Recruiting the right people has always been difficult, but with companies growing bigger by the day, securing the best candidates in such a competitive market is becoming more and more challenging.
The current job market is flowing heavily in the favour of candidates, often receiving multiple job offers gives them the upper hand, and enables them the power to command more than just the best salary they can get. This candidate driven market heavily affects employer’s hiring processes, if they can’t offer what a candidate is looking for, then they will ultimately lose the candidate to a competitor’s hand.
As businesses move further towards technological advancement, common reasons they are not able to find suitable candidates is that they are not able to provide the best candidate experience. To ensure the best candidate experience, companies need to offer more than a competitive salary and company culture; reducing the hiring cycle length and increasing engagement during the cycle itself, differentiates your role giving you a competitive edge.
Technology could prove to be the answer to many of the issues faced by hiring professionals; aspects of artificial intelligence are already known to greatly enhance the business process and also help with talent acquisition and retention. However, for companies to successfully implement artificial intelligence, they must first source the most appropriate manpower. Strong awareness of the recruitment industry, and deep knowledge of AI and the technology which surrounds it is crucial, coinciding with the ability to use such technology for the purposes of recruitment.
The following strategies help companies to secure the best candidates in the market.
1. Shorten the hiring cycle
Ina candidate driven market the best way to ensure not to miss out on a great candidate is to shorten the hiring process. Asking candidates to complete a lengthy process which can often include take-home assignments and coding challenges as well as multiple phone and onsite interviews is almost guaranteed to put candidates off. If you have multiple people for the candidate to meet, consider merging some of the interviews and making it a panel interview. Consider if the tests/challenges/assignments are wholly necessary or if you can test their knowledge during an onsite meeting instead. Limiting the amount of stages so you can come to a quicker decision is more likely to close the candidate whilst your competition is still doing coding challenges and 4 onsite meetings.
2. Make the offer quickly
Once the interviewing process is complete, it’s time for a team to make decision and act. When your company can wrap up a hiring process quickly, you are less likely to lose a good candidate to competition. A quick turnaround at this stage shows the professionalism your company possesses and starts your relationship with your new employee in a positive light.
3. Don’t low-ball the salary offer
Remember one thing, if you can’t offer them what they want, then be prepared to get rejected; a poor salary can turn a previously interested candidate off quickly. Candidates will know what they want as a salary based on their personal lives, with this in mind, accepting a lower salary may not be an option for them. However, more often than not, candidates want more than a competitive salary; they want work satisfaction and career growth too. Paid holidays, flexible working hours, occasional remote work and positive, fun environments can all be benefits that give you a competitive edge. You spend a great deal of your time at the workplace, so by covering these aspects you can make the offer so much more attractive. Tell your new potential employee all about it too, show off how good your company is, and how advantageous a position with them will be.
4. Be clear about your USPs and differences
Make your company attractive to potential employees by differentiating yourself from your competitors is essential. Be clear about what makes you different from other companies. Show and tell them why you are the place to be and why your head and shoulders above the competition. There are often opportunities with competitors, so make sure you get the cream of the crop with these tips.