In 2019 so far, we’ve witnessed the unemployment rate continue to creep down, job growth continuing to defy expectations, and the economy nearing “full employment” status. While these are all signs of a healthy job market, this poses just one challenge for employers: finding great talent in a dwindling candidate pool.
In talent acquisition, this can be the most challenging time. Not only is it hard to identify top talent in the market, but getting them to come work for you can feel nearly impossible. To ensure that your hiring strategy leading into 2020 keeps up with your competition, be sure you’re utilizing these key strategies:
With this level of competition, time is surely a luxury you don’t have. When you find a top candidate, it is critical that you act quickly. According to our 2019 Hiring Outlook, 55% of professionals were interviewing for 2+ other roles while they were interviewing for their current position. If you have too much back-and-forth to schedule an interview round, or if you insist that you meet other candidates to make sure that this one is the best, you may lose your top pick to a company who didn’t wait.
When you find your dream candidate, don’t keep it to yourself—tell them! A top candidate may wait for you to make an offer if they know that you want to hire them. While you may be reluctant to “show your cards” ahead of a salary negotiation, keep in mind that elongating the hiring process and losing a smart, productive candidate is also costing you. By sending frequent updates and being candid with prospects about where they stand, you can save everyone a lot of time in the talent acquisition process.
As a candidate looks for a new job opportunity, keep in mind that they have a reason for leaving their current position. During the hiring process, it’s up to you to get to know the candidate and what they’re looking for out of their next role. Plus, it’s your job to position your company and opportunity as the best fit based on their current needs. When you personalize a job offer and emphasize key offerings that interest the candidate, you’re setting yourself apart from your competitors.