Everything is accelerating quickly in all markets and the market for talent is no different. In fact, many recruiters are seeing this as one of the tightest and most competitive candidate markets in decades. This means the pool of potential candidates that are willing to even have a discussion is smaller than normal. We’re also seeing more counteroffers being extended and candidates dropping out of the interview process much more frequently.
The question is why is that the case?
The first reason is demand. Just like lumber to build houses, everybody started hiring again in the same months. All of those backfills where companies went without during COVID are now putting their expansion plans that were paused into motion, and all of the strategic hires that the CFOs wouldn’t approve with unpredictable revenue forecasts all came back from February through May. Usually, those are spaced out throughout the year but this year it has come back all at once. Right now. Based on FloodGate Medical’s market survey we found that 56% of candidates were contacted about a new role more than once a week through LinkedIn alone.
That means there’s a lot of noise in the market and effective recruiting strategies need to devise unique communication platforms and messages that break through the noise.
The second reason is supply. We have seen markets with the incredible demand for talent in the past, but usually, that is coupled with overall market confidence by candidates who are now listening to make sure they don’t miss a once in their lifetime opportunity. However, as we emerge from the pandemic a recent survey we conducted found that 62% of candidates are staying their current job with over half of those stating the “Security reason” of a steady paycheck. Coming off a turbulent year with the seas feeling rough a high percentage of candidates are not even willing to look over the gunnel at new opportunities, let alone climb over into a new ship.
There are only three things that recruiters can change to affect the outcome of a search;
- Time: You can wait with the same activity and the right person could come along.
- Pressure: Increase the method and volume of communication to the talent pool. This usually means engaging a great partner who will consistently and aggressively engage candidates to at least have a conversation.
- Profile: Can you adjust elements to open the aperture of your search, offer more in comp., expand the location area, and/or adjust the experience/tenure that is required.
We have placed dozens of candidates over the last quarter so we know that it can be done, just don’t expect to do what you did pre-pandemic to produce the same results.