Recruiting in a Strong Economic Climate
Let’s look at the recent stats on the US economy:
- The DJIA has crossed 24,000 for the first time November 30, 2017.
- Annual GDP has increased from 1.5% in 2016 to 2.6% in 2017.
- Unemployment rate as of January 2018 is at 4.1%.
- As of February 6th, 2018, there are 5.8 Million open jobs! Record highs since June 2017.
- Online job postings increased by 229,000 in December 2017.
If recruiting high producing sales talent has been difficult for your organization, you are not alone!
ManpowerGroup Reports the strongest hiring outlook for the US in 10 years! Utilities and transportation sectors nationwide have reported the strongest expected job gains. If you sell into these sectors, you are likely to see increased interest in your solutions.
And regionally, the Midwest is predicted to be a strong area of growth according to Manpower’s survey results from more than 11,000 US employers.
Now more than ever, reducing turnover by keeping employees happy should be a priority. Employees currently have more choices than they’ve had in years. CareerBuilder’s survey reported 54% of employees feel their company is not loyal to them.
So what can you work on this year to keep high-producing sales pros from taking recruiting calls?
1. Look at your comp plan. Who is getting paid below market that has been with your company more than four years? What kind of salary adjustments can you make? If you have salespeople who have been with your company for over five years, chances are their base salary isn’t at current market levels. This makes them a recruiting target.
2. Invest in career development. Help your team members grow. When employees feel they are growing they are more likely to stay with your organization and contribute to the team’s success.
3. Spend time you think you don’t have talking with your team. Keep the conversations to 10 minutes and spread them out over the year. Don’t be the manager who spoke to his rep once in 2017. (True Story!)
This year will bring new opportunities and challenges for everyone. Avoid turnover by keeping your employees engaged. Work hard to make sure any new opportunities employees are considering are within your current organization and not from the outside.