It's a candidate's market. And they're being selective in their search.
With unemployment rates at the lowest organizations on both sides of the border have seen in decades, the number of open jobs is currently far exceeding the number of available candidates-- presenting significant challenges for employers competing to engage skilled workers.
And they don't have a long window of opportunity to do it.
This study conducted, by research firm Clutch, of over 500 recent hires finds that 52 per cent applied to only five or fewer jobs before they were off the market in less than two months; or 10 days for workers with highly niche skills. In today's war for talent, is your organization's hiring program strong enough to engage qualified candidates before they're lost to a more competitive opportunity?
Below are some gaps in the process where candidates could be slipping away.
1. The outreach lacks a personal touch
When you're eager to acquire top talent, a successful hiring team will court its candidates. In the current environment, where workers are applying to fewer jobs and passive candidates account for 70 per cent of job seekers, organizations need to work harder to attract their attention, and that means getting personal in their approach-- with thoughtful touches.
For active job seekers who are applying to multiple opportunities, these candidates want to ensure the organizations they're applying to want them just as much as they want to work there. And there are simple ways to demonstrate your eagerness to hire.
When filling senior level positions, for example, and the candidate will need to relocate, you can offer an introduction to a local real estate agency or arrange a personal tour around the best parts of town. For more junior level roles, a simple phone call or email with a personalized introduction from a member of the management team or a team leader could make all the difference over a competing offer with a less personalized approach.
2. Passive candidates are being treated as active job seekers
Passive candidates need to be wooed even harder. They aren't looking, but they're willing to be found. Before reaching out, conduct research into their current organization and their position; then ask yourself, "What would motivate this worker to leave their current situation? What can I do to convince them that the opportunity is something to consider?" Uncovering candidate motivators will increase your chances of presenting an attractive opportunity.
3. The hiring process is too long and/or required too many interviews
Candidates want less interviews. Data from the same new hire study also shows that 91 per cent admitted that the interview stage of the hiring process influenced their decision. Organizations that required too many interviews lost a candidate to another opportunity before their interview stage was completed.
When there are more jobs than candidates, top talent with in-demand skills can be turned off by a slow process.
To keep candidates interested, hiring teams need to streamline their recruitment processes by limiting the number of interviews and adopting a more agile approach favoured by startups ( that, typically, will have an offer extended within two weeks). Once a recruiting process is longer than a month, it’s highly likely that a candidate has already accepted another offer from a company with quicker moves. Competitive organizations will condense their interviews stage to three to four interviews.
4. There is a lack of shared information
Organizations using a staffing partner in their full-time or contingent worker hiring programs need to be comfortable that the agency knows its candidates, and alternatively, staffing agencies need to present the candidates with as much information as possible to stay competitive. Considerations like parking, transit accessibility, food and drink, fitness, daycare or nearby shopping locations and other areas of interests/concerns should be shared between the organization and the staffing agency and then between the recruiter and candidate.
If a recruiter knows your office isn't available by public transit, he or she will not submit candidates who require transit to reach the workplace. Moreover, if your organization needs an IOS developer, a recruiter may already know of a qualified candidate who recently created an award winning app.
5. You could have negative employer branding
Negative employer branding makes it all the more difficult for organizations to hire top talent, with 55 per cent of job seekers abandoning an application after reading a negative company review online.Yet, less than half (45 per cent) of employers are even monitoring these reviews.
Websites like Glassdoor allow current and previous employees to anonymously leave reviews about an organization on things like interview process, culture and values, work/life balance, senior management, compensation and benefits, and career opportunities. It's important that organizations have a dedicated monitor who will review these sites and address any negative input. The appointed monitor should also provide insights into how the organization will address the concern(s). If you've successfully taken the steps to resolve issues, data about trends in your improved reviews will be visible.
If your organization is often experiencing negative reviews or problems with social media, it may be useful to engage a 3rd party online reputation management firm to help improve your online presence.
6. The offers simply aren’t competitive enough
It isn't all about the money, but when it is, is your rate card updated to reflect the current market? Use your hiring data to establish benchmarks on what you pay for specific roles-- because top talent will know their worth.
When it comes to making an offer, it's critical to get an understanding of what’s important to your candidate by asking yourself, “What do they hope to gain out of the role, and where is the balance between what they’re looking for and the expected rate?”
What makes your offer more attractive than competing opportunities? Compensation packages also need to consider non-monetary motivators. Unique benefits and incentives could include things like remote work options, a flexible work schedule, exciting project work, career growth or the use of new technologies.
With more jobs than candidates in today's job market, strategies that worked in the past, won't be as successful today.
Is your current CW hiring program levering the power of directly sourced resources to connect with pre-qualified candidates and find the right fit faster? Learn more about how a Direct Sourcing Program can help your organization stay competitive with our Free Guide: What is Direct Sourcing?