The way the job market has evolved in recent years is nothing short of fascinating. Employment trends and how employers and candidates interact have undergone a significant change globally, transforming an organization-driven market to a candidate-driven one. This adjustment can be attributed to a range of factors, including the unprecedented impact of the pandemic on the global market, a shortage of skilled talent to fill-up the growing number of job opportunities, and a scarcity of candidates with the expertise required for specialized roles.
The global workforce is also experiencing a seismic shift in expectations; job seekers are looking for a healthy work environment that prioritizes overall well-being and treats employees as people. For example, a 2017 survey by Glassdoor finds that 96% of job seekers feel it’s important to work for a company that embraces transparency – a factor that was given little to no consideration the decade before. The evidence for unmet employee expectations is now crystal clear and has given rise to significant movements such as The Great Resignation and Quiet Quitting.
Looking at employment trends and recruitment data in this candidate-driven market, what initiatives can organizations adopt to attract top talent? Let’s find out.
Competitive Compensation & Benefits
To attract top-tier candidates, it is crucial to offer a competitive package that aligns with the market standards. According to recruiters at Nielsen, the war for talent is at an all-time high, as they have never seen so many job offers declined. A good salary package with benefits is an indicator of the organization’s recognition of the value the candidate brings to the table. It sets the foundation for a positive relationship between the employer and employee. Conducting a salary benchmarking exercise before hiring talent ensures transparency and sets clear expectations for both parties.
Emphasis on Flexibility
The majority of the present workforce has experienced remote work in some capacity. When the world went into a shutdown, organizations had to quickly adapt and every worker – except a few front-facing roles – was remote working. This allowed employees worldwide to observe the benefits of being productive at home without the long hours of commute, having to dress up professionally and having to spend time away from the elderly and dependants. A 2022 report by LinkedIn about recruitment data suggests ‘54% of recruiters have seen candidates turn down an interview or job offer due to a lack of flexibility and remote work options in the workplace.’
Offering a remote or hybrid work setup is one of the most effective initiatives organizations can adopt for today’s workforce. This allows employees to better balance their work and personal lives, leading to increased job satisfaction and retention rates. It also expands the talent pool, allowing organizations to attract candidates from outside the geographies where they are located.
Focus on the Candidate’s Journey and Career Growth
The first impression that candidates have of an organization is crucial in today’s competitive job market. The same LinkedIn report revealed that 78% of candidates believe that their candidate experience reflects how the organization values its people. Moreover, 80% of candidates would openly communicate with others if they had a negative recruitment experience. This emphasizes the importance of a good candidate experience, from the initial application to the onboarding process.
As the newer workforce values career growth, it’s essential for organizations to provide clear paths for career progression with supportive training and development opportunities. A well-defined career growth plan incentivises candidates to join as they can envision their journey within the organization. By prioritizing candidate experience and career growth opportunities, organizations can attract and retain high-quality talent in the long run.
Maintain Employer Branding & Promote a People-First Culture
In today’s digital age, a candidate’s first impression of a company is often made before they even apply for a job. Researching a company’s history and culture through various online platforms has become a norm for most job seekers. Companies need to leverage these platforms to showcase themselves as a desirable employer. Providing a clear picture of the company’s culture, employee experience, and stories from current employees can significantly contribute to building a strong employer brand.
When a company focuses on creating a people-first culture, it not only attracts like-minded individuals but also fosters a strong, loyal workforce. By creating a healthy work environment that offers great employee experiences, employees turn into brand ambassadors who are eager to share their work stories and even refer friends for any open positions. It can be a powerful recruitment strategy, creating the foundation for a sturdy referral program that brings forth great candidates and also promotes employee retention.
Tools that can Aid the Process
In today’s competitive job market, attracting and retaining top talent is crucial for organizations, and to achieve this, a data-driven approach is necessary. This involves conducting a SWOT analysis of the organization to identify strengths, weaknesses, opportunities, and threats. Additionally, plugging in tools that enable this assessment like data analytics or people analytics provides insights into areas that need improvement.
Talent Intelligence tools like JobsPikr also supply crucial information in this area and can be used to benchmark the organization and understand competitor strategies. With JobsPikr, businesses can gain a deeper understanding of their local workforce and access customized labor market insights based on their business location. It can also help analyze how key skills and job roles evolve in the market, preparing organizations to be future-ready.
These various internal and external data sets once put together show a clear roadmap of where the organization currently stands vs where it must be to attract highly sought-after talent.
There’s no surefire way of predicting how long certain employment trends will last. Organizations can only make decisions based on current data and use market projections as a guide for the future.
Hence, investing in analytics – both via people and tools is a no-brainer in today’s market. By adopting advanced recruitment strategies early on, companies can stay ahead of the curve and avoid scrambling for candidates when the talent pool is scarce.