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A Candidate driven market - Adapt or disappear

Posted on 1st March 2019 by Caitlin Ielasi

Alt = group of diverse candidates laughing
The job market is officially candidate driven and there is no indication this will change soon.

I’ve been talking about factors such as the effects of the retiring ‘baby boomers’ and low unemployment for a few years, and we now have tangible indicators they are having an impact. The tight candidate market is affecting all hiring levels from highly specialised managers to more junior generalists. 

Candidates are in the drivers seat when it comes to choosing their career options and they are more sophisticated about making that choice having access to enormous amounts of information and technologies. Stats are telling us that great candidates understand their value in the market and they will take a position where they will be developed, given opportunity and valued vs other factors such as job security. Candidates these days are also more likely to juggle multiple job offers and have done their research about your organisation. They might have even connected to other people who have worked in your business to learn about your culture.

Hiring now isn’t about sticking an ad on a job board, it’s all about the quest to attract talent – and the race is on. Davies Stewart has seen this major market shift and invested in Talent Acquisition Strategies to help clients meet staffing demands. Some key information that will help you connect with your talent audience are;

  • Understand your employer value proposition (EVP) and build a trusted and current brand and reputation. Be authentic to that brand and it should resonate through all your communications – internally and externally. When we support your business, we help you identify your EVP and then effectively convey that message throughout our networks to attract the right talent. Social media is by far the best way to message your brand – but standing out isn’t easy.
  • Shorten hiring processes. Leave a strong impression of your business by modernising your interview process. The experience a candidate has when they apply for roles is even more important when you are competing for talent. They are assessing you too and a negative hiring process can change their mind about joining you, and even affect them as future customers. Are Video Interviews right for you? Millennials used to being in-front of a camera! Streamline information requirements – most people want the initial process to be short and will invest more time later in the hiring pipeline. Stay in touch and get back to people as quickly as possible. Make sure you are screening quickly and have efficient processes in place and prepare by defining what the hire should look like and then consistently apply this to your role to shortlist. Be thorough but be prepared so you can move quickly.
  • Hire for potential. What talent are you missing out on because they don’t tick all the boxes. Consider if you should hire someone who can do all of your job functions now, but may not be the right cultural fit vs hiring someone who has the potential to be a star but might not have all the required skills. We know that skills are much easier to learn than behaviours and let’s face it, roles are constantly changing so it seems to make sense to hire someone with resilience and the ability and attitude to learn.
  • A tight candidate market will put pressure on salaries. Candidates are interested in what your business can offer in terms of salary, but also other benefits such as gym memberships, workplace culture, ongoing professional development and more. Develop your offering so that you have something unique and of value when you go to market.