Tips for Hiring at Full Employment

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Full employment is defined by unemployment at less than 5%. Hiring at full employment takes different skills than hiring in other employment markets. I have included some pointers here on how to hire during full employment.

In order to attract “A” candidates, you need to be an “A” company. If you are an “A” company in terms of product, you also have to be an “A” company in regards to your leadership team, your culture, your financial health, where your company is located (is it a great place to live?), and your compensation packages.

In addition to your company being an “A” company, your recruiting function also has to be an “A”.  An “A” recruiting function works quickly, is highly efficient, treats everyone respectfully, and truly understands the definition of an “A” candidate. A hint on “A” candidates, they don’t apply to job postings. “A” candidates are not making lateral moves in this full employment market. “A” recruiting functions also have to be highly metrics driven and highly successful in converting passive talent.

If you are partnering with external executive search firms, don’t use more than one firm on each executive search . Using more than one firm shows a lack of loyalty and does not produce higher quality candidates. In full employment, partner with an external executive search partner that has an excellent passive candidate conversion rate.

Culture is the #1 attribute of great companies. Pay at or above market rate, move quickly and efficiently during the hiring process, and treat candidates respectfully. Gone are the days when employers are more important than employees. Companies cannot be successful without great people.