According to Jeffry Bartash of Market Watch, U.S. jobless claims have fallen to the lowest level since 1969! The number of people applying for unemployment benefits declined by 10,000 to 210,000 in the week ended Feb. 24, according to the U.S. Department of Labor. Which is great, right? The economy is doing well. The work force is strong. But what does it mean for companies that are looking to add to their staff?
This is what a candidate market means. Candidates have options. The candidate pool is very small so the candidate with the most skills, or the best skills, or the most specific skills find jobs quickly. As employers, how do we make sure we attract the top talent? It’s easy if you have a quick hiring process.
How To Attract Top Talent In A Candidate Market?
o The simplest way. If you interview a candidate you and your team likes, then offer the job on the spot! Or at least within the next day or two. Candidates in the market often interview with multiple companies as to not put all their eggs in one basket. Candidates will always choose an offer over an interview. Beat the other clients to the punch.
o If you are trying to attract candidates that are already working, you are going to have to offer more money than they are currently making, even if that means offering more than standard market rate in your location. No one will quit their job and go to yours for less money.
o Sure, having a fancy new building with ergonomic desks is a perk, but that isn’t a reality for most companies. But what you can do, is make it a place where people want to work. More and more our clients ask us all the time for the right culture fit. Creating an environment where employees want to come to work every day is a cost effective way to attract and keep top talent.
Finding the right fit or the best fit is not an easy task in a candidate market. Call us for additional tips, resources, and information on how VITUS Search Group can find you the talent your team needs.