In the crowded hiring environment we’re currently immersed in, companies can no longer expect to attract top talent by merely existing. Today’s recruiting landscape features two types of employers — market leaders and market players. Which one are you?
Manpower’s 2015 Talent Shortage Report points out that in 2015, 32 percent of employers report facing difficulties in filling jobs this year. Understanding your position as either a market leader or a market player is imperative to effectively compete for talent in today’s employment market, here’s why:
With unemployment at an all time low since 2008, a shortage of fewer active candidates has employers struggling to not only attract candidates but hire and retain those best fit for the position. To attract the wealth of passive candidates, recruiting tactics take equal parts finesse and consistency. According to ERE Media, since they are fully employed, passive candidates are looking for better jobs, not just another job. To have a chance of recruiting the more passive candidate, you have to offer a better job in combination with a better career. If you’re not sure how to answer the question “why should I work for you?” then consider top candidates lost before you even begin recruiting.
What you don’t know can hurt you, according to Business News Daily, more than 75 percent of job seekers would accept a salary that is 5 percent lower than their expected offer if the employer created a great impression throughout the hiring process. To successfully build a talent pipeline in an environment seemingly void of skilled candidates, you need a competitive advantage. If yours is purely based on salary, you’re missing the mark (and potentially hurting your bottom line). Of course, competitive salaries are important to top candidates but, the best of the best are looking for more.
Employers are hurting their reputation by creating a daunting application experience. Recent reports by Business News Daily reveal nearly 60 percent of applicants complain the application process is too automated and lacks personalization and 51 percent are aggravated they don’t know where they stand in the process. Every touch point an employer has with a prospective candidate has potential to make or break the company’s brand reputation and affect the possibility of being sought after by future candidates.