What is a candidate-driven market?
In the staffing world, the market is either employer-driven or candidate-driven. During the 2020 pandemic, we had an employer-driven market. Due to unemployment and mass layoffs, many people were seeking jobs that were no longer available due to halted hiring processes. However, two years later, we’re trending in a much different direction. A candidate-driven market is where the candidates have the upper hand – there are plenty of jobs, and top-tier candidates are much harder to come by.
In order to get the top talent, you have to compete with other businesses. This often requires you to offer higher salaries or better benefits to appeal to valuable candidates. The demand for talent is on the rise again, and we’re seeing unexpected booms across all industries.
Candidate-driven markets are great for people looking for a new job and new opportunities, but leave employers with less power to negotiate. The demand for higher salaries and increased benefits can leave businesses feeling discouraged.
That being said, candidates who believe their employers pay them fairly, offer flexibility, and treat them well are much more likely to stay with that company long-term. You can expect that turnover rates during a candidate-driven market will decrease as people find jobs that they genuinely enjoy.
Tips for hiring in a candidate-driven market:
Finding the best talent during this time is a challenge, but with these tips and tricks, we can help you get highly skilled candidates to best suit your business’s needs!
- Utilize job boards: There are so many job sites nowadays – from Dice to Monster, to LinkedIn – that it’s important you’re sourcing from each one. The more job boards you can cover, the more likely you are to find the perfect candidate!
- Optimize your process: Oftentimes, a slow hiring process will drive great candidates away. Make sure your process is thorough, but don’t dawdle. Make the most of your and your candidate’s time.
- Emphasize transparency: Throughout the hiring process, it’s important to be transparent with your candidates. Tell them upfront about the job duties, benefits, and interview schedule, and make sure that your priorities align.
- Clarify your company’s values: A candidate-driven market means that candidates will often be interviewing at multiple companies at a time. You want to make sure your values and company culture align well with their motivations. Make it obvious you care about your employee’s well-being.
- Enlist the help of a staffing firm: In a market like this, it’s important to remember that candidates will be difficult to come by. At Chameleon Technologies, it’s our job to help find the best possible candidates for your positions. We can help you find the top talent that will take your company to the next level!