Minnesota’s Top Executive Recruiters and the Current State of the Professional Job Market
What is the current state of the professional job market in Minnesota?
Overall, the job market in Minnesota is strong, but the tight labor market is causing many employers to struggle to fill their open positions. What are Minnesota's Top Executive Recruiters finding to be true in the local market?
Most employers say they're having difficulty finding workers with the right skills. This is especially true in professional and executive-level recruitment for jobs that require specialized skills or experience.
The Impact of the Global Economy on the Local Employment Landscape
The global economy is changing faster than ever. The impact of inflation, globalization, the rise of new technologies, and the shifting demographics of the workforce profoundly effect the employment environment.
To stay competitive in today's economy, businesses must have access to top talent. Job-seekers are more selective than ever about where they want to work. They want to know that their skills will be utilized in a way that is both challenging and rewarding. They also want flexibility and a good work/life balance.
Passive candidates want to know that a move will significantly improve their work experience, with particular attention given to accommodating inflationary pressures. To attract and retain the best talent, employers must be aware of these constantly changing trends and adjust their recruiting strategies accordingly.
Minnesota's historically low 1.8% unemployment rate (seasonally adjusted) is excellent news for job seekers. It means more job opportunities are available, and employers are competing for workers. This is especially true in the Twin Cities metro area, where the state's unemployment rate remains the lowest.
However, the low unemployment rate also means employers have difficulty finding workers to fill their open positions. Many Minnesota employers report that it has been harder to fill open positions in the past 12 months than any other time in recent history.
Record Job Openings
There are currently more job openings in Minnesota than there are unemployed workers to fill them. This imbalance is causing employers to compete for workers, and many are having to offer higher wages and better benefits to attract and retain employees. The shortage of workers is also leading some employers to look outside Minnesota for talent.
The skills gap is a major contributing factor to employers' difficulty finding workers. Many jobs require specialized skills or experience that many workers don't have. For example, healthcare, technology, and manufacturing jobs often require specific training or certifications. These positions significantly outnumber the pool of qualified candidates.
This problem is compounded by the fact that many of Minnesota’s skilled workers are aging out of the workforce.
The skills gap is also forcing many employers to raise their wages, increase benefits, and offer advanced training opportunities to attract and retain workers.
The Great Resignation Effect
The COVID-19 pandemic has significantly impacted the executive/professional job market in Minnesota. Steve Grove, Commissioner of the Minnesota Department of Employment and Economic Development (DEED), states in a recent article in the Minneapolis StarTribune, "With a workforce that skews slightly older than the rest of the U.S., some state officials think Minnesota also got hit harder by a wave of early retirements during the pandemic. By one estimate, the pandemic spurred about 60,000 Minnesotans to retire." Grove estimates that only about half of those workers have since returned to work.
McKinsey & Company recently stated that "there is now a structural gap in the labor supply because there simply aren't enough traditional employees to fill all the openings. Even when employers successfully woo these workers from rivals, they are just reshuffling talent and contributing to wage escalation while failing to solve the underlying structural imbalance."
Many executives have taken early retirement options due to the pandemic, creating more opportunities for those seeking these professional positions. However, the tight labor market has also made it difficult for employers to fill these roles.
The healthcare sector is also expected to see a spike in growth as the baby boomer generation ages. With this aging population comes an increased demand for health services, which will create new opportunities in the healthcare sector. Positions such as nurses, home health aides, and physical therapists will be in high demand.
How will a younger workforce impact hiring?
A recent article in Minneapolis/St. Paul Business Journal states, "Minnesota's workforce is rapidly becoming younger — and more diverse. For businesses to recruit and retain this new generation of workers, business leaders must ensure that they change the culture in their workplaces so that all workers can feel welcome."
With older professionals retiring, the market needs to reset to accommodate the younger generations. This will have a profound impact on the types of available jobs and the skills required for those jobs.
The most significant change will be in the technology sector. With an influx of younger workers who are more comfortable with technology, employers will be looking for workers with different skill sets than in the past.
What does all of this mean for job seekers?
Overall, the job market in Minnesota is strong, but the tight labor market is causing many employers to struggle to fill their open positions. This is especially true for jobs that require specialized skills or experience.
The low unemployment rate and the skills gap also mean that there are opportunities for job seekers with advanced skills and experience. Many employers are willing to pay higher salaries to attract and retain qualified workers. If you're looking for a job in Minnesota, it is vital to highlight your skills and experience on your resume and during interviews.
What does it mean for employers?
If you're an employer in Minnesota, the tight labor market is likely causing you some challenges. But there are steps you can take to find and attract workers:
- First, consider raising your salaries to compete for workers with other employers.
- Second, use executive recruiters to help you find qualified candidates.
- Third, invest in training and development programs to help your existing employees improve their skills.
- Finally, extend your recruiting efforts outside of Minnesota. Our lower-than-average cost of living and excellent quality of life make Minnesota an attractive destination for workers from other states. Professionals in states with higher unemployment rates may be especially willing to relocate for a job in Minnesota.
How do Executive Recruiters Fit Into the Equation?
As the job market continues to recover and evolve, executive recruiters will play an increasingly important role in connecting businesses with the talent they need to succeed. Agencies with well-established company relationships and a large pool of skilled candidates can connect businesses with the top talent they need to thrive in today's economy.
Agencies that have built their business on relationships and trust are the most likely to deeply understand their client's businesses and what they need to grow. This allows them to identify executive-level candidates that may not be actively seeking a new opportunity but would be a perfect fit for the company.
It also positions them to fill positions more quickly since they often have relationships with inactive/passive candidates who are only interested in considering a new role if it meets their specific criteria.
Oggi: Leveraging Relationships With Both Employers and Top Talent
At Oggi, we have built our business by developing relationships with employers and top talent.
Our clients trust us to provide highly qualified and vetted candidates for specific position openings.
Our consultants trust us to help them find the right opportunity that meets their specific goals and needs.
Our job is to make the connection between employer and employee. By working with many of the top employers in Minnesota and having relationships with thousands of qualified professionals, we are able to do just that.
We've been working hard adjusting to the new business climate and have developed new ways for clients and consultants to find each other. We can make these connections because we take the time to get to know our clients and consultants. We learn about their businesses, their cultures, and their specific needs. And we use this knowledge to match them with the right opportunity.
Our relationships are built on trust, mutual respect, and a commitment to excellence. This is how we have created a successful, collaborative, mutually beneficial relationship for both sides of the placement equation.
Placements That Last
Companies need to get the most out of their recruiting investment. To do this, they need to find executive recruiters who can not only identify top talent but also help them retain that talent.
At Oggi, we are dedicated to helping our clients and consultants grow. We work with our clients to ensure they have the finance and accounting talent they need to reach and surpass their goals.
When we make a placement, our goal is to create a long-term relationship that benefits both the employer and the employee. We want our clients to count on us for their executive recruiting needs, and we want our consultants to trust us to help them find the right opportunity.
The Oggi Difference: A Personalized Approach
Oggi has a reputation for quality and results. For more than 12 years, we have helped thousands of companies find the executive-level talent they need to succeed.
At Oggi, we understand that businesses need to be able to adapt and change to stay competitive. We also know that finding the right talent can be a challenge. That's why we take a consultative approach with our clients, working with them to understand their specific needs and challenges.
We then leverage our extensive relationships with skilled, executive-level candidates to identify the best match for each client.
Our executive recruiters are experts at forging relationships with employers and top talent. We take the time to get to know our clients and candidates to make the best possible matches.
Consider a relationship with Oggi Talent
If you're an employer looking for executive recruiters in Minnesota that can help you find the right talent, or if you're a skilled job-seeker looking for the right opportunity, look no further than Oggi! Whether in need of a short-term, long-term, or permanent solution, we are here to help you attain and retain the talent you need, even in a candidate shortage.
Contact us today to start finding and keeping top talent for 2022 and beyond.