitation of animals and share opportunities to contribute to environmentally sustainable solutions to our food system through their work.
The advantage with niched boards is the extremely targeted search options. When you consider that more qualified candidates are submitting their resumes and CVs on niched platforms, the process is much more efficient and cost effective.
According to Employee Benefit News (EBN) it costs employers, on average, 33% of a worker’s annual salary to hire a replacement. A huge amount of this is due to the indirect costs related to productivity.
Indirect costs are a result of knowledge lost when employees leave, the time spent finding a replacement and the time new hires require to become fully functional. If a company is filling a $50,000 a year job, that equates to $16,500.
In many cases, working with a recruiter is absolutely the best choice to make. Other times, a targeted search by way of a niched employment platform would be a better choice.
Although, the generalize job boards are popular, they are not always the most cost effective when you factor in all the elements including reviewing resumes, lost productivity, interviewing, etc.
This is why the niched locations can be exactly why many companies are moving in that direction. Rather than looking for a needle in a haystack, companies are finding more mission-aligned qualified candidates.
Regardless of which choice is best for you, there are many options. However, lowest price, or biggest pool of people is not always the best choice. Consider the position, the industry, the competition and the ability to find the right match for the job when make your decision.
Complimentary Consultation for Mission-Based Organizations
Are you growing your mission-based organization? Seeking the right team members to join you? Book a complimentary consultation with Bonnie Brown, Founder and CFO of Passion Placement to determine the best route to take moving forward.
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