The COVID crisis has shifted the hiring power dynamic in the candidate’s favor.
US job vacancies have hit a record high with 10 million openings to choose from, leaving employers scrambling to fill the growing skills gap.
With competition at an all-time high for top talent here are our tips on how you can win.
- INCREASE YOUR SPEED TO HIRE
Due diligence is important, but companies need to quickly progress the hiring process from application, to interview, to a job offer at a fast enough pace to keep the candidate’s interest piqued.
Respond within 24 hours to resume submissions. Don’t wait a week to schedule that 2nd interview – Get it in the books no later than 24-48 hours after the 1st interview.
With so many businesses looking to hire and job vacancies at a high, they can easily go elsewhere if you don’t keep the candidate engaged.
2. OFFER REMOTE WORK OPTIONS
There was naturally a widespread shift to remote work during the pandemic, and now many don’t want to return to the office 9 to 5 model. A survey by Envoy found that nearly half of employees say they will likely look for another job if their current employer does not offer a 100% remote or hybrid workplace.
3. A HIGHER WAGE OFFERING
Many businesses have responded to the heightened competition with a higher wage offering. Some figures show 8% in pay rises to chase skilled staff with pay raises and bonuses.
However, this isn’t a sustainable option, particularly for smaller companies with less capital. There needs to be internal change to processes, culture, and employer branding to make the business somewhere people want to work.
4. SUPPORT EMPLOYEE WELL-BEING
Employee wellbeing is also being prioritized through mental health days. Such benefits show employees that the company cares and wants to help employees avoid burnout.
Being able to adapt to the new way of working in terms of benefits puts an employer in a much better position with job hunters, but these benefits are becoming commonplace and will soon be matched by the competition.
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This new post covid recruiting market is fiercely competitive and the best talent moves quickly and so should you.
By streamlining your hiring process and following the tips above, you can increase the odds the candidate lands on your steps at the end instead of your competitor’s.
