As Labor Market Tightens, Hiring Mistakes Take Center Stage

Within the executive, managerial and professional sector, hiring authorities are frequently making key mistakes that are hampering not only their ability to hire, but also their employer brand and retention rates, according to an employment landscape survey just completed by MRINetwork. The report reveals that lengthy hiring practices and misconceptions about what motivates top candidates to make a job move are causing companies to lose out on high performers in an already tight talent market.

According to the study, recruiters (86 percent) and employers (62 percent) feel the labor market is candidate-driven in their industry sectors. In this environment, candidates confidently reject undesirable job offers, with recruiters and employers listing “accepted another offer” as the primary reason for offer objections.  

Candidate-Driven Job Market 

The latest data from the U.S. Bureau of Labor Statistics report seems to support the notion that candidates do, in fact, remain firmly in control when it comes to hiring.

Employers added 151,000 jobs last month as the U.S. unemployment rate remained unchanged at 4.9 percent. Employment in food services continued to trend up during the month (+34.000). Over the year, the industry has added 312,000. The social assistance sector added 22,000 jobs over the month, with most of the growth in individual and family services (+17,000). Financial activities employment continued on an upward trend in August (+15,000), with a gain in securities, commodity contracts, and alternative investments (+6,000). Over the year, financial activities has added 167,000 jobs. And healthcare employment continued to trend up during the month (+14,000). In August, hospitals added 11,000 jobs, and employment in ambulatory healthcare services trended up (+13,000).

“The economy continues to power forward despite the uncertainty and geopolitical risks out there in the world,” said Chris Rupkey, chief financial economist at MUFG Union Bank. “The economy is moving forwards, not backwards.”

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