The Great Resignation is here, but is it a bad thing for all businesses? This phenomenon has created a job market that favors candidates quite a bit. Your company may even have an unprecedented number of job openings.
At the same time, the Great Renunciation has brought great opportunities. There is an unprecedented number of highly talented candidates looking for employers who appreciate what they bring to the table.
This is your opportunity to build teams that can position your business for growth.
What is a candidate-driven marketplace?
The hiring market refers to an employment market where applicants—not companies—have the upper hand. It is driven by candidates. Jobs are numerous but qualified people are scarce in this sort of market, which often develops during or shortly after an economic rebound or in any circumstance when the need for skill is increasing.
Companies fight for the best people in their fields, leading to an increase in greater pay, better perks, and other negotiables to entice and keep top applicants.
What is an employer-driven market?
When there are more job searchers than jobs available, there are job markets that are driven by employers. Employers benefit from having a large pool of qualified candidates to choose from.
Additionally, they have an opportunity to reduce wages in order to attract excellent personnel at a discount. This happens most frequently when the economy is weak and unemployment is high, and it creates a highly competitive recruitment scene.
1-Employing candidate-first hiring techniques in your recruitment approach
Recruitment is now a two-way street rather than simply about you choosing the individual. Companies need to develop a procedure that persuades candidates that the position you’re providing is the greatest opportunity for them, much like an efficient customer acquisition approach. Consider the hiring process a “sales cycle” for top people, and design an environment they can’t resist.
2-Spend some time getting to know the prospective hire
You can create a candidate-centric experience and lay the groundwork for your hiring and retention efforts by having a solid understanding of your target prospect and the job market they operate in. Here are some tips for getting to know your prospective applicant.
—To have a better understanding of the prospective employee’s viewpoint, speak with current staff members or applicants for positions that are comparable to their own. What characteristics do they want in a fresh opportunity? What drives them to do their jobs?
—Look at your rivals’ products and services to see how they handle applicant demands. Are there any tendencies in the offers of your competitors that you haven’t thought about?
—Keep up with market trends, and embrace new techniques before your rivals. If you take a long time to accept new trends and benefits, they will lose their appeal as benefits and become the standard, which you will be providing. At Resourcing 360, we are observing a significant increase in demand for flexible working hours and locations, as well as a rising trend in overall incentive packages that are competitive.
3-Job Postings
Post the available position on several platforms. Think broadly and narrowly. Both well-known sites and specialized employment boards have advantages.
It’s essential that you publish your job opportunity in several places, especially if the position requires remote work, as there are prospective candidates on an apparently endless number of employment sites and social media platforms.
4-Source and interview for alignment
Candidates are more likely to accept a job offer and remain at a firm in this new candidate-driven market if they feel a connection to their work. According to a 2020 LinkedIn survey, jobseekers are more attracted than ever to businesses that have a defined goal and actively convey their positions on social issues. Here are some strategies for luring candidates who support your mission.
—Promote a mission that is distinct and compelling to attract potential applicants. Ensure that the messaging is consistent throughout all platforms.
—Encourage prospects to picture themselves working for your organization by using employee testimonials. Display the really positive attitudes that your present workers have about your business and their job.
—Ask pointed questions to determine where you are aligned. Ask behavioral interview questions that are open-ended and aimed toward determining value alignment.
5-Think about the user experience for candidates
Any recruiting process may be made or broken by the applicant’s experience and your interactions with them. Here are some simple strategies you may use to enhance the applicant experience.
—Examine your application procedure and pinpoint regions of friction. Think about the details and procedures you’ll need to evaluate applicants successfully.
—Give regular and timely updates. To demonstrate to applicants is a key priority, keep in touch with them throughout the process, and include managers in outreach, interviews, and follow-ups.
—Provide a two-way chance at every level. Throughout the hiring process, encourage applicants to ask questions, and get ready on your own and with your team to provide honest, upfront responses.
—When making decisions, be considerate of the candidate’s time. While you don’t want to rush the process, waiting too long to decide or give feedback raises the likelihood that you will lose prospects to rival employers.
6-As For Comments, Then Iterate
The art of hiring is more difficult to master than the science of hiring. In order to make the best hiring decision, you need constantly evaluate what is and is not working. Utilize feedback data to determine how you may make process improvements.
Consider Hiring As Sales And Recruiting As Marketing
In terms of consumers, the marketing division works to boost public knowledge of your business, enhance its standing in the eyes of your target market, and spur interest in the goods you offer. They employ a variety of practical marketing methods, produce marketing content, and tap into the influence of social media to achieve this.
Many of the same activities should be carried out by your recruitment staff. To connect with potential workers and spark interest, they can make use of social media, shareable content, and recruitment marketing tools. Do you have what potential employers are searching for? Use Candidate-Driven Marketing to inform them.
Similar to this, salesmen interact one-on-one with potential consumers. For the purpose of turning leads into purchases, they offered individualized, interesting experiences. You must use the same principles in your hiring procedures in order to turn candidates into employees.
You may do this by making a commitment to regular communication with potential candidates, streamlining the application procedure, and taking other steps to improve the applicant experience.
