In our previous blog we spoke about the effect that the economic shift of The Great Resignation has had on the recruitment market, with all pointers showing that it’s no longer enough to throw out a net with simply the promise of a great salary. It’s a candidate's market and they have the upper hand in terms of choosing the role that offers the best package for their lifestyle. The WaveTrackR November 2022 Recruitment Trends Report showed that in the December of 2022 job vacancies rose by 17% from October and were 39% over the 2021 monthly average. Pretty big stats for a time of year when the job market generally slows.
Candidate motivators have changed since the pandemic, with priorities now more holistic. Offering a fancy coffee machine and a gym membership won’t cut it when people are seeking flexible and remote working as a number one priority. Recruiters must take the time to understand their talent on a personal level - taking into account their needs; for example whether they have childcare responsibilities and what drives and motivates them.
A recent report from Deloitte highlighted that 42% of Gen Zs and 39% of millennials now have a side hustle to make ends meet. With this in mind, recruiters and employers alike need to be aware that people desire control over the hours they work and flex to meet this.
With more jobs than ever to choose from and candidates receiving multiple job offers, as well as their current employers counter-offering to keep them - how can businesses attract the talent they desire in 2023?
Firstly, it’s important to consider the culture, brand and reputation of your company. Before even drafting a job description it’s a smart idea for hiring managers to assess the following:
It’s safe to say that most potential employees will check out the culture of a business before applying for a role. And the first place they’ll look is their social media channels. These often offer an insight into the company culture better than a website - do they walk the walk as well as just talking about it? Offering a variety of social occasions (aside from going for beers) will entice those looking to join a fun and friendly work environment.
Glassdoor offers candidates a non-biased insight to how a business really operates. It’s good to be aware of your business's activity on there and if there are negative comments, be prepared to discuss these with your current team to ensure any grievances are addressed.
What attracted your current employees to their role? Having honest conversations about how you can continue to be an attractive employer is well worth it as you may come out with additional ideas of how to attract new recruits as well as making your current team feel valued.
CultureAmp, a company offering employee development software found that employees without access to L&D programs were 41% more likely to leave their job. And LinkedIn reported in 2018 that 93% of people would remain at a company longer if they invested in their careers. It’s clear from these statistics that job-seekers no longer see L&D as a bonus, they actively expect it to be offered. With digital companies such as Maverick Manager Toolkit offering online upskilling at the click of a mouse there’s no excuse for companies to shy away from boosting the skills of their employees - it’s a win win for all.
Lifestyle trends evolve quickly so those who keep their ears to the ground about what’s important to their candidates will be in a better position to offer a package that will attract the top talent in the field. Working with trusted recruiting partners will help to find candidates who are a good fit for a certain position, as recruiters should be listening to needs and progressional aspirations closely to determine who to put forward for interview.
As with anything in life, if you snooze, you ultimately lose. We’re not suggesting making rash hiring decisions but if you interview a candidate and feel they could be the one - it’s important to move swiftly to making an offer. You never know how many other roles they are interviewing for or the alternative packages offered. And be prepared to negotiate, within reason. It’s wise to have some wiggle room agreed for salary negotiations as well as flexibility within the job role and company ecosystem.