Candidate Led Job Market25 Oct, 20225 mins
A candidate-led job market is a phrase that’s been thrown around a lot in the recruitment in...
A candidate-led job market is a phrase that’s been thrown around a lot in the recruitment industry this year, but what does this phrase mean and more importantly, what does it mean for your company?
A candidate-led or candidate-driven market is when the number of available vacancies outweighs the number of potential candidates resulting in the market being highly competitive, and companies battling to attract and recruit the best talent.
Whatever position the job market is in it is likely that gaining the best talent will remain competitive. Therefore, it is important to consider how you can promote your brand and exciting aspects of your business, including workplace benefits, company culture, and employee experience, as part of your hiring strategy.
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Job Market Report
Our October Job Market Report looked at the current job market in comparison to the same time last year (October 2021). Our report found that the digital sector is reporting a 5% decrease in vacancies over the same 90-day period from 2021.
The market is experiencing candidate shortages, and the cost-of-living crisis is pushing up salary expectations (29% increase). An emphasis is needed for employers to act fast, and with flexibility, to secure the best talent.
Download our October Job Market Report here to read more!
Wants and Needs - what do the public have to say?
Earlier this year we asked people on LinkedIn whether, given the climate, would they consider a career move?
Results showed that people were more likely to consider a career move a career move this year, this is an interesting result given the current climate. This, however, may be due to the cost-of-living crisis concerning people, leading them to look for a higher salary elsewhere. Alternatively, knowing that the market is currently in the job seekers’ favour may be encouraging people to find better salaries and benefits elsewhere.
A candidate-led job market means that companies also need to consider what they can offer prospective employees. For companies that aren’t actively recruiting, it is still important to reconsider employee wants and needs in order to retain their talent.
Again, we put this to a public vote and asked the people of LinkedIn what company benefit they would choose:
Annual bonus came in top position with 57% of people saying this is the benefit that they would choose. In second place, increased holiday was voted for by 34% of people. Other benefits commented on included: increased company pension, ownership – including stock options and healthcare.
Advice for hiring the best talent in a candidate-led job market
1. Be Open to Negotiation to Meet Wants and Needs
When hiring in a competitive job market, although there are many factors to take into consideration, pay is a huge decision-maker for the majority of people, especially given the current economic climate.
It is important you can provide a competitive salary to attract the best talent, however, if their expectations are not reachable, you need to be willing to negotiate other benefits that are worth their while, this may include flexible working, training, or benefits. It’s a good idea to find out what people are looking for, such as by conducting regular polls, and doing your best to meet candidates’ needs.
2. Use your Brand to Stand out as the Employer of Choice
Using your branding is hugely important for attracting the top talent. Being able to communicate your company approach and culture is a great way to attract candidates and hopefully appeal to them over competitors.
Being visible and vocal on social media platforms, particularly LinkedIn, sharing news, insights and the fun stuff you’re getting up to at your company is a great way to showcase why you should be the employer of choice.
Not only does this come down to the business ensuring they have a strong brand, utilising your employees through using personal branding is also a great way to elevate your brand and show prospective candidates why they should want to work for you.
3. Choosing the Right Person or Considering Alternative Options
In a competitive market, it can be effective to recruit the best person for the job, not necessarily one with heaps of industry knowledge. Although this may require some additional training, considering the person who is the right fit will bring a fresh viewpoint and open up more candidates for you to choose from. Nurturing someone with potential and a willingness to learn can often be more valuable for your company.
If the skills are non-negotiable and you’re struggling to find the right person, it may be worth considering alternate ways to hire the best talent, this may be through contractors or an outsourced team.
If you’re considering hiring contractors, we can help with this!