This year has
shaped up to be the most competitive talent market our recruiters have seen
since we opened our doors in 2000. Many economists have declared the labor
market at full employment, or close to it. From the front lines of recruiting,
we have never seen job seekers more confident about their employment
prospects. Gone are the days when many candidates
were unemployed, willing to compromise compensation requirements and other
personal requisites of employment. Today, companies looking to attract senior
talent – especially for the most in demand roles – are finding that the job
candidate is in the driver’s seat, steering the conversation.
Here’s our advice for hiring managers navigating present
labor conditions:
Free Your Mind
The tightest market conditions require the most open hiring
mindset. Back in 2008, employers had the luxury to hold out for candidates who
met every bullet point in the job description. Today, these same employers must
be willing to consider talent that matches just the most crucial ones. And
where in the past only candidates from the company’s industry would be
considered, job seekers are finding it easier than ever to move into new
business sectors where talent is particularly scarce. A flexible hiring
mentality also extends to questions around how, when and where employees work.
If the ideal candidate is in another city, relocation doesn’t necessarily have
to be the only option – in-demand executives are finding employers willing to
consider remote work options or adaptable requirements regarding time spent
working on-site.
Put Your Best Offer
Forward
Passive candidates are harder to win over than ever –
they’re contentedly employed by companies who are increasingly intent not to
lose them in the first place. Therefore, new employment propositions must be
especially persuasive to leave a ‘known quantity’ work situation. For these
candidates, increased money and benefits are just the start of the enticement
strategy. Potential employers have to quickly crack the customized combination
of clearly defined career pathing, reward and recognition for expertise, a plan
for professional development, and perks that are personally meaningful. Signing
bonuses are on the rise, as are highly customized benefits packages. In today’s
market, top talent is often weighing multiple offers. So, time and again, hiring
managers are finding that they have just one shot to get the offer right.
Consider Contractors
With talent in short supply, many employers are increasingly
adding specialized, interim executive talent to their talent strategy. To help
advance projects and lead mission-critical initiatives, highly-skilled
executive contractors support the existing, over-extended team while closing
detrimental functional gaps in the organization. Another benefit of this smart
approach is that it creates an opportunity to convert a proven, capable
freelancer into a road-tested, successful full-time employee. In this scenario,
both the interim professional and the hiring company are able to assess one
another for functional and cultural fit, at a much lower risk.
Rev Up the Recruiting
Process
Surprisingly, some companies continue to operate as if the
hiring manager holds all the cards, drawing out the recruiting process.
Unfortunately these employers soon find that the candidates that they’re most
interested in have accepted timelier offers from fast-moving competitors. Hiring
managers should presume that most job seekers are interviewing with multiple
organizations today. Therefore, to avoid stressful bidding wars for top talent
or losing out on them all together, now is the time for employers to speed their
time to hire.
Employers are cautioned to remember that the candidate
experience matters more than ever – job seekers make assessments and
assumptions about future employers based on how smoothly the wooing process
goes, and how valuable they have been made to feel. Is this protracted hiring approach
a sign of stodgy, inflexible company? Is there poor communication or an
appearance of the inability to make decisions – what does this say about the
company culture? Does the experience contradict what the candidate has been
told? A slow process can send the wrong signals, dousing the candidate’s
enthusiasm for both the employer and opportunity altogether.
Align With a
Strategic Talent Management Partner
There perhaps is no better time for companies to benefit
from the expertise of an experienced talent management partner than when the
job market is so ruthlessly competitive. An external recruiting and staffing company
is an employer’s best resource when it comes to in-depth knowledge of who and
where the top talent is, what competitive hiring managers are offering job
seekers, and what motivates talent to jump ship. When time is of the essence, high-quality
recruiters know how to implement a targeted, agile approach to identifying,
sourcing and securing the ideal talent for the client’s unique brand. They also
bring to bear an extensive professional network that stretches further than
where the hiring company’s internal recruiting efforts will ever reach.
