How has the NSW job market changed and how can you attract the best candidates?

The world has changed dramatically this past year, but a recovery always follows a dip, and this is exactly what we are seeing with the hiring market now. The past few months we have seen hiring demand soar up to 145% above pre-COVID levels with quality candidates receiving multiple offers in their job search. According to a recent SEEK report, in January 2021, NSW had just 4.8% fewer jobs than the same time 12 months earlier, the lowest difference since the pandemic began. Now the number of job ads on SEEK has increased by 10.3% in March as job ads reach the highest level in the job-boards history.

Working for Talent as New South Wales General Manager, I hear firsthand what top candidates are looking for. I wanted to share my findings on this topic to help any businesses that are on the lookout for their next superstar.  

Stand out or lose out

The early bird gets the worm. Businesses are snapping up candidates left, right, and centre, however the pace at which they need to do this has changed dramatically. Pre-COVID, the majority of interviews were done face-to-face and the idea of bringing a Zoom call into the mix was an exception, not the rule. This slowed down the process with candidates needing to take a day off work, juggle parent duties, and more to get to an office for a thirty-minute interview. This isn’t the case anymore and if businesses want to beat out their competition, they need to act fast. According to our latest report, companies are shortening the interview process, reducing time to fill by 36%. A slow recruitment process means missing out on top talent. Zoom, Google Hangouts, and Microsoft Teams are now what candidates are looking for when going through the stages of the interview process and businesses will need to take note otherwise you will be left with an empty field. 

The battle for passive candidates is fierce

Top talent are in huge demand, and contemporary hiring techniques just aren’t cutting it. The best candidates are not usually the ones trawling for jobs on LinkedIn & SEEK. Passive candidates are often well looked after from their current employer and are high performers, and employers are increasingly showering them with benefits to get them to stay. This is why they are so important for businesses to go after. However, just because they’ve got it good in their current gigs, doesn’t mean they aren’t open to other offers. We find these candidates are often seeking better opportunities, better leaders, and more importantly, better companies. Over 85% of the workforce is passively looking for another job, they just aren’t actively applying. Interestingly according to SEEK data the number of people applying for roles is 10% lower year-on-year (as at December 2020). Companies may need to start looking at headhunting like it’s 1999 and get back on the phones to people to sell them the opportunity or reach out to a specialist recruiter who has the connections.  

A quality employee experience starts long before onboarding

We all know looking after candidates is one of the most important things that a business can do in terms of attracting top talent. Businesses that don’t have a candidate care strategy are falling short. In saying that, it’s never too late to start! Mapping the candidate life-cycle and ensuring you are adding value at every point and making real contact is key. A true attraction program is long term, and you need to really show how much you care. It’s important for a candidate to walk away from an interview feeling valued, supported, and above all, heard. Make sure you have regular communication with the candidate. You never want to have feedback from candidates saying they felt left in the dark about the next steps in an interview process. Be respectful of their time. Candidates will have spent quite a bit of time applying for your role so make sure you take a moment to respond to follow up emails and even if you don’t have a huge People and Culture team, try and make sure you let them know if the position was filled. This will say more about the care and culture of your company than you realise.

The work is never done when it comes to your EVP

You may know what EVP stands for (Employee Value Proposition, just in case) but did you know that it is an ongoing project that is never quite complete. There is a lot of work to be done on building a business’ EVP. Your biggest flex is going to be how you can show, rather than just tell, why your company is living to its EVP. As they say, the proof is in the pudding.

What employers sometimes don’t factor in when on the hunt for new talent is that your current teams are the best spokespeople for your brand. Utilise them, encourage them, and reward them for this and you will reap the benefits. A recent Gallup report showed that only 22% of employees are engaged worldwide and while many companies are thriving others need to step up their game – it all comes down to EVP! More candidates will want to know ‘what is in it for me?’.

Another way to lift your EVP is to break from the pack with the usual workplace perks. You need to be offering more than a ping-pong table in the office and competition between businesses is fierce when boasting about their benefits programmes. What are you doing about D&I? Do you have an Employee Assistance Program (EAP)? Are you offering workshops on well-being and education? One of the biggest requirements that people are now looking for is flexibility. You must look at what you are offering in terms of this, as flex is now non-negotiable. Making your EVP as broad as possible is very important, as what one employee may enjoy can be entirely different for another. In doing this, you can attract a broad range of talent.

As much as you will want to be humble whilst talking to potential talent you need to be showcasing why your business is top-notch. There is a fine line between being confident and arrogant so just make sure you know where that line is. Above all, be passionate when talking to potential candidates. Nobody wants to join a company when the people aren’t passionate.  

One final note

The NSW job market is forever evolving. Here at Talent, we have just released our global digital and technology hiring market report which can help you find out exactly what has changed, how you can get the best person for the job, and what candidate’s top requirements are. You can read more about it HERE.

If your business needs any help with finding exceptional candidates or you simply just want to have a chat about it, please reach out to myself or one of my team members at [email protected].