As restrictions lift, the landscape of the labour market is changing; there has been a significant increase in available jobs, but not enough skilled candidates available to fill these positions. In a candidate-driven market, jobs are abundant, and top-tier candidates are often scarce. Employers have to compete for top talent in their industries, which leaves them more willing to offer higher salaries and better benefits to attract and retain valuable candidates.
A candidate-driven market means there’s more competition for employers. While talent competition increases, so does the willingness of workers to leave their current position for new jobs with better salary, bigger benefit packages, more opportunity for advancement, or all three.
Now it’s common to have final candidates with multiple offers, or passive candidates who, within the span of a week, become very active in several processes. This coupled with increased expectations around cash and non-cash compensation has made it more difficult to get great candidates across the line.
Strategies for recruiting in a candidate-driven market
Be prepared to compete for the best candidates
This involves a combination of selling, interviewing, building a relationship and managing expectations around the process. Candidates need to be treated as customers and sold on why (if they’re qualified of course) they should come work for you. An interview process is a glimpse into what it’s like to work for you.
Improve your speed
Every touchpoint a job candidate has with your company should be as efficient and speedy as possible. Hire with a sense of urgency, a lot of top talent are interviewing for multiple roles, so if you find a person you like and want to hire – snap them up fast. Time kills every deal. Companies that drag their feet, let too much time elapse between interviews, and require too many meetings before making an offer give the competition the benefit of time. The early bird does in fact get the worm. When employers make their hiring decisions efficiently, early offers may tempt candidates to make a deal.
Articulate your employer brand
Put yourself in the candidates’ shoes for a moment. In most cases, people want to know who it is they are applying to and what it is the company stands for. Your employer brand’s impact is significant. People don’t just apply to do a specific job; they apply because they are also attracted to the prospect of being part of a particular company with a particular culture.
Make sure your compensation is competitive
Sharpen your pencil on compensation and put your best offer forward. Go too low and you risk turning the candidate off or giving them the time and inclination to look at other offers. If your best foot forward doesn’t get it done, reevaluate role priorities or your budget (market comp is rapidly changing — it might be time to reevaluate internal bands!).
Enlist expert help
In order to quickly match the best candidates to your open roles, utilise specialised agency support from recruitment firms like Initiate International! When hiring in a candidate driven market, your best asset as an employer is to view candidates as long-term investments; the happier the employees, the greater your ROI.
Be creative
Candidate expectations have changed. Be creative around what is necessary to meet your company’s needs as well as the needs of future employees. This could mean allowing more flexible hours, work-from-home options, or partnering with a childcare provider to attract primary caregivers.
A successful recruitment strategy today starts with acknowledging that you won’t solve your current hiring challenges by applying the solutions of the past. It’s not something to fear, you just need the right tools. If you are an employer looking help to hire top talent, get in touch with one of our recruitment consultants today!
If you are a candidate looking for an exciting new job opportunity, please click through to our job section.
