RESEARCH TRIANGLE PARK – In a turbulent economy in which demand for talent continues to grow despite warnings of a recession, what’s an expert insider’s views on the state of the market? How should people looking for a new career opportunity prepare themselves? How can companies improve their recruiting while at the same time hanging on to the talent already on their payrolls?

To find out, WRAL TechWire reached out to Rod Frankel of Raleigh-based Frankel Staffing Partners for some answers. The firm was founded in 1994 and has nearly 27,000 followers on LinkedIn.

Our Q&A follows:

  • Recent statistics show nearly 2 job openings for every available worker seeking employment. How can companies best compete for the available talent? Better pay? More benefits? Work from home options?   

With the recent “tightening” of the employment market, certain aspects of the hiring process have become expectations, rather than perks, benefits, or competitive advantages.  The two major items in the category of expectations are: base pay rate and work-from-home options.

Jobs surprise: Triangle labor market shows more energy with openings climbing

Worker’s salaries have increased across the country – this is true for positions from minimum wage, entry-level jobs to professional, office, technical, and management positions.

Also, with the change in the workforce due to the pandemic, employees now expect to be able to work from home at least 2-3 days per week.  Companies that can’t offer this option will need to clearly explain the reasons for not having a work-from-home option.  Both of these expectations are prevalent across the country and in the Triangle.

Apart from the aforementioned expectations, companies will need to clearly explain how a new hire can contribute to their company’s work.  The company should be prepared to explain how a new hire will be able to experience personal growth in their new position.  Corporate culture is still important and is valued by job seekers.  The company should formulate some questions that determine what the candidate is looking for in a job.  It’s important that their voice is being heard.  Basic benefits are also certainly expected, but extra benefits and not necessarily a deal changer.

Companies should also be very familiar with different hiring options.  In past years, a temp-to-hire arrangement was perfectly acceptable as a bona fide job offer.  Temp-to-hire is still viable, but many more candidates strongly prefer a direct placement situation.

  • Conversely, how can workers seeking a career change best leverage their negotiating position?  

A candidate should be able to specifically show a potential employer how they can contribute to the company.  Examples from past experience are always a good way to do this.  What impact have they had in their previous positions.  What have been their personal contributions.  What personal growth have they had since the start of their last job.

Rod Frankel (Photo courtesy of Frankel Staffing Partners)

  • The NC TECH Association reported a big drop on tech job openings in July. Yet some people say demand for tech talent remains very strong. What are you seeing in the tech marketplace? What are the hottest sectors for hiring?  

I wouldn’t go so far as to say that the Triangle job market is in a bubble, but we are definitely insolated against some of these job decreases.  There are certainly layoffs and downsizing operations occurring in our area, but there are also still a healthy number of available job openings.

My key comment here is simply that qualified and capable candidates will always have opportunities and options.  Candidates need to be able to show how and why they are a good fit for both the available job and for the hiring company.  From the employer side, companies need to create a work environment that appeals to those good candidates.

  • What are your recommendations for people in the tech and life science sectors who are looking for a new job in a tightening market? How can they improve their chances of being hired?   

In a tightening market, or in any kind of competitive hiring scenario, job candidates must be prepared to show how their skills, experiences, and attitudes are different from other candidates.  How can they explain this in a modest, specific, and convincing manner.  They should also be able to show a willingness to adjust or adapt as needed.

In the tech and life sciences sectors, a variety of opportunities exist to learn new skills and to earn specific certifications.  We’re fortunate in the Triangle to have a wide choice of stellar community colleges and universities that can provide the pathways to those increased skills, certifications, and degrees.

In addition, there are also training programs outside the realm of higher education such as Bio Jobs Hub and several private tech training options.

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  • Based on what you are seeing, do you believe a recession is coming? Why or why not? If so, will it affect hiring and trigger more layoffs? Please explain. if no recession coming what’s that mean for the jobs market?     

A good question, but quite truthfully, we’re recruiters not economists.  Many brilliant minds in the financial world continue to have different opinions on this subject.  Unfortunately, my crystal ball isn’t working that well.  Is hiring slower than a year ago?  Yes…., but there are still a variety of good, available jobs.

My personal observations indicate that the current slowdown is very different from past recessions.  For example, in the early 2000s, when the tech bubble burst, there was some spillover to the general economy, but the most significant effect was concentrated in the IT sector.

Today’s economic slowdown, caused by the global Covid-19 pandemic, is a situation that no one has seen in over a hundred years.  While almost all businesses and industries have struggled for the past 2-3 years, thanks to the actions of modern science, along with the mandates and recovery programs from many of the world’s governments, we’re now moving out of the pandemic and I truly believe that a return to strong economic results is on the horizon.

  • What other key trend(s) do you see in the jobs market?

Without a doubt, the biggest current trend in the job market is the remote workforce.  Remote is very different from hybrid or work-from-home.  Anyone, from anywhere is a viable candidate.  A remote worker can live and work out of town, out of state, or out of the country.  They don’t have to do any of their job functions or attend any meetings at a specific physical location.

This is definitely a trend to monitor and to continue to evaluate.  I’m concerned how this may affect company training, collaboration, commitment, and corporate culture.