It has taken nearly 10 years, but the job market has finally switched focus. Since the recession, companies have been in the driver’s seat. With far more qualified candidates for open jobs, a hiring manager could afford to be picky with the choices available. The pendulum has swung the other direction, and now the shoe is on the other foot altogether.
2017 is expected to be a candidate-driven market, which will require a very different method of hiring than companies have been used to. Here are some ways your organization can succeed in the coming year:
- Pay Attention to Local Salary Ranges.
Sometimes when the market is heavily skewed in favor of the candidates, salary negotiations start higher than feasible. The most important thing you can do when negotiating salary with potential candidates is to know the current data surrounding money for your specific city and the job title. The best resource for this is still Salary.com or Glassdoor. - Assess and Streamline Your Hiring Process.
Now is also a good time to assess and streamline your hiring process. Are there any steps that are unnecessary? On the flipside, are there any prescreening tools you can use to make the process easier and fairer for you and the candidate? Look into pre-employment skills testing or work with a staffing agency to help you in the process. - Know What You Offer That the Competition Doesn’t.
Have you had a closer look at your benefits package lately? What are you able to offer a qualified candidate that your competitors cannot? Don’t just look at the salary or the health benefits, but consider the fringe perks that can help entice a qualified candidate to accept your offer. Your office environment and company culture also play a role in this aspect of hiring. - Understand Personal Motivation.
Lastly, before you make a hiring decision, try to drill down to the personal motivation of the candidate. Do they present themselves in a way that demonstrates their worth to your company? Are they using the candidate-driven market to position themselves above their actual accomplishments and experience? Do they want to work for your company specifically?
Are you prepared to hire in a candidate-driven market? Contact the experts at Harvard Resource Solutions to learn more today!
