As we are nearing the end of the COVID-19 pandemic, the job market has taken a 180-degree turn. At the beginning of the pandemic, millions of Americans lost their jobs. Now employees are leaving their jobs. The initial first half of the pandemic sparked fear for job security and ability to provide, but now employees have multiple options in a candidate-driven market. For the first time in years, companies struggle to source talent because candidates have various offers and opportunities.
Companies and agencies are not only struggling to reel in talent, but they are struggling to hold onto their current employees. With so many open roles and opportunities available, current employees are leaving their jobs for better offers. Whether it’s compensation, benefits, or company culture, candidates have the upper hand, and companies are willing to offer a lot for good talent.
Understand the market
One of the best ways you can avoid the great resignation of employees and candidates is to understand the current market. It can be a hard reality to expect because as a company, you have been leading the expectations for hiring, but the roles have reversed. Candidates are setting boundaries about remote work, compensation, paid time off, and benefits.
The pandemic set a precedent for candidates to take control of their needs from employers, and that will continue to be the forefront through the great resignation. If a candidate can get a better offer, they are going to take it.
Time kills all deals
As recruiters, we understand the process of interviewing and the amount of time it takes to schedule and organizes schedules, but in this job market, time kills all deals. The longer you wait to interview and give a candidate a job offer, the more likely they will be given an offer from a different company.
In a market like this, we recommend you speed up your hiring process. For the full-time candidates, this can be tricky because a longer interview process means a more thorough cultural and experience check, but the longer you wait, the less likely you are to have them as an employee.
Check-in with your employees
As a precautionary measure to avoid employees leaving, check-in with them. Schedule a meeting for a time within the next couple of weeks to see where they are in terms of fulfillment and happiness. Having a check-in will not only help you understand if an employee is looking for a new opportunity, but it will allow sharing possible improvements that can be made.
Good talent doesn’t come cheap
Candidates are asking for compensation higher than ever before, and they are receiving it. Not only is inflation rising at a rapid pace, but the candidates have the upper hand because they have multiple job offer opportunities. Entry-level candidates are asking for mid-level prices, and as you climb up the employee hierarchy, they are asking for more and more.
Along with understanding the current job market, if you are set on a candidate, you will have to pay the price (quite literally). Research current positions and asking rates to adjust your roles accordingly.
Overall, the future of the job market is unpredictable, but you can do your best to understand the current job market. We hope that both candidates and companies make it out of the great resignation and are successful with new opportunities.