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There has been a lot of conversation in the RedHolt office about the current hiring market. We talk about candidates being in multiple recruitment processes, candidates receiving counteroffers, and even receiving an offer way above their dream “yes” number. This has made everyone stop and think, what could be done to ensure employers attract the best talent on the market?
What is the difference between a candidate-driven market and an employer-driven market?
The candidate-driven market is when applicants have the upper hand and get to choose where they want to work. They also have the opportunity to negotiate for better pay and perks. This is due to a rising economy where companies are competing for the top-caliber talent out there.
Whereas an employer-driven market is when business owners call the shots in the hiring process. This is when employers can dictate and negotiate salaries and benefits. This happens with the slowing down of economies, the rise of unemployment, and the increase in people looking for work.
Both are the result of the law of supply and demand. For one, there is an abundance of candidates and a scarcity of jobs. For the other, it’s the opposite – you have a lot of jobs and an absence of qualified candidates. Either way, however, you need to adjust to whatever the situation is until the tide turns again.
How do you hire the right person in a candidate-driven market?
So, as always, the RedHolt team put their heads together and came up with ways an employer should act/change their recruitment process to ensure they are able to hire the right candidate.
- Sell the company to the candidate, you need them as much as they need you
- Be transparent with salaries on job adverts
- Streamline your interview process
- If you have a multi-stage interview, ensure you do not waste time asking the same - questions
- Use a headhunter/recruitment agency
- Once you receive a verbal acceptance, move quickly to send out the contract
- Ensure a strong brand is recognised by the candidate in the interview
- Display good values
- Outline future plans and recognise the areas to be improved.
- Talk about previous success and advertise this where possible
These are just a few examples of how a company can act in a candidate market. When you need qualified people for critical positions in your company, it doesn't matter what market it is. Whether you're in a candidate-driven or employer-driven market, it's generally the same. What matters is you find the right person for the right seat. All you have to do is to adjust to the market you're currently in to get them.
As headhunters, RedHolt are able to attract the exact talent you are after. We are an immersive agency, who provide additional candidate material which can help you make a final decision, in a shorter time frame.
If you would like to find out more about how RedHolt can help execute your hiring needs during this candidate-driven market, then please get in touch with one of the team today.