June 16, 2022, by Tam Campbell Trant and Brooke Wilkinson | Recruitment
In a recent Toronto Star article, the current candidate market was described as ‘scorching’ – and from what we’ve seen in recent months, we couldn’t agree more.
We’re seeing record numbers of declined offers, and astonishingly, an increase in rescinded offer acceptances! Recently, one candidate rescinded his offer acceptance on his first day while enroute to his new employer as his former employer provided a competing offer he simply couldn’t refuse.
According to the Toronto Star article, the hiring environment has shifted in favour of the job seeker. This has put pressure on employers to not only offer competitive pay, but to also place an increased focus on the overall candidate experience and entice talent with their value proposition: corporate culture, values, work atmosphere and benefits (including alternative work arrangements).
Although companies and hiring managers know what they need in a candidate, as Recruiters we’ve been advising our clients that it’s no longer enough to post a job and expect candidates to jump for it. In this choosy-candidate market, companies need to heavily promote themselves in order to sway positive offer decisions their way.
How can employers improve the odds in their favour?
Companies need to highlight the value of working at the company, making it a critical piece of the overall package. Below is some food for thought to get you started on your employer value proposition and the need to highlight this throughout the entire recruitment process.
1) CANDIDATE EXPERIENCE: Think of the recruitment process and whether it will woo a candidate.
2) THE JOB ITSELF: what’s unique about your job, and how is it different (i.e., better) from the others out there?
3) THE ATMOSPHERE: Think about your work environment itself, no matter if it’s virtual or onsite, and highlight why it’s appealing to employees.
4) COMPANY BRAND: beyond your product or service offerings, what values would be attractive to candidates?
5) ADDITIONAL PERKS: Highlight any/all of the following in the job posting and when speaking with candidates:
6) And, of course, there are the usual elements that all candidates are looking for:
7 ) Lastly, as you come into the home stretch, companies need to be:
Candidates have the advantage at the moment and they’re looking at the full package when making decisions. In order to increase your chances of securing top talent and your number one candidate, companies need to adapt to the candidate market shift and promote all aspects of themselves to attract talent. Otherwise, they will continue to face declined offers (or even worse, rescinded offer acceptances) resulting in longer timeframes to fill a vacancy and increased recruitment costs.
What tips will you implement today to improve your ability to win talent in today's market?
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