People Don’t Grow on Trees: Navigating a Candidate-Driven Market

What is a candidate-driven market and how do you navigate it? A candidate-driven market means there are more available jobs than available candidates. Candidates can now be more selective about the offer they take. We are in the midst of one of the most challenging hiring marketplace situations our country has seen in the last 49 years! Unemployment is 3.7% and the rate is even lower for the technical fields.  So, what does this mean for employers? People Don’t Grow on Trees. When you find a good candidate, - HIRE THEM!

When You Find the Right Person- Act Quickly!

There are two types of candidates: Active and Passive. Active are those actively looking for a new job. Passive candidates may be reasonably happy in their current position but are open to exploring an advancement opportunity “if” conditions were right. In either scenario, once engaged, the clock starts. If you speak with an active candidate, you have a matter of days, maybe a little over a week to put them through your hiring process.  With a more passive candidate you may have a few more weeks, but once engaged, they typically start entertaining other options.

Gone are the days when you could choose between 3-5 candidates. If you have one you love, don’t wait or hesitate, because they will be gone! Scoop them up while you can, because people don’t grow on trees.

 Fix/Shorten Your Hiring Process:

The standard hiring process from initial interview to hire has dropped to less than 15 business days. This includes an initial phone screen, an onsite interview and, finally, an offer. More variables mean more time and candidates will move on to other positions.

Feedback is critical:

Candidates are now frequently “ghosting” or “going dark” before and after interviews. Recent reports show this is due to candidates responding to how they have been treated by companies and recruiters.  Feedback and communication are important, not only for the candidate experience, but also for your company reputation in the marketplace.

If Your Employee Equity Standards Aren’t Keeping Up with the Market- It is Time to Adjust, or Get Creative:

Over the course of the last year, there have been several occasions that candidates have turned down offers or their needs can’t be met because of an internal employee equity issue. Employers believe it will cause internal turmoil if new talent makes more or has more vacation time than current employees. One client reviewed all their salaries and hourly wages and made wage increases across the board because they felt they were no longer competitive.  Another client that wasn’t in a position to make a company-wide change regarding vacation, instead offered a candidate a $2500 sign-on bonus to accommodate the lost week in vacation time. Instead of saying “No, we can’t do that,” be creative to work with your recruiter or hiring team to evaluate how to make it happen.

Make a Strong Offer the FIRST Time:

In this candidate-driven market, folks are being presented with multiple offers at the same time. You don’t have a second chance to make a first impression. If you offer them less than their market value, you stand a good chance of losing them. You are in competition. Low-ball offers to save money will only result in you leaving a very bad impression in the market. If you can’t afford them - don’t interview them.

People don’t grow on trees. There is a lot of lot of time, energy and effort that goes into identifying the right person, so hire quickly!