Today’s hiring landscape is getting more challenging for recruiters, hiring managers, and HR professionals. With low unemployment, an aging workforce, and more talent seeking out the gig economy, the job market has truly become candidate driven.
According to data from Addison Group, 43% of jobseekers don’t know what a candidate’s market even means in relation to the job landscape. This could be a huge advantage for those seeking to recruit top talent. As defined by Addison Group, a candidate’s market is “a job market where there’s typically a surge in the number of available job opportunities, which results in an increased demand for highly skilled talent.”
For hiring managers and HR professionals looking to get a leg up in the war for talent, Peg Buchenroth—Senior Vice President of HR at Addison Group—joins us in the following Q&A to discuss how you can navigate the candidate’s market and hire talent quickly.
Recruiting Daily Advisor: How does a candidate-driven market change the recruiting strategy for hiring managers and employers?
Buchenroth: Employers and hiring managers need to be aware of the market conditions and recognize that candidates could be receiving multiple offers. They should consider broadening the scope of their search for talent whereby “casting a wider net” can provide more options.
An example of this would be being flexible and considering candidates with 2 to 3 years of experience vs. 3 to 5 years of experience. With this flexible approach and mindset, employers very well might find a great candidate with less experience than required on the job posting but shows the potential to learn and grow with the company.
Recruiting Daily Advisor: Are there any under-utilized resources for recruiting that you think hiring managers should be taking better advantage of? For example, places to look for passive candidates.
Buchenroth: Absolutely. People love talking about their careers, so networking has always been a great way to meet candidates and connect with others who can become a referral source for candidates.
Employers can use their own employees as goodwill ambassadors in their local communities by offering referral awards as another avenue to generate potential candidates. Using a recruitment firm on a contingency basis can be another great resource, especially for finding passive candidates.
Recruiting Daily Advisor: What are some benefits hiring managers should consider in order to stand out from the competition that are especially attractive to jobseekers right now?
Buchenroth: Firstly, knowing the competition is key. Hiring managers should consider benefits that their own employees often cite as differentiators in the marketplace. For example, if a company offers the option to work remotely 1 day a week and that’s well received by existing employees, that’s a wonderful benefit to promote during recruiting efforts.
When we think of benefits we think of generous pay or anything with monetary value, however, employers should consider nonmonetary benefits that could be attractive to jobseekers as well. For example, an employer that offers tremendous career growth opportunities based on its own company’s growth trajectory could stand out to candidates who are eager to learn and grow in an expedited fashion.
Recruiting Daily Advisor: What role does the candidate experience play in a candidate’s market? What are some aspects of the candidate experience that you think employers could or should improve upon?
Buchenroth: Shortening the recruiting process is hands down, one of the most critical improvements an employer can make in today’s candidate-shortage market. While it is essential to have a comprehensive vetting process for candidates, there needs to be buy-in from those involved in the recruiting process to ensure it progresses in a timely manner.
Employers who take too long to make a hiring decision may find their perfect candidate has already accepted another offer.
Recruiting Daily Advisor: How much time should hiring managers allow for their top choice to accept once they have extended a job offer to a candidate?
Buchenroth: Generally, if you’ve done a good job of explaining all the company has to offer to a potential candidate, an acceptance can be made within 48 to 72 hours of the candidate receiving the job offer. Giving an extended period of time provides a longer window for candidates to consider other offers.
Recruiting Daily Advisor: What are some tips you can provide to help employers reduce ‘time to hire’ for open positions?
Buchenroth: Firstly, ensuring that everyone involved in the recruiting/hiring process is fully engaged and understands the expected turnaround time for feedback is key. Having that level of buy-in is essential so that the “hiring committee” can make decisions quicker and extend offers in a timelier fashion.
The tight labor market is conducive to candidates receiving multiple offers, so having a well-orchestrated hiring process can make a significant difference in keeping candidates engaged throughout the interviewing and offer stages.
Recruiting Daily Advisor: Is willingness to negotiate salary an important element for job offers in this market? Should employers also consider negotiating benefits?
Buchenroth: Although some flexibility is common, employers need to consider how the inflation factor can occur when paying employees above market. Focusing on nonmonetary benefits can certainly make a difference with some candidates.
A thorough vetting process will often reveal reasons why a candidate is considering other opportunities so, being able to highlight how your company differs from the candidate’s current employer can be advantageous.
For example, if the candidate’s current salary is competitive but requires working extended hours on a recurring basis, employers who can offer a more flexible work/life balance might find themselves in a win-win scenario.
For more information on how you can secure top talent quickly, check out Addison Group’s latest report: 2019 Workplace Survey, here.