Up until recently, employers had the upper hand in the hiring process... its now a job seeker's market, so recruited strategies must be adjusted.
Up until recently, employers had the upper hand in the hiring process, meaning after the Great Recession in 2008, employers across the nation were in an unique position: They were getting more applications than they knew what to do with. 7 years later, things have changed. With unemployment below 6% in many states across the nation it is clear that the market and the power have shifted from the employer to the candidate.
“It is officially a Job Seeker’s Market. In this market only companies that provide an amazing candidate experience will thrive."
Job seekers are no longer searching for permanent, exclusive relationships. They're connecting with a range of companies and searching for content and connection with people like their peers at competing organizations. The challenge for Recruiters is that we use technology to connect with people who want a job right now for a job that’s available right now, however, candidates want to talk to job holders and future hiring managers. We have to change our approach to talking to candidates who want to apply right now while building a relationship with candidates who will be interested or qualified in the future.
Creating and Maintaining a Network
“ According to a recent CareerBuilder study, nearly 75% of employers say having a candidate engagement strategy reduces time-to-hire.”
Creating an extended Pipeline/Network will be the active approach of successful recruiters in the future. Knowing which positions to fill and creating a pipeline of relevant talent will significantly reduce time to hire for years to come. In this period it will be critical to maintain contact (A talent Network) with every candidate you interact with. Just because you didn’t hire them for a position in the past doesn’t mean that they aren’t perfect for another job that may arise in the future. Make sure that you foster your relationship with these candidates and reach out to them when relevant opportunities become available.
Job seekers want to connect outside of office hours. Job seekers communicate through their smartphones, and the messages have to be relevant or risk being dismissed in seconds. Recruiters and organizations may start changing their schedules and staggering start and end times of team members to maximize after hours contact and ensure outside of “office” availability.
Job Postings and Application Processes
Recruiters should also adjust how they #connect with job seekers with an emphasis on ease of process. Send jobs and work content to job seekers, don’t expect them to go looking for it! Make everything (even email) into an instant message and with your candidates’ approval feel free to text message. Most importantly companies may need to update their application process. The application process can make or break a company’s ability to pull talent, 66-85 percent of candidates who enter an ATS do not finish the application process. Lengthy applications are the top reason candidates fail to complete the application process. Make researching opportunities easy on your career website.
In this new market position employers will need to adapt to the candidates wants and desires, recruiters will need to focus on building their network in order to build their pipeline.