Staying Ahead in a Candidate-Driven Market

As we move into the New Year the signs of a candidate-driven market remain strong. This was borne out during the second-half of 2014 when it was evident that more candidates were turning down opportunities already after their first or second interviews. Some companies still regard the market as being employer-driven and are acting accordingly. The effect of this is that it is becoming increasingly harder for them to get candidates over the line as competition for the best talent intensifies and the more agile businesses remain better equipped to meet the demands of the candidate community.

So what do employers need to do when it comes to attracting the best talent in 2015?
• Make sure that their social media policy is up to date and well-managed
• Make sure that their online application process is interactive and personal
• Develop a mobile recruiting approach
• Ensure the agency supplier base is well-structured and fully briefed
• Ensure the ability to respond to candidates and agency providers is sharp and fine-tuned
• Stay geared up to arranging interview schedules with a short turn-around and to be ready to make an offer
• Remove bottlenecks with any contract sign-off procedures
• Be fully aware of changing trends in salaries and benefits and by ensuring packages are market competitive
• Regularly review employer branding and marketplace image

Speed of response is crucial at all stages of the interview process and candidate feedback, be it direct or via an agency intermediary, needs to be swift, clear and objective. According to MRI Network, the typical candidate offer takes 3 weeks to draw up whilst 41% of recruiters say it takes even longer, sometimes as long as 9 weeks, to get an offer out of the door. And one in five candidates had to endure more than 4 rounds of interview to reach offer stage. Since many companies are slow to ‘pull the trigger’, candidates become vulnerable to counter offers or begin to doubt any serious intentions to hire them and start investigating other opportunities.

Also, it doesn’t take much for negativity about a company to creep in. Sloppy interview sessions, slow or even no follow-up actions and unexplained delays in reaching a final decision can all breed discontent and frustration.

It is generally thought that most candidates seek a move to enhance their compensation and benefits but almost half of recruiters said that what candidates crave most of all is greater opportunities for advancement and personal development.

Candidates in any interview process also need to manage the expectations of a prospective employer by being clear with their feedback and ensuring that HR or Agency reps are kept up to date on their level of interest. If they (candidates) receive a counter offer make this known at the earliest opportunity so that actions can be taken.

As the economy continues to improve and with employment on the rise, companies are becoming more intent on hiring the best talent. The real winners will be those who adopt an agile and well-structured recruitment process whilst presenting their company’s credentials in a positive manner and in high-visibility.

By Ray Parker
Ray Parker is Founder and Managing Director of Madison Parker International, a strategic recruitment consultancy firm located in The Hague.