How to secure the best talent in a candidate driven market
Last year we saw a dramatic turn in the market. Whilst there used to be hot competition for jobs leaving employers spoilt for choice and able to influence candidates into compromising on remuneration, a shift in the availability of good quality talent and desirable positions has created an extremely candidate-driven market.
This is great for candidates as it gives them more bargaining power to secure their dream job on their terms. It is, however, bad news for companies as it means the candidates that they’re trying to hire are receiving multiple offers as would-be employers battle it out to secure the best talent in the market. Start-ups are competing with the cash-rich blue chips with their cushy benefits packages and job stability, whilst the blue-chips compete with the development opportunity, flexibility and culture of start-ups.
Luckily, there are a few simple things that employers can do to give themselves the competitive edge in this dog-eat-dog talent market.
1. Be decisive. The more defined the opening is, the surer you will be when you find the best candidate for the job. This minimises any time deliberating whether or not to make them an offer – during which time they may have accepted an offer from a faster decision maker.
2. Don’t wait until the last minute before you get the wheels in motion to make an offer. If you know that your company has a lengthy HR process for on-boarding new hires, get as much prepared beforehand as possible. It should never take more than two days after a final interview to present a candidate with a formal offer.
3. Put yourself in the candidate’s shoes. If you spend time umming and ah-ing about whether or not you should make them an offer, they are likely to interpret this as you having doubts about them. A company that boosts their confidence by making them an offer straight away is more likely to win the candidate.
4. Put your best foot forward. Competitive employers at present are offering most candidates at least a significant increase on their current remuneration package. These employers, understandably, win the best talent. If the candidate is worth hiring, they’re worth paying for. Take a look at the below pie charts for an idea of how the attractiveness of your offer affects your chances of getting a yes.
5. Move quickly! Figures show that at least 80% of candidates will accept the first job offer they receive. Maximise your chances of winning the best talent by being the first to make them an offer.