2022 has kicked off early with the newest buzz words on the recruitment block being “The Great Resignation” and “A Candidates Market”.
This sounds great for anyone out there looking for a new job, but what does that mean for your hiring processes. In a nutshell, there are more vacant jobs out there than there are candidates, so candidates now have the power to pick and choose what they want in their next job and workplace. They have the power to be fussy and the confidence to ask for exactly what they want. >Insert groan noises<.
Also did you know that in the last 4 years, the ABS reported that 59% of all Australian businesses had 0 employees. This trend means that in addition to competing against many, many other employers for talent, you are also competing against the candidates themselves as they prefer self-employment rather than working for someone else. This is being driven by what experts are coining as the “Great Resignation”, where people are leaving their jobs or careers in droves after a life assessment post pandemic.
Now, we completely understand that it is not viable nor sustainable for businesses to throw ridiculous amounts of money at candidates just to secure them, so here are some of our top tips to attracting good talent in a ‘candidates’ market’:
1. Invest in your Company’s brand – candidates want to work in workplaces that align with their own purpose so be clear and honest about what your business believes in. Do you have a strong focus on employee wellness, flexi-work, salary packaging, anything out of the ordinary? Make that extremely clear in all facets of your branding. This WILL be the deciding factor for a candidate when they’re deciding whether to work for you or someone else. The recent study released by LinkedIn Global Talent Trends (LIGTT) suggests that “getting the word out will be key… companies may fare better with messaging around flexibility, inclusive benefits and internal mobility rates” as opposed to challenging work, hypergrowth and traditional job ad sales strategies.
2. Flexibility is key – 2 years of lockdowns has really demonstrated the ability to work anywhere, any time. Now in 2022, employees have become comfortable in the WFH/office hybrid that they’ve come to know and now expect. The LIGTT shows that 63% professionals list work-life balance as their top priority when picking a new job. So, if you fail to embrace the flexi-work way, you may find yourself losing candidates to those that do.
3. Redefining wellness – gone are the days where wellness just meant having a fresh fruit bowl in the office kitchen and offering a walking group at lunch time. Understanding that employee wellness is now a holistic concept relating to physical, psychological, emotional, and spiritual elements and strategising how to prioritise this wellness for your employees will not only assist in attracting talent but also retaining your current team (and therefore reducing the need to recruit!). The increased need to live and breath wellness in the workplace is even more crucial with latest generation of workers, with 66% of Gen Z’s wanting a company culture built on mental health and wellness (LIGTT).
4. Know your competition – make a conscious effort to know how your competitors operate, identify their weakness and exploit that in your job ads. Yes, this sounds brutal, but it is a cutthroat market. If your competition doesn’t offer flexibility, make sure EVERYONE knows that you do. If they don’t offer job perks but you do, make sure EVERYONE knows that too. This is what sets you apart.
5. It’s all in the when, where, and how – the decisions around when, where and how you advertise are essential in this market.
When – have you ever come home from work on a Friday excited to sit on the couch and job hunt? Nope, me either. Advertising at the start of the week is more likely to attract the candidates you’re looking for.
Where – common advertising platforms such as SEEK are so oversaturated with jobs currently that your job ad will be lucky to have 24 hours on the first page before it gets lost in the list of ads. If you think I’m lying – in January, SEEK saw the most jobs ads on seek.com.au in the company’s 25 year history! So, your best option might be a community social media page which is more likely to reach a wider audience. Be smart about your where.
How – forgot the boring traditional job ads! To have any chance of standing out from the crowd, you need to get creative. Let’s sexy these job ads up. Check out this job ad posted by Bud Light for a “Chief Meme Officer” – how could you say no?
6. Ask the right questions – we are seeing many candidates progress through the recruitment process without any intention on accepting the role. Yes, you read that right. Candidates are strategically going through the recruitment process, getting jobs offered to them purely for them to take to their current employer and negotiate a pay rise. Although it is not entirely possible to stop this all together, you can reduce the risk by having a robust recruitment process and asking the right questions to help weed out the timewasters.
7. Swift is smart – time is of the essence in this market. Get back to candidates ASAP, conduct reference checks ASAP. If you don’t snap up the candidate, someone else will! One week is the max time it should take to recruit people, so no mucking around!
Although it’s a tough market, it’s not an impossible one. Hiring great talent is still absolutely possible if you set yourself apart from the rest. If you’re interested in discussing additional recruitment strategies – don’t hesitate to get in touch, we can help you out!