Through our many years as a recruitment specialist, we have seen the market flip from an employer driven market to a candidate driven market – but what exactly does that mean and how can it affect your business when it comes to recruitment?
As the economy recovered, the labour market stabilized, but recently, especially since the Brexit referendum, we have noticed a massive shift towards a candidate-driven market.
Throughout the recession, we experienced an era where we had a surplus of candidates. Unemployment levels were high and organisations could have their pick of skilled candidates. As the economy picked up, and the labour market stabilised we began to see a shift towards a candidate-driven market. This has been cemented by Brexit and looks to be with us for the foreseeable future. With unemployment levels maintaining a steady low, the candidate is in a more powerful position – especially in industries which suffer a skills shortage – such as technology and healthcare.
How will this affect your recruitment process?
A shortage of skilled candidates can mean recruiting can be extremely difficult in certain areas and industries. For many firms, recruiting directly becomes an expensive and time draining activity. We have found that this is one of the main reason’s people come to us for our recruitment expertise. Pursuit can take the hassle out of recruiting. Our consultants use the latest recruiting software to stay ahead of the game, ensuring we not only advertise roles to the market, but we proactively find the right people. By building a relationship with our candidates we can help overcome objections and reduce the risk of dual offer’s.
Many firms believe that money is the answer. However it goes far deeper than being able to command the best salary they can get. In recent years candidate have been seen to be demanding flexible working patterns. Study support, career development plans right down to the environment in which they work. We have known candidates to pass up a job because they didn’t like the configuration of the office!
That being said, it is important to ensure your salary bandings are in line with the current market. To help with this, we have produced a Salary Survey for our clients. Many have found this useful in ensuring they are in line with competitors – and in some cases more competitive! If you would like a copy of our Salary Survey please contact us!
What else can you do?
The way in which you recruit will also need to adapt in a candidate driven market. From attracting the candidates and your brand image right down to your application and interview process. Where candidates are not necessarily job hunting, lengthy applications and multistage interviewing are a thing of the past. You need to make the process streamlined.
The headache doesn’t stop there. Once you have found the candidate, and you want to make an offer, in a candidate driven market nothing is certain. Due to a skills shortage, a candidate may often receive multiple job offers – particularly if they have a niche skillset. This is where it is important to ensure that when interviewing, as well as ensuring the candidate is the right fit – you have to perform a well thought out sales pitch. Selling the idea of working for your organisation is now extremely important.
Are you recruiting? Get in touch to discuss how we can help! 01245 362500 or email firstname.lastname@example.org.