A wave of positive energy is vibrating through Nevada as unemployment reached a low of 5.8% in September. Nevada now ranks second in the country in terms of job growth. Nevada governor Brian Sandoval, praised the state for regaining more than the 186,000 jobs it lost in the recession. Overall, the entirety of the job market seems positive for Nevada, but what does this news mean for businesses needing to hire?
Shallow Candidate Pool
In a survey conducted by NevadaSmallBusiness.com, two-thirds of respondents indicated that they were having difficulties in recruiting quality job candidates within their market. The main reason? There’s a shortage of qualified applicants and workers are lacking the right experience.
This can be attributed to Nevada’s low unemployment. There are fewer people actively searching and applying for jobs, leaving businesses with smaller pools of candidates to select from when filling their positions.
New Competition to Attract Candidates
In the past year, Nevada has had an increase in the number of businesses that have moved their operations into the state. As exciting as this is, it leaves existing businesses with new pressures to update their offer packages for potential candidates. This of course includes competitive wage and incentive packages, but I’m also referring to the type of industries that are now attracting talent in Nevada.
Think about it, new businesses like Tesla already sound pretty cool, but think about all the start-ups that have moved into Reno this year that are focusing on drone, mobile and energy technology. The idea of working for these companies is just plain cool. Candidates are drawn to these industries because they’re exciting and different than what they have traditionally seen in Nevada.
This is something companies need to think about when they’re creating their offers and proposals to potential employees. They need to ensure their job offers stand out against the competition.
Where Do We Find Candidates?
Even though businesses are reporting having difficulty with their recruiting, few are opting to look outside Nevada for qualified candidates. Actually, 73.3% of small businesses reported that they do not recruit job candidates from out of state. This alone limits the number of qualified candidates businesses can interview, and ultimately hire for their open positions.
For those choosing to continue their search in state, the best way to find quality candidates is to search for the ones that are already working. In recruiting, we refer to any candidate that is currently working as passive. Recruiting passive candidates has two main benefits: it opens up your talent pool and passive candidates normally have the qualifications you’re looking for.
As Nevada’s economy continues to improve and unemployment declines further, these challenges won’t disappear. Nevada businesses must determine the best solutions to ensure they can attract the talent that will benefit their businesses.
Thanks for reading!
Sales Campaign Manager