Recruit with the times: Hiring in an employer’s market
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The last few years have seen major swings between a role-rich employment environment and a candidate-rich one. If you’re in the process of hiring right now, you’ve probably experienced a flood of applications (whether or not they are appropriate for the role).
In this environment, employers need to understand the importance of adjusting their approach to recruitment in response to how the market is behaving. In 2024, you cannot use the same tactics you used when job vacancies well outnumbered candidates, like in 2021/2022.
So in a situation where we need to hire asap and can’t just wait around for the market to change, how can employers ensure they hire the best match for their organisation - especially when the potential for getting flooded with applications remains so high?
First thing’s first:
Outsourced or in-house recruitment?
If you have a vacancy to fill in the current market, then well done – it shows growth, confidence, or both.
The first thing you’ll need to decide is whether you’re prepared to manage the hiring process in-house or use a recruitment company to help you.
Typically, recruiters charge a referral fee of 12-18% of the placed candidate’s base salary. They will often include a 3-6 month replacement guarantee in case the candidate they place doesn’t work out or is the wrong fit.
When we consider the time, resources, and energy that can go into filling a vacancy (especially if you need to sort through hundreds of applications), replacement guarantees are a great way to ensure that your investment results in the role being filled.
Forget 3-to-6 months – how about a 12-month candidate replacement guarantee?
Targeting your job ads for the market
In a nutshell, be as specific as possible in your job ad.
It can be tempting to ‘name your requirements’ rather than really selling the role. Don’t make the mistake of making it all about you! If you want to attract top talent – the real cream of the crop – then be sure to include information that will grab the interest of the right applicant and compel them to apply.
Our top job ad tips:
- Describe the role in a way that allows the reader to visualise themselves in it.
- Ask targeted questions that will segment applicants, such as “are you physically fit, able to be on your feet for an 8-hour shift, and safely lift up to 20kgs?”
- Describe who will suit the role well, and what attributes they will need to be successful.
- Talk about your industry, and be honest: what are the challenges? What are the day-to-day tasks? What are the benefits?
- Remember: Most people read advertisements on their smartphones, so don’t make them too long or wordy. Job ads are not job descriptions; they are meant to entice.
Don’t discount the outliers
Hiring outliers (“hmm, I wonder why this person is applying for this role…”) or overqualified candidates has generally been cautioned against, but there’s nuance involved.
Of course, the dangers are that the hire may get into the role and realise it’s not challenging enough for them, or they’re just not happy.
But in a candidate-rich market, employers have access to a higher level of talent and experience – and right now, this could come with a more affordable salary range as well.
Remember: In this changing market, redundancies do happen. It’s not always about the lack of skill or ability to do the role – companies sometimes just have to downsize and it’s not necessarily the fault of the person let go. In a post-Covid world, lots of people have direction changes, “survival jobs”, or short-term roles.
There are also those outliers who might have the right attitude and aptitude for the work culture, but who lack the experience required for the role. If these people have the ability to learn on the job, and you have the resources to facilitate that, then the strength of their cultural fit could make them an excellent hire.
Conduct thorough and thoughtful interviews
SME employers can’t really afford to get things wrong at this point.
You can forge a strong path to the point of interviewing – but this is where things can go pear-shaped if you don’t plan and give the interview process some structure.
So make a plan. Ensure you are able to ask the questions you need to and that you both get an opportunity to discuss any concerns either of you have.
For SMEs, the importance of skillset and cultural fit are weighted rather equally. You may like to have the candidate meet the team, or to test their technical skills in the workplace.
When it’s time to check references, keep in mind that most referees will err on the side of positivity and optimism. Make sure you ask open-ended questions (rather than yes/no ones) so that you can get more of a feel for what the person is really like in a work environment.
So, those are the highlights of hiring in an employer’s market. It’s an exciting time to be hiring out there, but the abundance of skilled candidates comes with some challenges and pitfalls. If you need help with your next hire, we’re here for you!
