From our point of view, the job market is shifting from a company driven affair into a candidate driven situation. When the financial crisis occurred, there were so many layoffs that a larger segment of the talented working population than usual were on the bench looking for work. A decade or two ago, a company might have been lucky to hire a candidate with 60% of the skills they required. Beginning around 2009, companies became more selective and the definition of a qualified candidate became, “he/she has 95%+ of the desired skills”. Employers basically held all the cards in negotiations and in candidate selection within the marketplace. That is no longer the case.
In just five years the then barren employment landscape has become far more fruitful for those seeking new careers or new jobs within their industry. Candidates are leaving employers who they believed wronged or took them for granted during the recession in favour of new employers that have a more positive outlook. Some companies weren’t giving raises to the employees they retained during the recession and the fearful spectre of a lay-off was always lurking around the corner, causing employees to perceive a bleak situation.
In short, there has been a lot of movement in the employment ranks as candidates feel empowered and have been enabled by the positive jobs environment to seek out where the grass is proverbially greener. Candidates are realizing that they have wrestled control back from companies in the marketplace. If companies move slowly in their hiring process, they run a great risk of losing out on top notch talent as candidates are receiving multiple competitive offers from companies that realize that swiftness in hiring will put them in front of the curve.
These days I educate my company clients that, now more than ever, they need to figure out a way to move candidates through the interview process at a brisker pace. I understand that sometimes it is difficult to pin down hiring managers to schedule interviews when they are slammed in other components of their job. I also know that it can become an issue for human resources to convince hiring managers to spend the requisite time to review the prospective candidate’s CV’s.
Yet, I think the real issue is that companies do not have the right talent to drive the organisation’s growth. It is a Catch-22, hiring managers don’t have the time to evaluate CV’s or interview candidates simply because they are too busy because they don’t have enough employees. I believe that the priority given to recruitment and evaluation of new talent needs to become more urgent and that this realisation needs to come from the top of the organisation.
Priority number one should be filled position voids and getting people to work. Priority number two should be realizing that being too picky with regard to candidate selection can cause an organisation to miss out on the best up-and-coming talent in the market. Priority number three should be to realize that labeling empowered candidates might cause you to miss out on an employee that can transform your company and add value that would far exceed the few thousand dollars extra it would have taken to get them to say, “Yes.”
I fully realize that the priorities of the corporate world differ from mine a tad. Of course, a recruiter would like to see their candidates hired more quickly, right? Yet, I am on the front lines of this sea change in the marketplace and maybe if these priorities are considered and acted upon, candidates and companies will benefit as well. I see lean transformations causing all functions of an organisation to become more efficient, but the hiring process hasn’t changed much despite the advent of fancy Applicant Tracking Systems and consulting groups owning corporate recruitment functions. Swiftness, efficiency and clear communication between all parties involved will grow careers, drive corporate growth and change the dynamic of the relationship between employer and employee.