As of summer 2022, the number of job vacancies outweighs the number of people searching for employment. Minimum wage and pay rates are wholly disproportionate to inflation levels, plunging us deeper into a cost of living crisis. Due to all this, combined with the lifestyle wake-up call that many of us experienced during the height of the pandemic, candidates have the ball firmly in their court.
In today’s candidate-driven market, recruiters are seeing a huge amount of talent being swayed by competitive counter offers. It seems that rather than pursue exciting new opportunities, talent are in search of safety, stability and a clear cultural fit.
It’s no wonder that candidates are prioritising the offers that promise the most substantial remuneration and benefits packages in the face of our current economic uncertainty. Additionally, as an ageing workforce bows out to millennials and Gen Z-ers, top level talent will be looking for so much more than money - emerging generations want positive company cultures, strong DE&I commitments and flexible working options.
In short, if employers don’t want to be swept aside in the pursuit of the best talent, they need to step up.
What issues are recruiters facing?
The acceleration of tech and prolonged social distancing has led to a decline in face-to-face interactions with candidates. The interview, which is a crucial part of getting a feel for the business, is now often done virtually, leading to a lack of real connection, engagement and tangibility.
The recruitment process is also becoming transactional, clunky and lengthy. When kept waiting too long, candidates are unsurprisingly more easily swayed with a counter offer from their current employer. Ultimately, this means you’re losing out on the best talent.
7 ways to recruit top talent in today’s candidate-driven climate
There are several ways that recruiters can humanise the recruitment process and attract top-level talent.
1. Socialise with top candidates
Take some of the tech-based, transactional elements out of your communications. Candidates from the emerging Gen-Z and millennial generations appreciate a human touch, as opposed to the digital norms they constantly consume. It will also give you a better feel for the candidates themselves, while enabling them to better understand your company and culture.
2. Conduct face-to-face interviews
Similarly, where possible, at least one interview during the recruitment process should be carried out face-to-face. While virtual recruiting undoubtedly extends the talent pool, nothing communicates your company culture and environment better than meeting in person and allowing the candidate to get a feel for your firm.
3. Ensure there’s two-way communication
Gone are the days where interviews were a one way street or an endless onslaught of questions from the employer. Keep in mind that the power is in the candidate’s hands - give them the floor to ask questions, and ensure that you’re readily equipped to answer them. The types of questions they ask will also give you some insight into how they think.
4. Give candidates a vision of where the role can go
Top-level talent wants career progression, not a dead end. Offer insights into what lies beyond their starting point with your organisation and provide some examples, if applicable, from other areas of the business. Understanding how they can grow in their role and with your business gives candidates a better feel for the direction their career could go.
5. Be transparent
Vague commitments about sustainability and ethics are no longer sufficient. Candidates want to see creative, powerful solutions that tackle modern problems. Practices such as zenwashing and greenwashing won’t cut it - you have to prove your values through your actions and back up your words
6. Be prompt throughout the process
By simplifying and streamlining the overall recruitment process, you’ll be more likely to hold their attention, avoid the risk of counteroffers and get candidates placed on your open roles. In order to do this, the process in total shouldn’t be too long, clunky or involve too many interviews.
Get back to them with some feedback as soon as possible, because you likely won’t be the only role they are considering. It’s easy to miss out on great talent simply because you don’t move quickly enough.
7. Emphasise the importance of culture, DE&I and flexible working
Remind yourself of what this new generation of talent really wants. They want to see how you’re approaching issues such as diversity, menopausal support and culture, to name a few. While money is undoubtedly a huge factor, it’s definitely not the only one. In fact, nine out of 10 employees have flexible working high on their list of priorities.
Want to find out more about how you can perfect your recruitment process? Get in touch with me and let’s schedule time for a call.
