Why is it so hard to find good candidates with everyone talking about how high unemployment is?

Posted on February 21, 2012 by in Blog, Trends

We are talking to a lot of business owners right now who say they are advertising for open jobs and aren’t getting very many candidates — and the ones they are getting are not qualified. How can it be so hard to hire when we are talking about record unemployment? Look at this chart for an explanation:

Unemployment Rate: Some HS, HS Grad, Some College, Bachelor’s or Higher

Chart of unemployment rates broken out by education levels

Source data: Bureau of Labor Statistics, Chart source: http://www.deptofnumbers.com/unemployment/demographics/

If structural unemployment, or so-called “full” employment, is 3% – 4%, we are nearly there for college-educated workers. So if the job you have open requires a college degree, you are going to have a hard time filling it. You need to be prepared to go out and find candidates, be flexible with location and work hours, and even pay to find the most talented workers. If the economy continues to heat up, having the best talent on your team is going to determine your ability to respond to the market.

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About Brad

As principal advisor of Anchor Advisors, Brad Farris has experience leading businesses & business owners into new levels of growth and success. Through his work with over 100 Chicago area small businesses he has experience in guiding founders and business owners through the pitfalls and joys of growing their business. Prior to joining Anchor Advisors, Brad spent over 10 years managing business units for a family-owned conglomerate with sales of $2 million to $25 million.

When not working Brad enjoys cycling, cooking and the NFL. He is married with 5 children and lives in Chicago, Illinois.

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  • Sean

    Very interesting. It seems like both employers and potential candidates have trouble finding each other. Looks like both potential candidates and the employers they’re looking for need to start utilizing more flexible search methods.

    Thanks for this!

  • Chuck Smith

    A great chart to show the value of education. If you are among the many who don’t have that college degree, there’s new hope for future employment. Manufacturers all over the country, and especially in the Midwest are scrambling to fill jobs. Lots is being written about the new manufacturing job base that requires a skill set reversed from the old model. Now we need folks with 90% brains and 10% brawn. It used to be the reverse. So get yourself trained as a CNC operator or a safety engineer (doesn’t necessarily need a college degree). Upgrade your skills and get a job.

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