It’s 2018 and a candidate’s job market out there. Top candidates are now receiving multiple job offers and have the benefit of picking and choosing between employers. Why is it a candidate’s market? Simple rules of supply and demand are at play. These days there is a shortage of talented job seekers and a surplus of vacant jobs. Why is there a talent gap? Retirement, demographics, and Brexit are a few reasons. Baby boomers are retiring leaving unfilled job posts, the population of workers aged 35-45 will increase by 15% in the coming years while demand for them will increase by 25%, and the fall in net migration from the EU will make the talent pool yet smaller. We at Red Recruitment Solutions have complied a list of 3 tips to avoid fighting over the best candidates:
Tip 1: Use the New Year
Research shows that each post-Christmas season there is an influx of job hunters on the market. From an employer’s perspective this gives a bit of relief from the talent shortage as there is more choice. A lot of great candidates have made a New Year’s resolution to find a better job.
Tip 2: Hire fast!!
On average it takes 25 days to fill a position but the best candidates are often off the market within 10 days. How can companies speed up there process? Hire from within or if this fails outsource the task to a recruitment agency. If using an agency it’s important to move swiftly once you have seen a CV you like. It’s particularly important to move very quickly once you have interviewed candidates as talented people won’t stick around. This way you have a better chance of acquiring talent ahead of your competitors.
Tip 3: Retain, retain, retain!
Although times are still tough for many, we are no longer in recession and so what motivates the workforce has changed. In the recent past job security may have held people back from moving jobs. Today those people are now open to hear about new opportunities with higher salaries and better benefits. How happy is your current talent pool and what can you offer them that your competitors don’t? Can your company offer a better benefits package, employee development, or financial rewards? Research shows these things will help to retain good staff.
With a flood of CVs coming in this time of year there are higher chances of catching the most talented workers. The faster you hire, the less time your competitors have to make an offer. Or perhaps you have a budding talent already working for you who, with a bit of development and guidance, would fit perfectly into that vacant role? Alternatively, consider using a recruitment agency. They are the experts and often specialise which will save you time and time is money. How good is your job offer? Is it more or less appealing than your competitor’s? Employees can afford to be picky. The best of the best are expecting health benefits and financial rewards. Remember, just like candidates are competing with each other, employers are also in competition. So, get hiring, hire fast, and keep the staff you have.
We wish your team all the best and for many happy hires in 2018 from the team at Red Recruitment Solutions!
Industry issues: talent shortages
Recruitment Grapevine: Businesses ‘pull out all the stops’ as employment hits record high
Beamery : The Secret to Hiring Faster: Why Speed Matters
The Balance: Tips to Speed Up Hiring: How to Win the Talent Game
ARV Solutions : Changing to a candidate driven market – and why you should care
The Wall Street Journal: Employee Retention: How to Retain Employees