It's a Candidate Driven Market in 2021
If you are a hiring manager, a member of the Talent Acquisition team or just happen to stumble upon any industry blogs and magazines recently, you’ll have read some of these phrases:
“The Great Resignation is Here!”
“An Unprecedented Talent Shortage”
“Candidate Priorities Are Changing”
Various surveys have shown that increasing numbers of people are considering leaving their jobs- up to 55% according to a recent CNBC article.
People have spent less time commuting, more time with their families, and don’t necessarily want to go back to their old ways of life. Couple that with a realization that “life is too short” and it’s prompted many into looking for a change of company, industry, or career. People are searching for jobs with more flexibility, less commuting, more opportunity to travel and less time away from home.
If everyone is changing jobs, why do we have so many shortages?
Everyone is ramping up. At an unprecedented level.
Think about it. Has there ever been a time in living memory when huge portions of the world shut down all at the same time, and then re-opened all at the same time?
So what does it mean for companies and hiring managers?
It means organizations need to stand out from their competitors if they’re going to get the best talent. This doesn’t just mean offering better salaries (but we are finding ensuring you have current market data is important). It means making your Candidate Value Proposition as good as possible – thinking about your inclusivity, your workplace benefits, flexibility on working hours, and more.
It also means businesses need to work much harder to find and secure top talent. No more posting and praying-that just doesn’t get the best people any more. Top talent needs to be headhunted, wooed, convinced that you’re a fit, and guided to ensure they don’t take another role while you’re considering whether to hire them or not. A speedy, thoughtful interview process is key. Gone are the times where the traditional 4 x 4 (no more than 4 interviews across 4 weeks time) one size model fits all positions.
Which is where McGroarty & Co. Consulting can help! Get in touch to find out how we can help you find top candidates that fit your organization and team needs.
Source: The State of the Job Market - Claire Murray (2021).