Best Practices For Hiring During A Candidate’s Market
We hear frequently that the current hiring market is being dictated by the candidate, but what does that really mean and how can employers get ahead of their competition when finding top talent?
Whether you’re a startup with a few employees or a global brand, the shift to the candidate has put them in the driver’s seat. Not only are decisions made faster, but candidates want more. They want more than a paycheck. They want more than free coffee. They want to see your company’s value and want you to value their expertise and time.
Companies are scrambling to shorten interviewing processes, build stronger talent pools, and create compelling campaigns on “why” candidates should join your company. Many HR and recruiting teams feel overwhelmed by the new challenges, but a few process adjustments can get you back on track.
At Staff Pad, we’re a full-service subscription recruiting firm working daily with hundreds of qualified candidates, their preferences, and clients in many industries. We wanted to share tips from what we see with the market in real-time, so you can avoid any potential hiring setbacks.
1. Don’t wait to start your searches. The more you wait, the further you fall behind competitors. They’ll hire your ideal candidate, and you may pay more for a second-tier candidate.
Act now! Whether it’s the holidays or other life events, candidates have many things competing for their attention…causing potential delays for you. Also, have experienced recruiters conducting searches who understand the complexities of the market.
2. Engage efficient interviewing processes. Top talent won’t hesitate to take another offer that’s more respectful to their time, even if your role might be more appealing.
The interview process requires buy-in from all hiring managers and a clear understanding of how competitive the hiring market is. Give hiring managers desired timelines for responses and create feedback loops for each candidate.
3. Have a custom plan for each role you’re seeking. It’s not enough to post on social media or job boards, you may not receive a large enough pool of top talent to select from.
Custom plans don’t just attract more candidates, they attract higher quality candidates who match your culture and vision. Invest time and resources into specialized campaigns to drive top talent to you long-term!
4. Make sure your pay rates are competitive in the market. During this candidate’s market, top talent demands market rates before walking in the door.
Pay appropriately, but also highlight your culture, hybrid work schedule or unique benefits…this will keep the top talent!
There isn’t a magic bullet for finding the perfect candidate every time, but you’ll have better, and more consistent success with a prepared plan!
Good luck and reach out if you need help!