The Pick-N-Mix Job Market
The current job market allows job applicants to pick and choose their opportunities and have the freedom to turn down roles that would have once been classed as dream jobs. It's one of the most competitive times that recruiters have ever experienced, with acceptances plummeting a staggering 50 per cent in the last year. In order to win over employees, hiring managers are focussing on creating positive experiences rather than filling the role. Today's candidates expect to feel valued from the outset. It's a cutthroat market, and authenticity can go a long way to securing the right person.
Today’s market in Australia is saturated with opportunities. Many candidates are actively interviewing for at least four jobs simultaneously, meaning they can be very selective about the roles they will pursue and the ones they will decline. Because of the lack of immigration, Australia has a tight candidate market across most industries, and companies can't afford to lose them during recruitment. If candidates pull out, the time needed to fill the role is drawn out, putting additional pressure on the team and increasing recruitment and organisational costs.
You have to assume that similar companies are vying for the same candidates as you. You must pick up the pace, show your interest and make an expedited offer before your competitor can lure them away. Candidates are already declining offers from outdated interview processes. Candidates are keen to know what is going on, even if it means no news. Well over half of the professional interviewees lose interest and move on if they haven't heard anything for two weeks from the initial interview. It's vital to get in touch with candidates at least once each week and keep them updated on when you'll be able to make a decision.
There are generally five factors why candidates drop out of the hiring process.
The process is too long. It's vital to manage candidate expectations, ensure that progress is flexible and that the salary for competitor opportunities is aggressive. Discuss the salary and other benefits available during the initial interview and be transparent.- No additional benefits are offered. Flexibility about hours and working from home are two currently highly valued benefits. Additional compensation could include parental leave, volunteer days, gym memberships and health insurance.
- Lack of role clarity. Make it clear about future development and progression. Your messaging should be consistent and included in the job description. Highlighting structured development pathways and how you intend to nurture their career and training opportunities will attract the talent you need.
- Lack of communication. The biggest reason why candidates drop out is silence. It is essential to offer transparency, even if it means they have yet to be successful in the interview process.
Understanding the recruitment process and why candidates drop out is more important than ever. It's essential that you can offer them transparent processes, open communication and a proactive attitude to prevent this from happening. Professional people want to work for companies with a diverse workforce, so much so that 42 per cent would turn down an offer if the company needed clear diversity goals. When candidates see diversity, such as women in senior roles, they are excited about the organisation.
Recruiters are often busy filling a multitude of roles at any one time; take some time to understand the role so that you can articulate what they can expect from team dynamics, what to expect in the position, the team culture, the projects they will work on and the tools they will use. During the entire hiring process, it’s important to remain authentic. If there is negative information, you can show what your organisation is doing to overcome these issues.
By understanding your candidate and asking them questions, you'll soon be able to pair job descriptors with the personal likes and dislikes of the role they are applying for. Shining a light on what would be fulfilling for a candidate will make them far more likely to accept the role you are interviewing for. Gone are the days when compensation discussions would come much further down the interview process. It's essential to talk about remuneration in the first interview. As a recruiter, you'll understand the candidate's experience and the market value of the salary you are offering. The salary should fall into the range you initially discussed at the offer stage. If you are in a particularly competitive market, can you exceed expectations?
Candidates want to know what it's like working with your company on a daily basis. A good work-life balance was one of the essential things job seekers cited in the 2021 LinkedIn survey, followed closely by compensation and benefits. Although recruiters and hiring managers can advise on their company culture, potential peers and colleagues can also give insight into a typical workday and the environment.
When it comes to 'offer' time, build a community around the candidate and the offer. Involve the relevant team, hiring managers and direct managers to celebrate the good news and extend an invitation to ask any questions before they even sign the contract. Whilst your company may have attracted top candidates, they will consider other factors when considering a career move. In essence, create an experience that is mindful, respectful and engaging. The interview process is the main difference between whether or not a candidate will accept your offer in this competitive market.
