A couple weeks ago, we touched on how job candidates are shifting the power in the job market. The beginning of this year is seeing a market in which job seekers are able to be picky. The power is back in their hands. This is great for the general, job-seeking public, but for hiring managers it becomes a huge challenge. Our recommendation? Move quickly and work any angle you can.
Utilize Employee Referrals: The success of word-of-mouth is constantly underestimated. Say you're a job seeker. In one hand, you have a job you found online. In the other, a job your friend Joe told you about. Which one are you leaning towards? If you're a hiring manager and have two candidates, one of which came through a website, and the other is a friend your coworker Jane, which one will you choose? The answer is clear in both situations, and having a job opportunity brought to you by a trusted ally gives it a bit of an edge. Added bonus: your current employees will love whatever incentive you're offering.
Maintain Relationships with Passive Candidates: The most commonly thought of "job seeker" is someone, employed or not, who is actively looking for a job. In reality, that definition applies to a mere 25% of job-hunters. According to LinkedIn, most aren't even actively looking, though they're open to new employment. So, keep talking. Be active on social media, check-in and see how their current jobs are going. Focus on the discussion rather than pitching, and you'll find that they'll be receptive, and might even come to you when their current employment situation is no longer satisfactory.
Move It Along: The early bird catches the worm! Get to a candidate before another company does. Depending on the position, candidates have more options than they used to, and are exercising their ability to be selective. Giving them an offer they can't refuse and then moving the offer/hiring process along swiftly is the best way to assure you snag the best guy for the job. Not only will it keep the candidate happy, but you'll beat other offers in the process.
Most people think of the job market as a pretty one-way system: companies need someone to fill a certain position, so they post a job opening. Easy.
What has started to come into play, especially with the ebb and flow of recession employment rates, is the dynamics of a job market that depends largely on ever-changing skill sets and candidate availability. In 2015, it looks like candidates are forcing the job market to shift a bit.
While the beginning of the recession marked the start of a stalemate between job seekers and hiring managers, the unemployment rate has been moderating, and candidates can now be a bit choosy. Though companies used to be able to just post an available job listing on their own site and sit tight until candidates found it, now they're forced to be competitive and fight for the best people. Gone are the days of slow hiring processes, and salary offerings are up, as managers find the need to nail down new candidates before they end up elsewhere.
Millennials are the largest section of the creative job market today, and with the oldest millennials reaching mid career status, they are demanding a clearer professional path and future from the companies they consider. With stability on their mind and a less desperate candidate pool, many millennials are turning down temp-to-perm jobs in favor of full-time positions, so companies are rethinking their old ways.
Hiring managers are also finding that with the explosion of new technology and programs in the last decade, job seekers have very specific specialties, and a well-rounded employee might not fit the bill. This will be the year that talent communities are tapped, and the competition between companies for the best talent within each of these networks will determine who comes out on top.
2015 will be a year when job candidates have the power! What will you do with it?