04/18/2014
 
Posted By: Deanna DeBenedictis

An improving job market may be good news for the economy, but it is also creating an interesting set of challenges for employers in 2014.
 
Most significant in the financial services industry is the number of experienced people available. A recent survey of hiring managers by Careerbuilder.com asked them to name their top staffing challenge and 30 percent listed “recruiting high skill applicants,” second only to “retaining top talent” (37 percent).
 
More jobs mean a smaller pool of qualified candidates from which to choose. It also means greater competition among companies to attract and retain the most talented employees.  The stronger competition gives candidates the advantage when it comes to negotiating salary and benefits.
 
Considering that the Bureau of Labor Statistics reports that the average worker will hold 11 jobs between the ages of 18-34, retention should be a top concern. Retention can also have an impact on worker burnout, which is the third biggest concern among the finance sector hiring managers according to the survey.
 
There’s also the changing face of the American workforce as Baby Boomers continue to retire at a greater rate than replacements enter the workforce. Additionally, as the employee demographic swings toward tech-savvy “Millennials,” who bring a different career expectation, companies and HR managers have to adjust recruitment strategies. 

The Boston recruiters at Fanning Personnel and Comforce Staffing are here to assist you in navigating through the current economic conditions to find the ideal candidates for your open roles. 

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