7 Steps for Hiring Successfully in a Candidate-Driven Market
Joe started a new role two weeks ago.
Sandra is off the market.
Adam is signing an offer at your competitor’s office right now.
Regardless of how prestigious your company’s reputation is, how lucrative the compensation, how flexible the hours are, or how fast the track to C-Suite is, it’s not going to keep a candidate sitting by the phone waiting to hear back from you. In reality, they’ve most likely signed an employment agreement with your competitor last week.
With the Canadian unemployment rate at an all-time low, candidates are fully in the driver’s seat. As a veteran recruiter, I’ve seen the impact this has had on the Toronto hiring market first-hand. Candidates are going off the market at a lightning fast pace, and the more qualified they are, the faster they’re going.
The good news is, there are a lot of things Hiring Managers and HR professionals can do to stay ahead of the competition and successfully recruit candidates to join their organization. These are my top seven tips for acquiring top talent in a candidate-driven market:
- Know what you need. Determine what the non-negotiables vs nice-to-have requirements are for the role from both a technical and cultural perspective. Can you open up the pool of candidates you would consider?
- Be aligned. Ensure that the Hiring Manager, HR, and any other decision makers involved in the process are in agreeance regarding all aspects of the search (e.g. experience level, education required, compensation, etc.).
- Know your employer brand proposition. It’s a tough competitive market – what makes your organization stand out from the crowd? Why is it a great place to work? Every person meeting with the candidate should be able to succinctly articulate this.
- Put your best foot forward. Consider who is meeting with the candidate during the interview process and if they are a good representation of your company. Make the first impression count.
- Act fast. Condense the interview schedule into as few days as possible (2 days max!). Panel or back-to-back interviews are a great way to expedite the process while ensuring every decision maker has the opportunity to meet the candidate. Ask the right questions and really zero in on your non-negotiable requirements.
- Set deadlines. To prevent delays, hold your internal team to a 24-hour post-interview deadline to conclude on next steps for a candidate. The most common reason organizations miss out on a candidate is because they took too long to make up their minds.
- Be transparent. Set expectations up front with prospective candidates. This is especially important in relation to compensation and hiring timelines.
While some of these suggestions may disrupt your established hiring process, believe me when I say they are necessary in order to hire successfully in today’s competitive market. If you have any questions on how your hiring process can be enhanced or a role we can help you out with, we’re here to help!