As we move further into the teen years of the 21st century, companies are still looking for talent that they desperately need. Technology companies continue to push the envelope for innovation, which is requiring ever greater levels of technological talent to pull off. The only problem is, this demand for tech talent is greatly outpacing the supply of available professionals.
The unemployment rate is holding steady at 5%, which some economists consider to be very close to full employment. Additionally, the growth of the Gig Economy, has further reduced the supply of available candidates. As more and more professionals make up their income through short-term, part time and contract work, the supply of available the supply of available professionals continues to diminish.
The high rate of employment combined with the rise of the “Gig Economy” and a highly documented talent gap across industries is making 2016 a tough year for hiring. Hiring will be especially tough if the job you’re trying to fill made the list of this year’s most in-demand jobs.
Most in Demand Jobs of 2016
If you need to fill one of the most in-demand jobs of 2016, you should prepare for a challenge. CareerBuilder, with assistance from Economic Modeling Specialists International, analyzed a range of 700 positions for job marketing activity versus actual hires made. The joint study compared the number of job ads that companies post each month with the number of hires made for those roles.
The results of the study confirm that the demand for talent is greatly outpacing the supply of available professionals. The study found that there are over 100 jobs that have more ads being posted for them than hires being made for them, on a month to month basis.
Here are the top ten most in-demand jobs this year, and the number of job ads that go un-filled each month.
Though nearly 300,000 job ads are posted asking for Registered Nurses each month, only 97,549 Registered Nurses are hired each month. What’s more, the demand for Registered nurses is expected to increase further in the near future. According to an article from Fast Company, more than half of registered nurses are over 50 years old and 62% of them are considering retirement within the next 3 years.
In second place, employers looking to fill Software and Applications Developers will have difficulty hiring and retaining talented employees. According to a separate CareerBuilder survey, 42% of those in the information technology sector are likely to leave their jobs within one to two years.
The cause of this restlessness? Good old cash money. According to a study from Dice, a higher salary is driving 59% of these job hopping technology workers. While the average salary for a technology worker was 89,450$ in 2014, the overall growth rate of wages in the technology sector has been slower than many in the industry would like. Essentially, if you want to hire and retain top tech talent, you will have to offer candidates a salary that is competitive for your area and your industry.
Best Practices for Hiring in 2016
Make an Investment: They say you get what you pay for, and this expression has never been more applicable than with the current talent market. If your company relies on one of these in-demand positions, offering the largest salary possible will be key in beating out competitors in your industry.
With job hopping on the rise, the only way to win through offering a better deal than the competition. People are willing to move across the country or the world for a higher salary, so attracting and retaining top tech talent will depend on what sort of investment your company is prepared to make.
Move Quickly: In order to minimize the chance of top candidates being poached during the interview process, your interview process must move as quickly as possible.
To move things along, make sure that your interviewing team is working as a well-oiled machine. If your interviewers aren’t communicating efficiently or are overlapping in interviews, then this will drive top talent away. Nobody likes feeling like their time is being wasted, and an inefficient, low-touch interview process will get on the nerves of top talent.
By streamlining your interview process and offering a salary that is competitive by your industry’s standards, you can beat the odds and find the talent you need to execute your plans for this year.