The key takeaway from these two reports is that it is still a job-seekers market. Both job openings and quit rates remain at an all-time high, while the unemployment rate has held steady at 3.6%. To effectively land top talent, employees need to ensure that their recruitment marketing is on its A-game and showcase the benefits of joining their team versus competitors.
Recruitment Marketing takes all the skills, channels, tactics, and tools you would use to market your products and puts them to work building awareness, engaging, and nurturing prospects through a well-developed candidate journey. It combines employer branding with a deep understanding of your candidates' needs, questions, and concerns to bring them the right information at the right time.
March's Job Report and February's Job Opening and Turnover Survey The key takeaway from these two recent reports is that there is light at the end of the tunnel, Covid is loosening its hold on our economy with more people looking to reenter the workforce, and the telework level is dropping. We also see that stats show the Great Registration is still in effect. There are still more job openings than people unemployed; it remains a job-seekers market. Companies need to adapt their recruitment marketing to compete for the best candidates.
According to the Bureau of Labor Statistics' February Jobs Report, non-farm payroll rose by 678,000, far surpassing the estimate from economists. Unemployment has dropped to 3.8% as we get ever closer to regaining the losses suffered during the pandemic.
There are many options for handling your recruitment marketing, from allocating staff to handling it internally, relying on AI, utilizing an RPO, hiring a non-specialized digital marketing firm, or taking advantage of a marketing firm specializing in recruitment marketing. Today let's take a look at both the upsides and the downsides to each option available to you.