The current job market is nothing like companies have experienced in the past few years. Previously, companies had the upper hand in the hiring process. They could pick out their preferred candidate, take charge in the interviews and hiring process, and stay firm in benefits, salary, and PTO. As the current state of the pandemic is shifting, the job market is transforming along with it. Where hiring managers and companies had the advantage before is now thrown to the candidates.
There are a few pieces that play into the puzzle of the current job market. The first one being that there are more jobs now than there are current employees. Companies are scrambling to find candidates for these jobs, and the issue companies are having is that they are attacking this situation like the previous job markets. Hiring managers need to take a step back and assess this situation from a different angle.
The next piece that plays into the current job market conditions is meeting the needs of the talent. Now that there are more jobs than talent, the talent gets to pick and choose what job they want, how much they get paid, and what benefits they will receive. If a company is interviewing a candidate for a position, we can almost guarantee they are interviewing with a competitor. Candidates are receiving multiple offers at once and taking their needs into negotiation with the companies.
This is where the game has changed; instead of clients choosing the right candidate, the candidates are selecting the right opportunity for them. Companies will have to recognize the switch in the market and go into the job hiring process ready to make the best upfront offer to the candidate. The better offer you make initially, the better chance you have of hiring that talent.
We can almost guarantee you are experiencing this shift in the market, and we want to let you know that you are not alone. We understand the struggle of the market shift, but we are here to navigate you through this transition. Here are ways you need to switch your hiring process to ensure you get the talent you want.
Remote work is THE make or break
The pandemic introduced remote work, and now it is a make or break for nearly all candidates. Candidates prefer the benefits of working from home because of less work-related stress, are more productive, no longer have a commute, and feel like they have more freedom. Now that vaccines are distributed, companies think they can ease back into on-site work, but this is a harsh reality they will have to face.
If you haven’t already heard, the Great Resignation is the driving force of talent leaving their current position for better opportunities. The most significant factor driving the Great Resignation is the ability to work from home. We can guarantee that if you begin to require employees to report on-site, they will start to look for opportunities elsewhere.
The same goes for hiring candidates for on-site jobs. Chances are talent you are interviewing is interviewing for a similar position that is remote. The candidate is going to accept the remote job offer, and you will be without talent.
Rack up those benefits
Along with remote work, talent will negotiate to the very end for the benefits they want to receive. The benefits package is no longer in control of the company, but now it is in the hands of the talent. When you send an offer letter to a candidate, we recommend you send the best offer possible (with a little bit of wiggle room). When you send the best offer it will be the most enticing to the candidate, and they will most likely not try to negotiate with you, and if they do, you will already look more favorable compared to their other offers.
When sending your offer letter, including the highest possible salary, the ability to WFH, allotted PTO, and whatever other benefits your company has to include. Giving the best offer out of the get-go means you will win the talent over your competition.
Overall, as a company, you need to rethink your strategy and approach to your hiring process. The longer you wait to decide on a candidate, requiring employees to report on-site, and being frugal with your offer will deter the talent from accepting your offer. As a recruiting agency, we know that you are itching for talent, but so are your competitors. You should do what you can to secure your talent, and we wish you luck in finding your talent.