How to Hire in a Candidate-Driven Market
Updated: Mar 15
In the current job market, it can be difficult to find the right talent for your company’s needs. As jobs become more abundant, the candidate pool becomes smaller, and employers find themselves competing for the top talent in their industry. Even in the midst of a tough economic climate, there are 1.8 job openings per available worker as of July 2022 (CNBC.com). This imbalance means that workers can be pickier in their job search.
Oftentimes, in a candidate-driven market, candidates will seek out higher salaries and better benefits from their potential employers. They have the upper hand in bargaining power, so hiring managers are forced to adjust their strategy in order to recruit top-tier talent. However, choosing the best strategy can be tough if you are not familiar with the hiring competition in your industry. In this post, we will discuss three hiring tips that will help you attract and retain the right talent in the current job market.
3 Tips for Hiring in a Candidate-Driven Market
1. Be aware of timing
When you begin the hiring process, make the first contact with potential candidates as quickly as possible. Your goal should be to promptly schedule next steps and keep the candidate engaged. Remember, most candidates who are interviewing with you are also interviewing with other companies, and they may get hired quickly. The top candidates may not wait on you to make a decision if they receive another great offer first.
In order to prioritize candidate engagement, begin by explaining the hiring process and timeline. Stay in contact and offer frequent updates so that each candidate knows whether they are still in the running for the position. If you promise to call or email at a certain time or day, follow through on your word. The way you manage the hiring process will also be the first impression you make as a company.
2. Don’t make the hiring process tedious
A long and tedious hiring process with many hoops to jump through will decrease your pool of applicants. Not only will this process seem intimidating, but those who are successful in their job may be too busy to complete all the steps. You can maximize your chances of getting the right people interested by streamlining the process as much as possible.
For example, offer a quick and easy application form that allows the candidate to upload their resume, which they have already taken the time to create. Be prepared to accommodate your candidates, such as offering to complete the first interview via phone or video call if they do not live locally. Avoid interview fatigue by sticking to 2-3 interview rounds for each person. Throughout the process, make good use of the candidates’ time by omitting unnecessary and redundant questions.
3. Keep lines of communication open
Communication is important in all phases of the process, but as you narrow down to closing, it is crucial to have open and honest conversations with your candidates. Discuss expectations regarding daily tasks, work-life balance, salary, and benefits. Establish the nature of the position and whether remote work will be an option. Additionally, find out what type of offer each candidate is willing to accept.
Most importantly, be aware of what you are communicating through nonverbal cues. Body language and tone of voice can change the meaning of your words. If it sounds like you are reading from a script, your entire interaction with a candidate will seem rehearsed and meaningless. Between interactions, do not ignore questions or requests for feedback, since that may send the message that you are no longer interested. Lastly, if your candidate is expecting a job offer, deliver it promptly and enthusiastically.
Finding the Right Fit
Even if you have an easy and effective application and interview process, finding the perfect fit can be stressful. In a candidate-driven market, many employees are being recruited before they ever begin their job search. So, how do you get the first pick of top-tier talent?
Recruiting is one of the most important steps in the hiring process. If you are ready to accomplish your high-priority objectives and take on more projects, you need to actively seek out skilled candidates who are ready and able to jump right in. Consider working with a talent partner, who will help you navigate this process and free up more time for your other duties.
Kinetic Search Strategies offers comprehensive search solutions in the building technology field. We tailor our recruiting strategy to your unique culture and business model in order to deliver the capabilities and sustainable alignment that you require. If you are interested in working with us, please call Jenne Hays at (317) 593-2360 or visit our website, kineticsearchstrategies.com