How You Can Acquire Employees in a “Candidate-Driven Recruiting Market”?
You may have heard the phrase “candidate-driven recruiting market” tossed around a lot lately, but what does this phrase really mean?” Let’s see if we can shed some light on the subject for you. The unemployment rate is falling and job growth continues to improve. According to the Bureau of Labor Statistics, there were 5.4 million job openings in the U.S. in April of 2015 - the highest number in 15 years. Year-end projections for job growth are at record highs as well. In Career Builders’ 2015 Midyear U.S. Job Forecast, it was indicated that during the second half of 2015 that nearly half of employers plan to hire full-time, permanent staff. The result of these two trends showcases a candidate-driven recruiting market. In a candidate-driven recruiting market, employers are adding jobs more quickly than candidates are joining the job-seeker pool. Or stated another way, there are far more open positions than there are qualified candidates to fill them. How can you use this information to better your recruiting practices? The following are just a few ways you can get better recruiting results in this difficult, candidate-driven market: Manage your Employer Brand. This process begins internally by taking a look at your company culture since by far, the most successful method for hiring is said to be through referrals by existing employees. This also means dedicating focused efforts to managing the way your company presents itself to the world of potential candidates. From your company’s career page to your social media efforts, you should be identifying why great employees should want to work for you. Next, manage your brand online. Update your company careers page, LinkedIn Employer page, and check your rating Glassdoor. Take a look now and make your Employer Brand a priority! Search Out Passive Candidates. Passive candidate is a term used to refer to candidates who are NOT actively seeking new employment. While they are not actively seeking a new position, that doesn’t mean they’re not interested in hearing from you about a new opportunity. Perhaps this opportunity allows for more career growth or development than their current employer can offer. Perhaps the opportunity eliminates a long commute, or offers better compensation or benefits packages. These are all reasons passive candidates might be interested in hearing from you. In this market, you will have very limited success posting a job to a job board and waiting for great candidates to come knocking on your door. Engage a Recruiter. Depending on the size of your business, it may be time to engage a recruiter. There are two options: agency recruiter or corporate recruiter. A corporate recruiter is great for larger companies with projected high-growth or high-turnover in the future. Corporate recruiters add a significant overhead cost that should be evaluated carefully, but a corporate recruiter can be a great asset to your organization offering expertise in recruiting, while still having a very in depth understanding and insight into your company culture, mission, and vision. An agency recruiter is an outside recruiter that is dedicated to helping clients hire difficult-to-fill or high level positions within their organization. Agency recruiters are specialized in recruiting and offer an expertise that not every hiring manager has. Agency recruiters can reduce the time it takes to fill a position as well as eliminate the need to over-extend your internal staff that might be spending precious time on a task they are not ideally suited for. Retain the Staff You Have! One of the most important tasks relating to recruiting and staffing today is the idea of retention. As important as dedicating focus to your Employer Brand, now more than ever you should be dedicating focus to retaining the great employees you have today. You will likely spend less money and less effort retaining staff today than you will replacing them. The cost of turnover is very high as well as being highly disruptive to your basic business functions. Don’t be discouraged by the challenges presented by a candidate-driving recruiting market. With a focused efforts and a good understanding of the recruiting landscape you will be well equipped for adding top quality staff to your organization. If you’re interested in assistance with your recruiting efforts, Emplicity Search can help! Our seasoned recruiting consultants understand the challenges of hiring impact players for high growth, small, and mid-size businesses. By thorough analysis of your opportunity, future vision, and corporate culture, we create compelling employment propositions that resonate with top candidates whose professional motivations align with yours. To learn more you may contact Brandy Burbridge directly at [email protected]