Job creation in the professional and business services surged in May according to Moody’s Analytics. The growth in that area is three times the rate of the underlying labor force. Layoffs declined in May by 12%. We have seen demand increase substantially since the end of the presidential election.
Currently, the unemployment rate, which is at record low of 3.8% in South Florida, could reach an unprecedented 3.4%.(National unemployment is at 4.4% and is predicated to fall to 4%.) Note, that 2.5% of the labor market is virtually unemployable. That leaves 1.2% of the whole labor market in Broward as unemployed. We have never experienced such a low inventory of “employable” candidates. While most (70%) of the candidates MSi does place are employed, such low unemployment numbers will significantly impact our cost and our timely effectiveness in doing business. Especially, in our temp and temp-to-perm divisions because unemployed candidates are typically the ones who fill those roles.
The good news for MSi is the demand is up for our services – the challenge is we are making twice, nearly three times the outbound recruiting calls just to get same number of candidates per assignment. Typically, we have to find 5-qualified candidates per assignment to insure a complete search and placement. We know this because we track all outbound calls to the number of recruits we generate to the amount of interviews with clients that generates to final number of placed candidates.
The purpose of the message is to let you know in case you were wondering why it might seem like it takes longer for us to find qualified candidates. We won’t compromise quality over quantity so whereas you might be experiencing less candidates and more spread out searches you won’t see a drop in the quality.
Higher demand and record low unemployment will cause MSi to focus on recruiting employed and most likely job/career satisfied candidates who will have to be” incentivized” to make a career move. Incentives can include offers of higher salary, larger bonus potential, sign-on bonuses, job titles and, combinations thereof. So, we tell you this mainly because if you want the top talent the market has to offer you are not going to find it in the ranks of the unemployed. We counsel so that you can plan accordingly in your recruitment efforts.
We look forward to continued dialogue and servicing your potential talent needs.
Monday, May 18, 2015
MSi attends Mid-Year Alliance Luncheon - Enterprise FL CEO Bill Johnson speaksEverything's coming up job in Broward County.
In a Kaufman Rossin survey of 200 local businesses, 60 percent said they plan to increase staff this year. Seventy-six percent said their businesses are healthier this year than last, according to the survey released Thursday at the Greater Fort Lauderdale Alliance's mid-year meeting in Fort Lauderdale.
"Our new job announcements, in addition to the strong employment increases we saw in 2014, are confirmation that our economy is one of the strongest in the nation," said Bob Swindell, president and chief executive of the alliance. The alliance said that during its first two quarters, ending in March, the economic development agency helped Broward attract more than $29 million in capital investment for company relocations and expansions. The county added 390 jobs and retained 406.
Still, there's more to be done, said Bill Johnson, Florida Commerce secretary and Enterprise Florida CEO. He urged alliance members to lobby their state legislators for a marketing budget for Enterprise Florida, the public-private partnership that works to attract new business.
"I need your support," he said. "The economy is back, but this is not the time to sit back. We can do better."
"New York will spend $140 million to market their state as a business destination," Johnson said. Florida also is going head to head for jobs with Texas and California.Johnson, who began his new job in March, has committed to creating 1 million jobs over the next four years. He said Florida has to compete for business and the state legislature has earmarked "zero dollars" for Enterprise Florida's marketing budget.
He said he will focus on bringing in high-wage jobs and on rural and low-income areas that need jobs.
South Florida has done well in its recovery from the recession, Johnson said, but there's additional potential in attracting new businesses, such as port-related companies.
In 2014, Broward was second only to the fast-growing market of Dallas and tied for No. 2 with San Francisco, favored as a business location for its proximity to Silicon Valley.