Now more than ever candidates are entering a market with two distinct advantages, it (the market) is fast moving and it (the market) is also starved of candidates. Great candidates are more in demand than ever, in the Tech/IT/Industrial market this is especially the case. I have recruited in this space for over 12 years now, and I do not think I have ever known candidates to have so many options!
One thing that is very apparent is that interviewing processes are also having to change to accommodate this - or risk losing out on the best talent. One client that I am working with has sought to over come this by ensuring that all stages of the process are arranged right at the start - as soon as they know that they want to interview someone they set up 3 interviews with all the stakeholders.
As a result a few powerful things have happened;
- The candidates involved in this process were immediately given a positive message about the commitment from this client.
- The clarity in the process immediately set the tone and also ensured that the client took control of things from the start.
- All of the internal stakeholders know exactly where they stand and are coordinated to take the candidate through a slick process.
- Even though the candidate is already involved in other interview processes they are in a better position to manage their time, and their own decision making process.
- As the Executive Search partner in the process, I am also in a much stronger position to manage the candidate.
No matter which way you look at it, having efficiency and speed in a process makes everything so much easier. If your process is not well defined at the start of the engagement you can risk losing out on that candidate. This is a candidate driven market and it is likely to remain this way for some time to come, but based on the discussions that I am having with candidates some of the drivers have changed, yes competitive salary will always play a part - however a well defined stance on;
- Work life balance (the last year or so has ripped up the rule book on what can be achieved with remote working!)
- Personal development and career progression
- A clear message at all stages of the process on the company strategy or "vision" is imperative
- Speed on a decision, positive or negative, at the end of the interview process is vital - especially when several options are available to a candidate
The article below looks at some of the perceptions and concrete stats on the job market, but one thing is certain you need to move fast for the best candidates!
According to CareerArc’s “2021 Future of Recruiting Study,” 76% of companies believe 2021 hiring demand will approach, return to, or even exceed pre-pandemic levels. Half of American adults are just as optimistic: 51% believe job growth will increase under the Biden presidency, 28% say it will decrease under the new administration, and 21% predict a neutral impact.