By Stacy Pursell of The VET Recruiter
It’s no secret that hiring is difficult right now, including within the Animal Health industry. In fact, it’s been that way for a few years now, and it almost appears as though it’s becoming more difficult with each passing year.
But WHY is it more difficult? The short answer to this question is that there aren’t enough qualified job seekers and candidates in the employment marketplace.
While this is an obvious answer, it doesn’t delve more deeply into the many factors that are actively contributing to current market conditions. And the question deserves a more comprehensive answer, since recruiting and hiring are vital components of any organization’s plan for success, both in the short term and for the long haul.
Below are five reasons why hiring is difficult in today’s job market:
Reason #1—There are more passive candidates than active job seekers.
In a candidates’ job market, there are more passive candidates. That’s because there are more open positions than qualified candidates to fill them. This means the best candidates—the top 5% to 10% in the job market—are not only gainfully employed, but they’re also being treated well by their employer. (Mainly because their employer does not want to lose them.)
And of course, passive candidates are not actively looking for a new job. They’re not browsing through online job advertisements or applying for positions. So, they’re not going to automatically know about the job that your organization is trying to fill.
Reason #2—Candidates have more options than ever.
Due to the fact there is an abundance of job openings and a shortage of job candidates, quality job candidates have more options. When people have more options, they’re more likely to be selective in which options they choose. They may also take longer to make their decisions, since they want to ensure they make the right ones.
In addition, top candidates have the leverage in most hiring situations. In other words, employers need them more than the candidates need the employers.
Reason #3—The Baby Boomer Generation continues to retire.
The members of the Baby Boomer Generation have not stopped retiring. According to Pew Research Center, the rate of retirement in Baby Boomers has accelerated since the start of COVID-19, with almost 29 million Boomers retiring in 2020. This is an increase of more than three million from 2019.
And they’re not going to stop retiring in the near future, either. Another 75 million Baby Boomers are projected to retire between the years 2020 and 2030. This is contributing even more to the talent shortage.
Reason #4—Members of the younger generations want different things.
Yes, I’m talking about Millennials and the members of Generation Z. First, the members of these generations prioritize flexible working arrangements and more work-life balance over other things, in some cases starting salary and benefits. They also want to work for a forward-thinking organization that gives back to the community and has a great company culture based on respect and accountability.
Also, Millennials and Gen Zers change jobs more frequently than the members of any other generation, especially Gen Zers. According to LinkedIn data released earlier this year, Gen Z is changing jobs at a rate 134% higher than they were in 2019. Millennials are switching 24% more. According to the Zurich Insurance Group, the members of Gen Z could change jobs up to 10 times between the ages of 10 and 34, based on a survey of U.S. students.
Identifying the reasons why hiring is so difficult in today’s job market may not make talent acquisition any easier, but it does make the challenges more understandable. It also represents the first step in doing what is necessary to address existing challenges so that you can hire the top talent that your organization needs.
(Stacy Pursell is a Certified Personnel Consultant and a Certified Employment Retention Specialist. She is a workplace/workforce expert with 25 years of executive search and recruiting experience in the Animal Health industry and Veterinary profession. For more information about Stacy’s firm, The VET Recruiter, visit www.thevetrecruiter.com.)