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The U.S.’ new dilemma attracting talent during a skills shortage

Posted by: Laurence Simons 20/04/15

The United States has seen its unemployment rate drop to a seven-year low of 5.5%, drastically outperforming Europe which is sitting at 11.2%. As the economy grows and more positions become available within the legal sector, employers are finding it harder to fill positions with top talent.  Thus, they are raising rates of pay to try and compete for the best candidates.

As firms battle it out to secure these top applicants, their methods of attracting and retaining talent are becoming ever more creative as they strive to suit individual needs. The typical benefits package that you would receive once starting a new job is becoming a thing of the past as people opt for more tailored attractions, such as a gym membership or day care. It goes without saying that where the latter might be a redundant extra for a young, single candidate, it could be the pivotal part of the job offer for someone with children. As the employment market becomes increasingly candidate-led, firms are offering these personalized packages as, from the applicant’s perspective, it sets them above the rest.

Talent retention is just as important as securing good new hires. With an abundance of new legal positions in the market, it is important for law firms to maintain good relationships with their employees so as not to lose them. With 51,000 legal jobs becoming available in the U.S. last month, competition for quality candidates is commonplace, and inter-firm transfers are not a rarity. Simple processes like offering employees feedback, opportunities to develop through education and a clear route to career advancement are all important procedures to follow, and could be the difference between retaining and losing talent.

Are you doing enough to attract and retain talent?