In today’s job market, the balance of power has shifted. It’s now a candidate’s market, which means recruiters have to work harder to lock down the candidates that they want.
In fact, the U.S. unemployment rate declined to 5.1% in September and the economy has added nearly 1.7 million jobs, on pace to gain about 2 million jobs, by the end of the year. This is a trend we’ve seen happening for a while now, which means candidates are officially in the drivers seat.
This has created competition, but a much different kind of competition than we have seen in recent years. Rather than multiple candidates vying for limited positions, we now have an excess of open positions and not enough candidates to fill them – or at least not enough candidates with in-demand skills. This has put the power in the candidate’s hands, giving them more flexibility when it comes to choosing a job.
Furthermore, the Bureau of Labor Statistics also reports that the number of quits is also rising and is the highest it’s been since 2008, suggesting a rising level of power and choice on the side of the candidate.
So how can we adapt to get a candidate to sign on the dotted line?
Speed up the hiring process. You will lose up to 70 percent of candidates that have multiple offers when the hiring process is slow. To prevent this, both recruiters and hiring managers need to take the delay out of the hiring process and move things along as quickly as possible.
Improve the candidate experience. Because the candidate now has the power, they’re more critical of the candidate experience. Additionally, because technology and social media have given the candidate more of a voice, everyone will know immediately if your candidate experience isn’t up to par. So measure your candidate experience, take their reviews into consideration and make some changes where needed.
Social Media at Lakeshore