A candidate-led market refers to the situation whereby, due to various factors, candidates are in control of the employment process. Candidates are often in demand from various employers and can make demands on salary and working hours among other things.
While this can be daunting to an employer there are various advantages to this situation and with the right approach the challenges can be overcome.
Candidate-Led Markets Are Here to Stay
Covid-19 brought many job losses, mass unemployment and furloughed workers. This created an insecure job market. This has now switched entirely. Companies are having to work harder to entice new employees and job candidates have a lot more choices in who they work for.
Less prospective employees are willing to relocate from overseas and many workers have either retired or left the workforce to care for children and elderly parents. In many positions there are more vacancies than candidates, putting the control in the candidates’ hands and it looks as though it will be this way for some time to come.
Embrace The Benefits of a Candidate-led Market
If a company chooses to embrace the benefits a candidate-led market can bring, then they are more likely to have success in employing the right talents for their recruiting needs.
A candidate-led market allows job candidates to request higher salaries, flexible working hours and flexible working locations. A company that listens to its employees’ wants and needs will have better staff retention and better staff morale.
A benefit of candidates being able to make demands is that there is a stronger focus on mental health and inclusion within the workplace which is positively affecting staff and therefore improves company productivity.
A company can choose to offer such benefits and ethos initially and make themselves instantly more attractive to prospective employees.
Strategize To Encourage the Best Applicants
Recruitment strategies should be carefully considered to have the best pool of candidates possible. There are many ways to overcome the challenges of a candidate-led market:
- Ensure you have a fast recruitment process to decrease the chance of your candidate being offered something else first.
- Know exactly what you want from a candidate.
- Tell them when they impress you and let them know why you’d like them to work for you.
- Address any concerns they have directly and consider that other benefits such as flexibility can often supersede salary.
- Use your brand’s ethos and character to draw people in.
If a company is aware of the challenges of a candidate-led market, then it can use this to its advantage when deciding on a recruitment strategy.
Allowing flexibility in as many areas as possible, including location, education, childcare, and healthcare will entice applicants and give you the biggest pool to employ from.
A candidate-led market offers the chance to promote a business and by embracing the challenges a company can recruit the best employees.