Traditionally, recruiters had the upper-hand in the recruitment process. Not anymore. The power has been transferred into the hands of job seekers – with highly-skilled candidates holding the most clout – and this leaves hiring managers in a difficult position.
The market is now candidate-led, meaning top talent is in short supply. The best candidates are being offered more interviews and finding work more quickly. They have a wider choice of roles and are in a better position to negotiate. As a result, they can afford to be more selective about which positions they take. According to research by Totaljobs, 43% of candidates are becoming choosier about their next role. The same report also revealed that 49% of British businesses anticipate recruiting will become harder in the future.
The success of any business relies on the performance of its staff and a bad hire has consequences on both finances and reputation. Poor hiring decisions can have a negative impact on business output, productivity and staff morale.
The key to a good hire is understanding how candidates want to be approached and setting your business apart from the competition. The best candidates are finding themselves inundated with offers; it’s up to businesses to sell themselves (and the role) to secure that talent.
Here are four tips to help hiring managers succeed in today’s candidate-driven market:
1. Find the best fit
What are you looking for in your perfect candidate? Competence is obviously important, but there is more to a good hire than just finding someone with the right skills. They also need to be a good cultural fit for your company. Finding the best person for the job may involve searching outside your sector. It may even mean considering candidates you would usually pass over. By doing so, you can ensure your new hire is on the same page from day one. And what you may lose in additional training, you will gain in fresh new thinking and a re-energised team.
2. Make your business (and role) stand out
A candidate-led market means recruiters are faced with an increasingly small talent pool. As a hiring manager, it’s important to differentiate yourself from the multitude of other employers all vying for candidates’ attention. If you want candidates to sit up and take notice, you can build a powerful employer brand to showcase your company’s very best bits. You can also provide unique value through incentives such as flexible working arrangements. The more you set yourself apart, the more likely you are to attract both active and passive job-seekers.
3. Not too quick, not too slow
Rushing to hire a candidate without the proper vetting processes is no good for either side of the interview table. If a decision is reached too hastily, the candidate may find him or herself in an unsuitable role and the business may realise it has made a costly mistake. A recent report suggests that poor hiring decisions can cost UK businesses up to £15,000. But just as it doesn’t pay to rush, neither does it pay to wait too long before making a hire. It’s more than likely top candidates will be fielding counter-offers from other companies. If you find the right person, you need to make a quick, well-thought out decision.
4. Improve your candidate hiring experience
Be sure to keep the recruitment process moving forward at a reasonable pace. It is essential that you keep candidates informed at every stage so they know what to expect. Stay in regular contact and never leave someone hanging. Let candidates know about timelines, possible delays and when they will hear from you to show you’re a company that can be trusted.
Don’t miss out on the top talent. With candidates getting snapped up quickly, it’s important to act quickly, too. Great candidates are few and far between and are often considering more than one role at a time. If you think the candidate is perfect for the role – especially if they’re a great cultural fit and you’ve followed the right processes – don't wait to benchmark, offer them the role or face losing them for good!
Stopgap can help you create a seamless recruitment process and secure the very best candidates out there. We have access to high-quality candidates across a range of sectors and are confident we can find the right person for both the role and your unique company culture.