We often advise hiring managers about how they can do a better of job of capturing the attention of high-qualified talent. And after that, we talk about how these managers can actually bring that talent into the company.
We find ourselves giving this advice because employers are currently dealing with a trend in hiring that can be really confounding, especially if it seems to have come out of nowhere. Many hiring managers can testify to the fact that in recent years, job candidates aren’t showing up to interviews, other companies are snatching candidates before an offer is made, and people they hire don’t even show up for their first day of work because they decided to work elsewhere.
It would be easy for hiring managers to dismiss this as a problem with “kids these days,” but that’s shortsighted. In fact, these behaviors aren’t limited to new college graduates or younger job candidates.
Companies need to revisit their recruitment practices if they want to put a stop to this trend. That’s because this isn’t the result of talent being flighty or uncommitted. This is the result of a candidate-driven market, which is affecting every aspect of recruiting and hiring.
What is a candidate-driven market?
When the unemployment rate goes down, as it has been steadily in the United States for nearly ten years, there are fewer people looking for work. This means, naturally, that there are more positions open than there are qualified candidates. Although this is an exciting time for workers who have so many opportunities available to them, it presents unique challenges to recruiters like us and hiring managers like those we advise.
It’s also why potential employees end up skipping out on interviews, hiring on somewhere else while waiting for an offer from you, or quickly moving on to a new position after you hire them.
How do you sidestep it?
So, what is our advice to hiring managers? How can you avoid these pitfalls that are a part of the candidate-driven market? We have one really big, really important piece of advice. The good news is that it’s also a really simple idea. Ready?
In the past, companies could take their time in the recruitment and hiring process, because there were tons of qualified people and not a lot of positions. They knew that because there were countless people who could fill most positions, it was not a priority to get through the process quickly.
One thing we loved about those days was the chance to think seriously about every aspect of the potential new hire’s compatibility with the company. You could conduct multiple interviews in more than one setting to evaluate the candidate’s qualifications, personality, and fit with the company ethos. Hiring managers could seek the input of multiple parties, including the new person’s managers and coworkers. It was great!
It also took a long time, and it allowed those of us in the industry to drag our feet a bit. There wasn’t a rush, so the process slowed down, and things weren’t streamlined.
Take your hiring into the 21st Century
Today, the same practices still exist among companies that haven’t adjusted to being in a candidate-driven market, and it’s hurting their chances of finding the right talent. What hiring managers must understand is that today’s job candidates have numerous options for employment, and they are looking for the perfect fit. You will not be able to prove to these highly qualified candidate that you are that perfect match unless you work quickly.
Here are some of the things you need to streamline and make sure are happening quickly:
Responding quickly to candidate inquiries and questions. If you don’t know the answer, let them know you’ll be finding out the answer and getting right back to them.
Sending over application materials.
Contacting the candidate to set up an interview.
Scheduling the interview.
Contacting the candidate as soon as possible after the interview to make an offer, if you are going to make an offer.
Responding to counter-offers and getting through the negotiation process.
Hiring and onboarding the new talent.
If your company is still operating like it’s 2009, you’re probably missing out on candidates who would be a great match for your company. You may need to get some professional guidance for how to improve and streamline your recruitment and hiring processes. At Select One, we are happy to share our expertise in bringing talent and employers together in an efficient way.
Want to know more about how to adapt to this candidate-driven market? Download our free offer, Attracting Talent in the Candidate-Driven Economy. Have questions? Let’s talk!