If the chart below were an investment chart, you'd be looking to start scaling back tech stocks in your portfolio right now.
Take a look and let's talk about this visual after the jump (email subscribers click through for image):
What this chart tells us is that over 50% of businesses are reporting they have few or no qualified applicants for job openings today. Look at the chart closely, and you'll also see that percentage is higher than at any point between the 01 and 08 recessions (gulp). You'll also see that the latest spike has us reaching recruiting difficulty at its highest level in 20+ years.
That seems like a picture that tells us we are at what I like to call "peak economic cycle" right now. Here's what that means for your recruiting/people/talent function:
--It's going to be harder to find people. You'll need to spend more on recruiting than you traditionally have to acquire talent in 2017.
--At times, you're going to have to buy candidates with expensive offers to get the talent you need in key positions.
--If you have compensation issues, now's the time to be aggressive to do equity increases in key roles that are under-comped vs the market. Make those adjustments and you can buy yourself another year. Refuse to do it in key roles, and there's a great chance you'll lose experience AND pay more for the talent you ultimately recruit to replace the great people who leave.
Peak economic cycle = Turd Sandwich for the companies who don't like to spend much on recruiting and have a "trail" strategy related to compensation in key roles.
That's right - "turd sandwich". You won't see that in the reports from economists, but that's what it is for a lot of you.
Take this chart to your CEO/Ops lead and get some more money. You're going to need a bigger boat until this thing cools off.