In yesterday’s Advisor, we heard from Josh Wright, chief economist at iCIMS, concerning the state of the so-called “war for talent.” Today, more from Wright about the conditions of the current market.
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By Josh Wright, chief economist, iCIMS
Heavier Guns, Deeper Insights
These kinds of insights are just the beginning of a new front in the war for talent. It took about 10 years after McKinsey & Company coined that famous phrase for basic HR analytics systems to appear. Now, as big data comes to the world of HR, engineers, quantitative analysts, and venture capital-backed entrepreneurs are entering this space, as noted by industry experts like Josh Bersin.
An expansion of the recruiter’s toolkit—if not an outright arms race—looks to be taking shape. Of course, the arms race is not just with other recruiters; it’s also with jobseekers. Today, jobseekers have more tools than ever to gather intelligence on potential employers and prepare themselves for the hunt.
Job growth continuing into early 2016, things are not going to get any easier for recruiters. Increased competition for talent should lead employers to offer more attractive compensation packages. Even if wage growth remains contained, hiring costs are likely to mount in terms of lost time or technology upgrades just to stay current. As they scour the market for talent, recruiters are going to find the price tag growing one way or another.