One of the most significant changes we have seen in the world of recruitment is the shift to a candidate-driven market.
There are more available jobs than there are candidates, ONS reporting "the number of job vacancies in February to April 2022 rose to a new record of 1,295,000; an increase of 33,700 from the previous quarter and an increase of 499,300 from the pre-coronavirus (COVID-19) pandemic level in January to March 2020."
With so many employers seeking the same skills and talent, candidates have more options and therefore hold more power than ever before.
At AMS, we are working on a range of creative recruitment solutions and strategies to support our clients to navigate this market shift – from new approaches to sourcing, to alternative routes to talent such as developing and supporting re-skilling programmes. The world of recruitment has certainly got a lot more interesting in the last 12 months!
But, despite the market conditions and the endless amount of evidence and insight we see that supports this power shift - we are still seeing behaviours and actions from employers who are still not recognising the changes they need to make to secure the top talent. Instead, we are continuing to see candidates walking away from roles. There is no "new sourcing strategy" that can address this, but there are some very simple and straightforward steps employers can take that can be the difference in winning or losing a candidate:
Avoid changing or cancelling roles mid recruitment process. This can be damaging to the employer brand and might be the difference between a candidate wanting to work for you in the future.
Give more thought to the job specification. Candidates are looking for an exciting opportunity and to understand what they will get from the role, they are not looking for a list of tasks can they tick off. A strong EVP is essential so spending time to market the opportunity from the outset is key.
Don’t waste time. Taking days and weeks to decide whether you want to interview a candidate WILL result in the candidate securing a position elsewhere. Candidates are likely applicants for multiple roles and will get snapped up if you drag your heels. In the world of contingent recruitment this has never been more important, time is the critical factor.
Stop discounting candidates who aren’t "perfect". When the number of jobs started to outnumber the number of candidates applying “perfect” went out of the window. Waiting for "perfect" could mean waiting months with no one in the role – or could mean not filling the role at all’. The same applies to those candidates you may deem to be “overqualified”. When reviewing CVs of applicants who have skills and education beyond the job requirement, don't right them off. Consider whether that education, qualification or experience is a great fit for the job.
Don’t skimp on rates. It might not always be the most important factor to a candidate, but it might be the difference between them accepting your role or taking the one that pays more. Candidates know they are in high demand and will not settle for mediocre offers.
Offer flexible working. Flexibility not only attracts more candidates but can also increase your profit since individuals are more productive and happier! It’s also a great way to increase the diversity of your workforce by opening up available talent.