Inc Magazine says “the most difficult step these days is finding employees — any employees at all. We’re in the midst of one of the most difficult hiring markets of all time.”
The candidate of today and the last few years did not exist previously. They are experiencing 50 year lows in unemployment, access to information at unprecedented levels and unlimited opportunities through social media for networking. They are incredibly well informed and discerning in their choices. They are also controlling their job search. How should employers respond to this candidate driven market?
Focus on Culture
Every good candidate will already know your company history from what is on your website or what is on the internet, will have talked to employees or ex-employees, will know whether your technology is up-to-speed and have a feel for whether your culture is open, healthy and growing. Candidates are not as focused on salary growth or job security as they used to be. They want an opportunity that provides professional development and a collaborative, interactive work environment.
Employers must update their career site, Facebook, Glassdoor and LinkedIn to present themselves accurately and in the best light possible. Find new and creative ways to differentiate yourself to the candidate. Ask your employees and assess your exit interviews as well as onboarding feedback to adjust your approach to be as appealing as possible.
Because candidates are focusing more on professional development than compensation, this is not the driving decision-maker it used to be. Continually raising wages or offering better benefits isn’t sustainable over the long term as a way to attract new employees. As long as you are competitive in each particular niche, this isn’t the deal breaker it used to be. Just make sure you are competitive.
Time kills every deal. Create a better candidate experience in the interview, offer and onboarding process. Slow response to resume submittal, too much time between interviews, limited feedback, requiring too many meetings and a slow offer process due to corporate approval needs will lose the candidate with multiple offers or even just multiple options. The war for talent in a candidate driven market is real.