by Jonathan Moss | 02 July 2015
With the continued growth in the market and an ever increasing amount of opportunities available for candidates, this has now changed the dynamics from a client led market to a candidate driven one.
The market previously saw hot competition for jobs leaving employers spoilt for choice and able to influence candidates into compromising on salary. However, a shift in the availability of good quality talent and more desirable positions has created more bargaining powers to the candidates.
It is, however, bad news for companies as it means candidates are receiving multiple offers as would-be employers battle it out to secure the best talent in the market. Start-ups are competing with blue chip organisations with their extensive benefits packages and career progression opportunities, whilst the blue-chips compete with the entrepreneurial culture and variety within the role in start-up businesses. Therefore, there are a few basic factors that employers should do to give themselves the competitive edge in this changing market.
Sell yourself. As employers are often looking within the same talent pool you need to differentiate yourself from other employers at the interview stage so that every person leaves feeling this particular opportunity is the best compared to others that they are involved in. Don't believe it is only for the candidate to sell themselves - you really need to not only strike up a good rapport but also reveal why your business and opportunity would truly benefit their career.
Be decisive. Be prepared to make a decision when you have only met a handful of candidates. In an ideal scenario it is best to compare and contrast a number of candidates to feel you are making a well-rounded decision, but if you find someone that ticks all boxes then move forward swiftly or risk losing them.
Move quickly. Minimise the time deliberating whether or not to make the candidate an offer as you might lose your preferred candidate to another offer from a faster decision maker. If you spend time pondering about whether or not you should make them an offer, they are likely to interpret this as you having doubts about them.
Don't penny-pinch on the salary. Competitive employers at present are offering most candidates at least a significant increase on their current remuneration package. These employers, understandably, win the best talent. If the candidate is worth hiring, they're worth paying for.
Get a formal offer letter out rapidly. If you know that your company has a lengthy HR process for new hires, get as much prepared beforehand as possible. It should never take more than a couple of days after a final interview to present a candidate with a formal offer.
In conclusion, as the market has changed businesses have to adjust their ways too otherwise they will lose the best person to another opportunity - remember act swiftly, sell yourself and don't be miserly!
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