It used to be a dealers choice. Now it’s a candidates choice. The pandemic forced people take a long hard look at their careers. It gave them a heightened awareness of what they want out of their profession and from that awareness, many people left their jobs to find something more in line with their newfound clarity. Those same candidates who are now exploring new positions at your companies’ are much less willing to compromise on their established criteria and it is up to you as the Employer and Hiring Manager to maintain flexibility and stay competitive within the job market to recruit top tiered talent.
What Constitutes a Candidate Driven Market
As opposed to an Employer Driven Market, a Candidate Driven Market is categorized when applicants have the upper hand and are not only able to have their pick of company, but also demand higher caliber packages due to the competitive shift in the market. As of this past August, 4.3 million Americans resigned from their positions, marking the highest rate since the U.S. Bureau of Labor Statistics began tallying staff turnover in 2000. An additional study conducted by PWC noted that approximately 65% of workers are looking for a new job, with the top reasons including:
- Negotiating a better salary
- Accessing new benefits
- Workplace flexibility (the ability to work remotely or hybrid.)
Marketing Yourself to the Applicant
- Accelerate the Interview Process
Because your applicants are also applying to other company’s, it is imperative to accelerate the interview process. Gone are the days of month long interview rounds and back and forth scheduling conflicts. When you find a candidate that matches the skill set you are looking for, you must ensure that the appropriate Hiring Managers are prioritizing the interview process. Although interviews can be time consuming in the short term, the talent you attract will add tremendous value in the long term. Ensure that all individuals involved in the hiring process are scheduling interviews at their earliest availability, otherwise you have a high probability of losing candidates. 52% of job hunters say a lack of response from employers is their biggest frustration (Wesbsolutions, 2020). Even a days difference will add the risk of losing your candidate, so be communicative and firm in your interest.
- Invest in your Recruiting & Human Resources Department.
Your Recruiting Department is the first point of contact the applicant will have with your company. By investing in your Recruiting & Human Resources Department, the applicant will likely have a top tiered recruiting experience and be more inclined to accept the position. Invest in experienced professionals who your applicants can trust to provide a seamless and informative experience.
- Stay up to Date on Market Value & Perks
In a candidate-driven market, the applicant can immediately decipher if your compensation and perks fall in line with the overarching market. Ensure that at least once a month, a member of your team is conducting competitive market research. By offering on par packages, you will put yourself ahead of the curve and be viewed as a company who can be trusted. With the expansion of roles to accommodate an everchanging world, the market has fluctuated in terms of compensation. Being educated on the market standard shows the applicant that you are educated, proactive and fair.
- Adapting to a Remote Environment
Arguably the biggest employment change following Covid, was the adaptability to a remote work environment. With this change, talent has more options than ever, which has added to the competitive nature of the job market. Employers need to lean in and establish their work from home policy or a hybrid alternative. This has become not only a desire, but a demand for many applicants. Today, 35% of job seekers say they will turn down an offer if their employer does not offer a remote work option(Career Builder, 2020) and furthermore, 23% of employees report they are willing to have their pay cut by 10% if it means they can work from home(OWL Labs, 2020).Your policy should be well established and communicated at the forefront of all materials as to not deter anyone.
Positions today are becoming more customizable to the client, and the hiring process should feel no different. Contemporary Staffing Solutions is here to help you lean into that flexibility and competitive nature of the job force. As Recruiters, we are well versed on the pulse of the market and finding you the best candidates amongst the competition. We have already adapted to a candidate driven market and offer customized recruitment strategies to ensure that we are pairing you with the most compatible applicants. Although it is a consumer driven market, we make sure that you always stand out from the crowd.