After a decade of economic growth and a strong Candidate driven market, we suddenly find ourselves in an Employer driven market, courtesy of COVID-19.
In this article I share insights I’ve gained over the years, what difference it does make and what employers should consider.
Employer vs. Candidate driven market explained
The recruitment landscape changes in tune with the economy. Both market conditions are by-products of the Supply and Demand laws.
A candidate-driven market is a market in which there is an abundance of job openings and a scarcity of qualified candidates.
An Employer Driven Market is the opposite, where there is an abundance of qualified candidates competing for a low number of vacancies.
The 4 (sure) recruitment steps
The 4 steps to successful recruitment never change, but the emphasis on each step change in tune with the market conditions
- Scope: Identify the skills of the position and the type of person you are looking for
- Source: Market and advertise your position
- Select: Process applications, shortlist, interview and identify the best candidate
- Set them up for Success: Execute a highly effective onboarding process to ensure that the candidate will settle in, reach maximum productivity fast, and most importantly, stay.
At this very moment we are witnessing Australia’s unemployment soaring to unprecedented levels whilst over 3 million people are on the Jobkeeper benefit.
Australia’s economy has been built on small business and it is heartbreaking to see them struggling to survive. On a positive note, for those who are less affected or have managed to capitalise on changing demand, there has been a great shift in emerging talent availability.
Tips for Employers
During the current Employer driven market with an abundance of candidates, the emphasis shift to the selection process due to increased applications as well as being more precise in the way you construct job advertisements and carefully market it on platforms where you’re confident to get a higher quality overall, rather than the ‘blanket’ approach.
Having a streamlined recruitment process and a higher entry-point for applications will enhance the quality of your applications. Backing it up with an efficient and consistent shortlisting and interviewing will result in quality candidates.
Regardless of market conditions, the last step, “Setting them up for Success” is key to avoid the disappointment and cost of your new recruit leaving and having to repeat the process. Afterall, a lacklustre onboading is the main reason so many employees quit within the first three months of hire.
To beat the statistics and recruit like a pro, get my 4 Step Recruitment Hack Checklist, it’s completely free – To download, click here.
For any recruitment advice, you can book a 20 min obligation free consult here.