Throughout 2021 and 2022 – and much of 2023, for that matter – you couldn’t walk down the street without hearing some mention of the Great Resignation. The wave of people quitting their jobs in the wake of the pandemic hit the economy hard, and staffing firms were forced to adapt to the new normal or be left behind.
And now… it’s all over.
That’s right – The Great Resignation officially ended late last year, with quit rates dropping to their lowest point since the pandemic began. As of November 2023, the number of U.S. workers voluntarily leaving their jobs declined to the lowest level in more than three years, as reported by the Bureau of Labor Statistics. Quits dropped to 3.47 million, and the quits rate (a measure of voluntary job exits as a share of total employment) hit its lowest point since September 2020.
Employees are staying put.
So, what does that mean for your staffing firm?
Job gains have been concentrated in specific sectors like government, health care, and leisure and hospitality. While these industries thrive, others experience static hiring.
Unless you’re lucky and staff in an industry that’s experiencing growth, you may need to make some adjustments to stay ahead of the curve. Worsening job prospects, combined with caution among workers, means that staffing firms need to fine-tune their recruitment approaches. Cooling wage growth and the perception of a recession on the horizon underscore the importance of offering competitive and attractive employment packages to stand out in the talent market.
Simply put, you need to do better than the competition when it comes to attracting people to your jobs.
Great marketing helps you do that.
The post-Great Resignation era presents staffing firms with a unique challenge, as well as an opportunity. You’ll need to place a heightened focus on attracting passive candidates – those workers who may not actively be seeking new opportunities but could be enticed by the right proposition.
While they may not be actively searching for new employment, a passive candidate’s potential contribution to an organization can be substantial. And engaging with passive candidates requires a nuanced approach that goes beyond traditional job postings.
Crafting an Irresistible Value Proposition
You usually think of a “value proposition” as it relates to your clients. But it applies to candidates, too.
In your marketing, highlight the potential for candidates’ career growth and prosperity when they partner with your firm. Competitive compensation and solid benefits packages are important, too, especially in a landscape where job seekers are choosing stability. You’ll also want to make clear to candidates your firm’s commitment to their continued learning and skill development – the promise of staying relevant and continuing to grow professionally is a compelling draw.
Need Help with Your Marketing Strategy?
That’s why we’re here. Haley Marketing’s digital marketing experts can help your firm fine-tune your messaging to candidates – and drive more qualified applications. Contact us today to get started.
