Competing for Talent in a Candidate-Driven Hiring Market
Since last June, and for the first time in 20 years, the number of job openings in the United States has exceeded the number of job seekers. For job seekers and the country in general, this is a time to celebrate the low unemployment rate. But for employers, there is added stress due to increased competition for talent.
Because of this shift, recruiters are now working in a candidate-driven hiring market.
A candidate-driven hiring market empowers candidates to be much more selective in their job search, and have less hesitation in leaving a job they don’t like. Whereas in previous years, the uncertainty of high-unemployment and financial crisis would increase a candidate’s tolerance for a slow, complex recruitment process, there is little incentive now.
To compete in this market, recruiters should keep a few things in mind:
- Candidate experience tops all. Candidates in today’s labor market have more opportunity to “shop around” for a new job. Therefore, how they are treated throughout the entire recruitment process – from job search to onboarding – will profoundly affect which role they ultimately take.
- Recruiters are marketers. Just as the sales market has high competition, today’s labor market does as well. That means that recruiters don’t choose their talent; their talent chooses them. To make top talent choose you, recruiters need to learn to truly sell and market their open roles, taking creative approaches to candidate sourcing.
- Efficiency is key. If recruiters only had one word to describe their recruitment process in 2019, it better be fast. Each unnecessary added step candidates have to take to apply to a job increases their risk of dropping out of the process. Leveraging technology can help recruiters speed up their hiring to get candidates in the door faster.
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