The candidate market is in a strange place. Yes, there is less hiring and less movement in the industry than there was even 2-3 years ago. Companies are keeping a close eye on their cost base and are more risk adverse than ever. But what does this mean for you when approaching the recruitment process?
Candidates still need the motivation to move jobs
To a certain extent, it is still a client’s market. There are high numbers of candidates who have been in stagnant roles and are open to opportunities if the right role comes up. That doesn’t mean they will jump at any opportunity in the market – candidates are risk adverse too and without progression, a salary increase or some meaningful benefit, many would prefer to stay where they are.
Top candidates are still in high demand
Even though the job market is relatively slow, the best candidates in the market are still receiving multiple offers. There is nothing more frustrating for an employer than losing a candidate after investing time into the interview process, but we need to look at the other factors on this list to help reduce this risk. Yes, a candidate's current salary is a factor to take into account when it comes to offering stage – but a flat rule for every hire won’t work.
It still surprises me how far a ‘slick process’ goes to gain a candidate's buy-in – two-way interviews, good feedback, efficient processes completely change the way candidates view an opportunity. A stuttering, long process often gives a bad impression, creates a greater risk of losing the best candidates to the competition and makes life a lot harder when it comes to closing. Which brings me to the next point:
Don’t forget to sell
The market has been flat for some time and somewhere along the way, we have begun to take candidates for granted. An interview shouldn’t be solely focussed on the candidate – it’s a two-way process and clients need to remember to sell their company and opportunity. Too many times, this is being completely ignored until the final stage of the process, when it should have been implemented throughout.
Don’t look for the purple unicorn
Sometimes candidates do come out of the woodwork after months of searching, but that is unfortunately very rare. If your trusted recruiter says that a particular skillset doesn’t exist in the market, the salary level you are offering is far from the market rate or the candidates you have interviewed are the best you will find – don’t jeopardise what you have on the off chance someone will appear out of the blue.
So if you are looking to expand your current team or thinking about making the next move in your career, please contact me on email@example.com or +65 6854 5602.
by Lester Qin