Recruiting in a Candidate tight market
There has been a noticeable shift in the job market over the past few months and clients are reaching out for our support after failing to attract candidates through their own recruitment efforts. Demand outweighs supply and great talent is moving quicker than we have seen before. Candidates remain risk averse to change roles in such a volatile market. Most states have felt the impact of snap lockdowns, the uncertainty that creates and the terrible impact to the hospitality sector. It is being felt nationally.
So, what can you do to give your business the best chance of finding and securing talent?
Understand your internal recruitment process
When you go to market, be ready to hire. We have been briefed on roles, gone to market and shortlisted, only to be told that there are internal processes causing delay. Ensure key stakeholders are aligned and all the back-end work has taken place before you commence the search.
Not only is it critical for the business to agree on the dimensions of the role they’re recruiting, candidates’ also want to understand the scope of the role, the perks and the career development opportunities. In a competitive market small things count. A prepared and well thought through PD will position your role in a more positive light than those that aren’t clearly defined or don’t exist at all.
Timelines are an important part of your internal recruitment process. Are your key internal stakeholders available for interview when required? If working with an external recruiter partner, ensure their own search process and timelines marry up with yours.
Once you have a preferred candidate, make an offer! Don’t unnecessarily delay the process by feeling compelled to interview more people. Candidates are in high demand and usually have more than one job role on the go at once. Move with haste. If you don’t, someone else will.
Pay market rates
We’ve also noticed a shift in salaries for “in demand” roles. We’re seeing an unprecedented demand for exceptional sales talent. Chances are, your competitors are looking for the same superstars as you and if you can’t offer a competitive salary package, the challenge is greater. While great candidates rarely change jobs for purely financial reasons, it’s also uncommon in the current market to move without some financial incentive. Understand market expectations and match these.
Look outside your pond
Clients are looking for a successful track record in a similar role, with industry experience, therefore narrowing the pool of people they/we can attract. Consider transferable skills from other industries and related functions. The fresh thinking and diversity this brings to the broader business can be invaluable.