The current labor market is extremely competitive. The U.S. unemployment rate is at a 49-year low of 3.9 percent as of December 2018, and in September 2018 alone, there were 7.0 million openings and 5.7 million hires, according to the U.S. Bureau of Labor Stats. Talent Acquisition professionals and hiring managers for organizations should look at their recruiting strategy the same as traditional business does for consumers, supply and demand and price equilibrium.

It is a known fact that diversity recruiting has been a high priority amongst most talent acquisition professionals and organizations. Many people will agree that diversity is good for business. Not only bringing fresh ideas, but various perspectives as well.

As 2018 comes to a close, we’re able to look back on the job market this year and observe a remarkably strong year for businesses and workers. As of October, the unemployment rate remained at 3.7 from prior month.  And across the whole year, the unemployment rate and number of unemployed individuals fell by 0.4 percentage point to and 449,000 respectively, according to U.S. Bureau of Labor Statistics (BLS).

When your internal hiring process is broken and the engagement survey shows less than satisfactory results, you might want to consider bringing in a recruitment process outsourcing company (RPO).

A Goldman Sachs recent report suggested the US economy is growing at a rate of 3.5%; or in other words — at twice the rate Goldman themselves forecast this time last year. Impressive reading for sure, but how does it translate into job creation in the U.S. labor market? What new opportunities are set to present themselves? And how easy will it be for businesses to find the right new hires as we move into 2019?

As a global organization with over 270,000 employees across the world, it should be no surprise that Wells Fargo has an extensive recruiting team. In fact, as Wells Fargo continues to grow, they hire for roughly 90,000 positions each year. But what does it take to hire nearly 90,000 positions each year - half of those internal promotions, and the other half new hires?

As any talent acquisition leader can tell you, hiring these days isn’t what it used to be. Posting a job description on a job board and hoping for the best won’t get an organization the talent they need for success. And that’s just the hiring portion –  engaging and retaining that talent is just as important for overall recruitment. Recruiting, often, is overwhelming.

The talent acquisition space has undergone a variety of challenges within the last few years. Many of these challenges were brought by rapid advances in technology. Others emerged from an economy on the rise, with jobs increasing and top talent becoming more fiercely contested.

The way companies recruit people has changed in the past few years. In the current candidate-driven job market, candidates have the power in the recruitment process.

A good illustration of this trend is that 95 percent of the people businesses want to hire for critical positions are not looking for a job. As a result, recruiting people has become more expensive and time-consuming for companies. Employers are competing for the best candidates who are treated as customers. This had made effective recruitment strategies all the more important.

As recruiting practices continue to evolve, tech companies are pushing forward in kind, producing new and more advanced technology solutions for talent acquisition professionals. Keeping up with tech development is a challenge, but a must in the current competitive recruiting environment. Here we continue our coverage of new tech trends and tools to watch in the upcoming year.