There’s A War For Talent, Stay Ahead
If you’re in the market and looking to hire new talent to help your company expand and grow, you now know that it is a candidate-driven market and the demand for talent is at its highest. You blink and you could be losing out on valuable resources. There is a war for talent and you need to act quick. All employers out there need to realise there are competitors or more attractive industries who could compromise your chances of grabbing the attention of your prospective ideal candidates.
There are two ways to prepare for the war for talent, one is fast-tracking your hiring process and second would be retaining the talent you already have. To stand out in the industry you need to build your brand and your employee experience. Like we mentioned in our previous blog, it would be experience that drives engagement and experience starts at the very beginning. Delaying your decision-making process could impact your employer branding and dilute the quality of applications you receive. When you’re looking at a strong profile and identify that they have the skills you are looking for, be sure to realise they are certainly in different processes. Good talent is always recognised and always scouted for, so the ideal thing would be to move quickly because every good candidate out there has multiple offers in front of them.
The war for talent ties into employee satisfaction and employee experience and employee experience starts from their very first interaction with the company. Don’t let a first bad impression be the last impression. You choose how you would like to stand out in the market today. Creating a positive impression, i.e. consistent communication and quick response period during the recruitment process will give you the upper hand. A faster decision-making process leads to a higher acceptance rate because the candidates remain engaged with the company. Hence make sure you’re hitting the nail with the recruitment process to keep them loyal towards the company from the beginning.
Market research has indicated that qualified candidates tend to find suitable and interesting jobs within 5 days and the best candidates are usually off the market within 10 days. So slower the recruitment process, the faster the talent pool shrinks. Fast-tracking the recruitment process ensures a better response rate and acceptance rate. You don’t need to compromise on the quality of the hiring process, you most certainly should maintain your standards while being quicker with decisions. Just ensure consistent communication through the process. When candidates see an initiative from your side and receive consistent communication, the candidates would also be more responsive. This would also help prevent your pipeline of talent from fizzling away. By giving the candidates a timeline regarding the next steps and information on the decision-making process involved, gives them more of a structure and they know what to expect.
Now to the second part on winning the war for talent, is maintaining the talent you already have. Providing perks and benefits is well received and should remain a part of the company structure. But the current market trends indicate that along with monetary benefits the one thing your employees are looking for is recognition and heading tasks that they believe are actually making a difference within the company. Perks are no longer the sole driver to ensure a better experience for the employees. They like a challenging and interesting job and like to be recognised for those efforts. When you’re able to provide this kind of an atmosphere for them, they remain far more content and dedicated to their jobs.
Keep these factors in mind and put the mindset of your prospective candidates as well as maintain the satisfaction of your current employees, you’ll be able to stay ahead of the competition.
If you need help winning this war for talent, we have the skills to help and are happy to work with you and listen to all your needs! To stay ahead of the game follow us on LinkedIn, Facebook, Instagram and Twitter to keep up with the latest developments in the recruitment environment.