The aftermath of a global pandemic has made people rethink their priorities and pay attention to what matters to them the most in life – how to make a career less interrupting their personal life. With ample opportunities in the market and opportunities to upgrade skills, the nature of the job market has drastically shifted.
What is a Candidate-Driven Job Market?
A candidate-driven recruitment market refers to the job market where the companies find tough competition to attract top talent. Simply put, in a candidate-driven market, companies are the sellers, and the candidates are buyers.
The flexibility for candidates to move between jobs is more, and with the increased opportunities everywhere, they are so much in demand like never before.
In such a supply-driven market, top candidates have many options to choose their next employer. In this process, some candidates let companies know, and some ghost organizations they’re not joining. And some leave quickly, within days or weeks. Although this is a breach, most organizations do not risk spending on legal action, especially if they’re lower-level employees.
Role of Employer Branding in Candidate-Driven Market
Employer branding plays a significant role in maintaining a talent pool, creating a solid company culture, and reducing recruitment marketing costs. A study shows that 75% of applicants consider their employer’s brand before applying for a job.
As most candidates consider employer brand as a deciding factor, spending more time and effort in building a strong brand image will help companies stand out from the competition.
Here’re some stats that say why employer brand is essential in a candidate-driven job market
- 92% consider changing jobs to an organization with an excellent reputation.
- 60% of people choose a place to work based on their beliefs and values.
- The #1 challenge in the application process is that candidates do not know what it’s like to work at an organization.
- More than 25% of candidates stop buying a product or service after a poor candidate experience.
Here’re 5 great ways to stand out in a candidate-driven job market.
Best Ways to Recruit in a Candidate-Driven Market
Revise and Revamp your Job Descriptions
The old-fashioned and boring job descriptions that focus on what you look for in a candidate don’t help in the modern recruitment market. Recruiters need to revise their job descriptions, differentiate must-haves and nice-to-haves and revamp their job ad strategy to see more application rates. For example, you can get more potential and nearly apt applicants if you stop stressing “must have 10-15 years experience” in your job descriptions.
Also, make your job descriptions gender neutral; there’s a strong reason for this. Studies show that women are likely to apply for a job only if 90% of their resume matches the job post, whereas men apply even if it is 65%. Thus to attract diverse talent, you must rephrase your job descriptions.
Make the Application Process Simple & Short
Most candidates give up on the application process if it takes more than 20 minutes. In case your application procedure takes more than that, tell them in advance and explain why it should take a long time.
There are hundreds of open positions available on job boards and social media, and job posts with lengthy application processes lose candidates’ interest. So, make sure the application process on your career site and job posts are short and exciting.
Showcase Diversity, Culture, and Values
A recent survey shows that 81% of candidates feel that culture is more important in deciding whether to apply for a job. Nearly 70% of US workers give more preference to benefits, company values, and culture than salaries.
Showcasing your company’s diversity, culture, and values inspire candidates to be a part of your company. Social media platforms and your career site act as a great place to advertise your company as the best place to work.
Personalize Recruiting
Treat candidates as customers; that is how you can pique their attention and stand as their employer of choice. This is the most tiresome part of recruitment for most recruiters, but if you snooze this, you lose.
Personalizing your recruiting process is quite simple if properly organized. Firstly, ensure transparency about how long your recruiting process will take and when the candidate can expect feedback. This can be done using a mass mailing tool that offers customization options and a good number of unique templates to make your job simple.
Next, walk the talk. Ensure you finish the process within the promised time and provide honest feedback timely.
Leverage Technology & Be Efficient
Companies cannot go so far without technology, especially in today’s fastly evolving recruitment landscape. There are many recruitment tools and recruitment software available; identify the best tool that matches and evolves with your needs. Integrating your recruitment process with an ATS like Vultus makes your talent acquisition process more efficient and seamless.
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