It’s a Candidate Market: 8 Things Employers Need to Know
Post written by Greg Dabbs, Business Development Manager
The unemployment rate in the U.S. is at an all-time low.
This has led to a tight candidate market and has left companies scrambling to find good employees. Every company I speak to sings the same tune…”It’s hard to find the good ones right now.”
Companies of all sizes are having to be more resourceful and keep their options open to other methods of finding good help.
Many employers are using our services and expertise to find top talent. With that in mind, here are eight things that will help you stay on track to position your company to secure the best candidates in the market.
- 24-to-48 hour turnaround time on interviews.
Once you identify candidate resumes you’re interested in, contact them right away. Every hour and every day that goes by decreases your chances of getting in front of those candidates.
- Timely feedback and decision making on candidates.
You have to decide quickly in this market on hiring candidates you interview. Candidates have options right now and it’s likely that most are interviewing with multiple companies who are just as eager to find good people. The longer you take to decide on hiring good candidates (even if it’s just 1-2 days after the interview), the more likely they will slip through your fingers.
- Be more flexible on your interview schedule.
Most of the good candidates in this market are currently working somewhere else and may be actively or passively looking for a change. Be willing to interview in the evenings or on the weekends. It will help you increase your volume of quality interviews if you open your interview window.
- Re-evaluate your current compensation.
Pay rates over the last four years have been steadily increasing. You don’t want to be left behind by ABC company down the street who just bumped their pay rates by $2-$3 per hour. Staying competitive with your pay in this market is critical to attracting better talent.
- The good candidates read reviews on your company before interviewing.
Remember that the good candidates are interviewing your company as well. Give a good overview of the job and answer their questions thoroughly. Sell your company to the candidate and be honest about the job and the company culture.
- Candidates care more than ever about company culture.
Highlight the unique things about your company that set yours apart from others. For example fitness programs, fun upcoming events, corporate movie night, themed office lunches etc.
- Keep an open mind to candidates you may not have considered if it wasn’t such a tight candidate market.
Don’t let some job hopping scare you these days. Many candidates might be in a different place in their lives as they’ve dealt with the changing economy. What you’re offering may be exactly what they’ve been searching for in a career. Be open to candidates that might not have the exact skill set but who are eager to learn and possess those intangibles that can’t be taught.
- Be careful of the “perfection” mindset.
Don’t be stuck on finding the “perfect 10”. Always be evaluating the skill sets that are “must haves” and the things that might not be as important (and can be trained). Always be mindful of the top four or five things on a job description that are most important.
Please let me know if this helps give you some insight on this market! Good luck on your quest for the best!