What is a candidate-driven market?
Over the past year, there has been no escaping recruiters, hiring managers, talent acquisition leaders etc… talking about a ‘candidate-driven market’. But what is it? Why do you need to know about it? And what can you do as an employer to hire top talent because of it?
In this blog, we’ll look at all these questions to help you understand what a candidate-driven market is, and how you can thrive in the current climate.
💡 What is a candidate-driven market?
This is when the candidate is in the driving seat. They have options and have the upper hand in the recruitment process. They’ll be receiving multiple job offers, counteroffers from current employers, sign-on bonuses, attractive incentives, and more.
What does this mean for you?
You need to understand how a candidate-driven market can affect your business, and make changes to ensure you’re doing all you can to attract, and retain top talent…
🧲 How to ATTRACT top talent
Hiring process – Take a look at your current hiring process. Do you work with a recruitment agency? Do you have an in-house recruiter? How many stages are there for your interviews? A detailed hiring process is a necessary element for your business’ success. By implementing a streamlined hiring process, you’ll identify, and employ top talent.
Candidate journey – The best way to assess the candidate’s journey is to put yourself in their position. The best talent is only on the job market briefly, so ensuring your interview process is short, and that you have a hire-by-date in place, your risk of losing out on top talent is significantly reduced.
Job ads – Your job ad is what entices a candidate to apply. Having a ‘competitive salary’, a vague location, and no benefits listed will not attract the best talent. Instead, be honest about the role, that way you’re more likely to receive genuine applications, with the right skillset and the right cultural fit. A recruiter, marketing team, copywriter, or job board can help you write an optimised job ad.
🏆 How to RETAIN top talent
Right hires – This starts at the very beginning, identifying what values your company represents will allow you to seek those same values in potential candidates. So, be transparent in your hiring process, don’t leave any details out.
Onboarding process – From day one your employees should be set up for success. Communicate, introduce your company culture, assign mentors, and listen to their feedback. Also, take feedback from current employees, and make changes in areas that they deem could be improved.
Work/life balance – Employees have more respect for companies that understand the “work to live, don’t live to work” mentality. Encourage your employees to set boundaries, take regular breaks, and switch off after work. And allow for flexible working that suits each individual.
Benefits package – Your benefits package is what is going to allow you to be one step ahead of your competitors. We aren’t talking about pensions set at the legal requirement, and free tea and coffee. We’re talking about perks, flexible/hybrid working, extra holiday days, bonus schemes etc.. If you don’t have any benefits to list, then it’s time to re-evaluate your benefits package.
✨ Why your EVP is important
We spoke about this in our blog all about your Employee Value Proposition. Your EVP is defined as your balance of rewards and benefits that an employee receives in return for their contribution to the workplace.
When you create a solid EVP, you allow job seekers, as well as current employees, to assess whether your business is the right fit for them, and vice versa. This helps ensure you’re attracting and retaining talent that is more likely to stay at your business.
✅ Conclusion
Now you know what a candidate-driven market is, and what you need to do to achieve successful hires, you can start implementing some of the practices listed above.
Please get in touch if you have a role that needs filling. We have access to numerous candidates, both passive, and those seeking new roles.
