As the end of the pandemic appears to be approaching, the labor market has been flipped on its head. A
While the first year of the pandemic sparked fears about job security and stability, employees are now taking advantage of a very friendly market for job seekers. For the first time in years, employers are struggling to acquire talent because candidates have so many offers and opportunities to consider.
Read more:
In addition to the recruiting difficulties, companies are struggling to upskill and retain their existing top performers, who are frequently leaving for other opportunities that they view as more desirable. Many factors could play into this decision, from job flexibility and compensation to employer brand, culture or commitment to
Whatever the motivating factors might be, candidates are now no longer as willing to compromise on their needs or preferences. In such a competitive environment, it is imperative for companies to adapt and do whatever it takes to compete for top-tier talent.
Understanding the current market
One of the best ways to navigate the Great Resignation and attract premier talent is to understand the current state of the employment market and how it has changed. This reality may be difficult to accept because companies, not candidates, have long dictated hiring processes and job parameters. In today’s environment, however, these roles have reversed in many ways.
Read more:
Candidates now often define boundaries regarding compensation, benefits, paid time off and remote work, among other considerations. The COVID-19 pandemic has set a precedent for employees to exert greater control and change the entire landscape of the hiring market. This trend will likely continue even beyond the current period featuring rampant resignations. There is only one way that employers can go from here if they want to hire the best talent — understand what top candidates are seeking from a company, and then match or even exceed those expectations.
Move fast or face disappointment
Two factors have expedited the hiring process amid the pandemic —
These developments have allowed recruiters to move quickly from evaluation to offer. The speed of hiring decisions has always been a major factor in securing the most in-demand talent. But in today’s ultra-competitive environment, the time it takes to reach a final decision on a candidate is more relevant than ever. If you don’t make an offer quickly to an impressive applicant, then another company will likely beat you to it. Continuing to streamline or eliminate cumbersome and drawn-out aspects of hiring processes will be key to successfully recruiting top talent going forward.
Focus on the candidate experience
With job seekers now having the upper hand, the end-to-end candidate experience is a paramount consideration for employers. After all, how candidates perceive a company and its culture during the hiring process has a major influence on whether they want to be a part of it.
Read more:
Inefficient recruiting procedures, excessive demands on the candidate’s time and a lack of open communication are major red flags. Instead, focus the time you have with a candidate on not only getting to know their background and needs, but helping them understand the culture and day-to-day interactions at your company. Enabling them to envision finding comfort, happiness and success with your company can be a game changer.
In the end, the “Great Resignation” is not just a catchy term used to describe the employment landscape during the pandemic. It represents a new normal for hiring standards, where accomplished and empowered applicants call most of the shots and employers must adapt to meet their expectations. Companies that resist this change in the recruiting process will not see the same success as those that embrace it. Now that the walls have been broken down and job seekers enjoy more control than ever before, they have no intention of giving it back any time soon.
