2015 shifts power to candidate-driven job market
Publish on 09:54 13/Jan/2015
The news is good for today's job seekers as the nation experiences the largest job growth since 1991 and the job market has become candidate driven. Until recently, the job market has been employer-driven.
An employer-driven job market means employers call the shots. A candidate-driven job market means job seekers call the shots. Admittedly, that's a bit of an overstatement, but it's the basic idea.
Employers have been taking forever and a day to make hiring offers to candidates, often between three and nine weeks. Sometimes candidates have been subjected to four or more interviews to get an offer.
In a contemporary hiring survey, a recruiter suggested what may be happening: The time lag seen in recent years gives candidates the space to investigate and accept other opportunities.
Areas where recruiting must change during 2015
If you are frustrated because your recruiting approaches are no longer producing great results, you will be happy to know that there is a logical reason behind it. I estimate that 90 percent of recruiting leaders and hiring managers have yet to realize that the power in the recruiting relationship, which for years has favored employers, has shifted over to the jobseekers.
Knowing the reasons for shift is less important for recruiting leaders and hiring managers than recognizing that when jobseekers hold the power in the relationship, your current array of recruiting tools and approaches will literally stop working.
Another interesting phenomenon happens after the power shifts.
That phenomena is that your firm’s hiring managers will begin a seemingly endless round of complaints about how candidates have “an attitude” and how there is a shortage of talent or a skills shortage. If you’ve already heard those complaints at your organisation, realize that there are actually more available candidates today. But those quality candidates are now acting differently (i.e. poorly in the eyes of hiring managers) because they have already realised that the power equation has shifted in their favour. As a result, these candidates will no longer tolerate weak employer brands, painfully slow application processes, death by interview, and a distasteful candidate experience.
You can complain all you want about the shift in power, but individual firms simply can’t change the power relationship. The only thing you can do is to radically change your recruiting strategies, tools ,and approaches, so that they now better fit the new level of power that candidates now hold.
Now that the power shifted, candidates who only a short time ago would easily tolerate slow hiring, no feedback and hiring manager arrogance will simply now drop out of the hiring process or gladly accept an offer from another firm.
This is where we can help!