Candidate Driven Market: Speed is key
As an employer, you may not know that a candidate-driven job marketplace exists until you start recruiting. Employers often hear the phrase "It's a candidate marketplace" without knowing what it means. Recruiters are always affected by the fact that the candidate is usually in control of their destiny when applying for jobs.
Candidates are often offered multiple jobs at once, and their existing employer provides more money to keep them on as employees. Salary isn't the only thing that matters; there are many other things to consider when choosing a job. Candidates have so many choices that they can command higher salaries, better working conditions, greater job security, and a comprehensive training program. If a client cannot provide what a candidate is seeking, they will eventually lose them to a competing company that can.
Why Speed Is So Important
If your company takes too long to hire someone, candidates will look for jobs elsewhere.
To improve your recruiting processes, you must first understand why time matters. As organisations continue to grow and change, they're now looking for skilled employees to help them move forward. However, acquiring these skills is difficult. There’s an increased demand for talented people, but fewer capable people are available than before. Finding qualified talent has become even more complicated, with top-talent people already employed. If they're not hired quickly enough, they may remain at their current job rather than look for new employment elsewhere.
How can employers approach a candidate-driven market?
With the COVID-19 pandemic, recruitment has adapted and changed to accommodate companies that need to hire remote workers and face skill shortages. There’s been a shift in how companies hire employees since the pandemic hit. Now, more jobs are available for the first time in a decade than people are looking for.
Some companies may feel that they're losing out by not having any bargaining powers, but like most changes in recruitment, new strategies need to be developed to recruit and keep employees. While this demand can result in increased salary and improved employee satisfaction, it also leads to more excellent employee retention.
Post job roles on multiple platforms
You can increase the number of people viewing your ad by spreading it across multiple locations. You shouldn't ignore the passive candidate market, which includes LinkedIn and external advertising.
Streamline your hiring process
Keep them interested by ensuring they're moving quickly through the interview process. Your process must be thorough but quick.
Be transparent about roles.
Candidates who know precisely what is expected of them can quickly determine their essential duties and responsibilities and whether they fit into the team. Candidates value clear communication and understand what they're expected to provide.
The importance of having an attractive culture, branding, and reputation for attracting top talent
Attract top talent by creating an engaging culture, building a solid brand and developing a positive reputation. As previously discussed, candidates don't decide which company they want to work for solely by looking at the salary offered. Employees need to be able to envision their futures at the company. An important factor when interviewing candidates is explaining the company’s corporate values. Most often than not, hiring managers don't sell their company enough during interviews and expect candidates to be excited about opportunities based solely on reviewing a job description and answering questions. Don't make that error.
Try looking for new talent in new places and widen your search.
By recruiting international students who have previously attended universities in the United Kingdom, you will not only increase the number of applicants but benefit from their experience, which includes helping to address shortages in areas of skill shortage such as STEM (science, technology, engineering, and mathematics) subjects. Studying abroad gives international students an advantage because they gain language skills and cultural knowledge. A rich culture at work also improves employee engagement and drives business innovations.
Retaining the candidate
Retention is about ensuring an employee stays with the company for a long time. Many things keep employees from leaving their jobs. Usually, the main reasons employees quit their jobs are not because they don't want to be there anymore but because they feel they're not going anywhere at the company or don't get along well with their managers.
Therefore, an employer must ensure that employees believe their managers have their best interests at heart, support them in their development by regularly reviewing them, and ensure that any issues are dealt with quickly so that they don't get out of hand. Praising someone for doing a good job helps them feel valued and appreciated.
It also shows that you understand their situation and are willing to help if they need it. If you indicate that you care about your workers' well-being and give them opportunities for advancement, you will be seen as an employer who cares about their people.