Twelve months ago, the job market was in a dire state with COVID-19 and companies closing their doors being forced to lay of workers. We saw historic layoffs and unemployment rates skyrocketed.
Now, the world is opening up: people are flying, restaurants and bars are opening, amusement parks are operating again and people are feeling hopeful. In March 916,000 jobs were added to the economy. While the job market has not fully recovered, it’s in the upward track.
Ultimately, the market is hot, unemployment is dropping, and, once again, it is a candidate driven market. But, what does a candidate-drive market mean? It means there is a copious amount of job openings and a shortage of qualified candidates to fill openings – top candidates are more valuable to employers. This means that all job seekers have more job opportunities but that the best job seekers have the most and best employment options; they have the leverage.
Here are some tips to navigate this hot, candidate-driven market:
- Stop relying on job boards. Today’s job boards are filled with “B and C players” and no so much the “A” players. While, ‘it’s what you’ve always done’, it’s not necessarily the right way moving forward. Finding “A players” is going to take more dedication and time – time your internal staff does not have. Consider partnering with expert search solution teams to utilize their network to find these people instead of relying on the same 3 job boards that every company has access to.
- Make your position the best it can be. When looking for new positions, candidates are considering all facets of the job, including culture and benefits. When these not only meet, but exceed, expectations, candidates might sway in your direction. Read more on easy things you can incorporate into your culture and policy to be more enticing.
- Improve your speed. Don’t drag your feet – have a process outlined and have every touchpoint as seamless as possible for candidates. Right now, candidates could potentially be interviewing with multiple companies and if they are having to wait weeks between touchpoints or for an offer, you might lose them. Make the process and offer efficient.
- Personalize the Job Offer. If you’ve made the interview process exceptional, then you need to follow that with a competitive and personal A cookie-cutter offer is what everyone is capable of. Great – you know you want them to join the team, but did you make sure that the job meets what they want. Make the offer geared towards them and what they want – does your offer meet what they need? Does your offer relate to the their career goals? Does your offer meet what they want in a job?
In a candidate-driven market – the candidates have the power but working with a dedicated partner to find the right talent to help position your open position and company will help strengthen your team.
For additional information, please email Chris Hillman or call (815) 261-4403 x 100