The economic downturn that began in 2007 has created an interesting market for employers now 7 years later. At that time, employers were firmly in the driver’s seat and many individuals were willing to remain underemployed just to receive a regular pay check. In 2014, the tide has turned and the “employment gap” so many companies are concerned about is getting new attention. It may not be the case that individuals are not available, but that the market has caught up to salary demands and candidates are no longer willing to accept jobs below their requirements. Employers are once again competing for top talent and it is important to understand the new dynamic. Here are some facts you should know about an employee driven market.
- Don’t wait. While quick decisions can result in poor hiring choices, taking too long to decide can mean you miss out on excellent candidates. Have respect for the candidate’s time and provide feedback often. Set up interviews in a timely fashion and don’t leave someone waiting. Candidates don’t put their job search on hold, so if you hear they have received another job offer, you may want to act quickly to invite them to your company. If a candidate is not a good fit, don’t leave them hanging. Let them know to continue their search elsewhere but that you will hold on to their information in case something becomes available in the future.
- Demonstrate your worth. In the employer driven market it was all about what a candidate could provide for you. Now, it is time to look at what you can offer your employees. Businesses are not one size fits all and some employees will fit in better with your existing team than others. You want to attract those candidates to your door and make them interested in working with you exclusively. Show candidates your office culture and environment. Discuss the benefits you can offer beyond salary.
- Provide competitive compensation. When companies downsized in the wake of the recession, they were able to offer lower salaries to keep their businesses running. Since that time, some industries have not raised their wages back to pre-recession levels. This may be the true reason for what experts are calling the “skills gap.” Salary inequity is causing qualified candidates to turn down opportunities. The lower salary is attracting less qualified employees to the table. Research the salary ranges for each job in your area and develop a package that will attract the talent you’re seeking. Consult with CPS and Professionals Incorporated if you would like to get more information about your current market.
Are you ready to begin inviting top talent to meet with your organization? If you are looking for an employment agency in Syracuse NY, contact our team today.