In today’s market, even with some layoffs, candidates still have many options when it comes to jobs and the companies they choose to work for. This puts employers in a tight spot as candidates now hold more leverage when it comes to negotiations. As such, hiring in this candidate-driven market requires a different approach that ensures candidates are attracted and retained.
The first step is understanding exactly what candidates are looking for, which involves researching their skill sets, motivations and salary expectations. Once a thorough understanding of candidates is established, you can start crafting job postings that will appeal to them. Be sure to include all details about the position including responsibilities and salary range so candidates know what they’re getting into before applying.
Once applications start rolling in, review candidates thoroughly to ensure the best candidates are selected. Use interviewing techniques that focus on candidates’ skills and experiences, and don’t be afraid to ask probing questions that get past surface level answers.
When it comes time to make an offer, consider offering incentives such as work-from-home opportunities or flexible hours. These types of benefits can attract top talent and help keep them engaged with the company over a longer period of time. Additionally, provide candidates with a clear timeline for when they can expect news of their hiring decision so they don’t feel lost in limbo.
Finally, once candidates accept an offer and join your team, ensure onboarding is smooth by providing comprehensive training programs and ensuring new hires have the support they need to be successful in the role.
Candidate-Driven Hiring Tips
“We are seeing an unprecedented volume of new positions from businesses worldwide in January,” says Kathleen Steffey, CEO, and Founder of Naviga Recruiting & Executive Search. The volume of hiring has returned to pre-pandemic levels and employers are having to compete for top talent like never before. This surge brings about new challenges for employers that have plans to grow their headcount in 2023. “2022 labor constraints have forced hiring managers to be more creative in their hiring decisions. The path for 2023 has no projected change in sight,” says Steffey.
Below are 6 effective hiring strategies that will increase your chances to recruit the best candidates while retaining your current team.
1. Move Quickly
It’s important to keep your candidates engaged especially during a candidate-driven market. Despite all the tech layoffs there is no such trend in the blue collar and hourly job markets. Employers need to keep candidates updated throughout the hiring process and respond promptly. If candidates are left in the dark, you may miss out on your next best employee. Focus on speed of hiring by removing barriers to apply.
2. Focus on Retaining Your Existing Team
Retention is such a large part of a successful recruiting strategy when there’s a shortage of best-fit candidates. Let your current team know how much you appreciate them and recognize their efforts. Figure out what benefits matter to them most and work to help meet their needs.
3. Tap into the right talent pools
Talent pools might be getting larger, but the number of quality candidates is getting smaller. Additionally, top candidates are getting choosier and know they have plenty of options.
4. Consider remote working
Many employees have become accustomed to the flexibility and work/life balance that comes with remote work. If you’re able to offer a remote position, not only will this be a selling point of the job, but it will also increase the number of potential candidates who can apply. A hybrid approach can also be influential.
5. Be mindful of your interview process
Interviews should be used to attract top talent, not send them away. Companies with long, in-depth interview processes lose out on top talent, especially leadership-level candidates.
6. Consider Temporary Staffing
Hiring employees on a Temp Staffing basis can reduce the risk of turnover and eliminate high training and salary costs. Not only can you choose how long you want the temp contract to last, but you also have the flexibility to terminate the contract immediately.
As more candidates take advantage of the current job market, employers need to be aware of these trends and change their own recruiting and hiring practices if they want to compete. By following these steps, you can ensure candidates are attracted, retained and fully onboarded in a candidate-driven market.
