What a “candidate-driven” market means for your company
We’ve been hearing the phrase “Candidate-driven market” more and more in the past several months. Yes, it’s a tight hiring market. Employers have been feeling that pain through 2017 and there is no indication of relief in 2018. In fact, all indications look like it will get worse. As employers, we have likely already been schooled in measures companies can take to better their chances at hiring strong talent. Things like shortening your process, hiring for potential and sweetening their packages are growing ever more important.
It is important that hiring managers understand the candidate of today. The candidate of today has not existed before. Factors such as 50-year lows in unemployment, unfettered access to information, limitless opportunities for networking and new advances in technology affecting all industries has created an incredibly well-informed, discerning and forward-thinking candidate.
Today’s candidates prioritize their marketability. They will go where the technology is a benefit and not a step back. They will take a position where their professional skills will be developed and where training and resources are valued.
Today’s candidates are less concerned with job security but see the value in forging their existing skills with new, expanded responsibilities and growth. Their eye is not necessarily on salary growth, but on professional development; their resume, career and ability to move forward. This is a key concept. Today’s candidates move forward and they move often.
Today’s candidates were born into a highly collaborative world. They gravitate toward interaction. They recognize the value and efficiencies that a collaborative culture creates. Stove-piped environments that limit access or less than transparent enterprises are viewed as a detriment to growth.
Today’s candidates are very likely juggling at least 2 additional job offers while they are considering yours. They have options. They are in the driver’s seat. They have researched your organization and know your history. They have likely corresponded with ex-employees. They know if your ERP system is decrepit. They know if your culture is open, healthy and growing.
As employers, we need to understand this new dynamic. We are in a position to assess our options. Posting jobs is an anachronism. The new paradigm is for employers to advertise opportunities where candidates can move forward in their careers. Hiring has now morphed into the quest to attract talent. This, my friends, is a candidate driven market.
So, what can you do? Tune in next time and we’ll discuss.
About the Author
Patrick McLaughlin is an adept and empowering Talent Acquisition Professional, Managing MEA’s Recruiting Services. He has taken both new and seasoned recruiting teams to new levels of productivity utilizing innovative best practices and bullet-proof recruiting fundamentals. Most recently Patrick has developed a core selection of Recruiting Products designed to alleviate MEA Member’s growing pains when it comes to Advertisement, Sourcing, Recruitment and Staffing.