What does a candidate-driven marketplace mean for your business?
This is the first article in this month’s series. More articles will be published throughout the month, and the full series can be found at monarchpersonnel.com.
The theme for our October series of articles is, “How to avoid significant recruitment mistakes in times of skill shortage. This has never been more relevant. COVID, Brexit, whatever the reason, businesses across the majority of sectors are finding themselves faced with a skills shortage that is crippling productivity and stability.
Consequently, employers and recruiters are players in a candidate-driven marketplace who need to adopt an agile approach or risk losing quality candidates.
In response to the KPMG and REC UK Report on Jobs, Claire Warnes, Head of Education, Skills and Productivity at KPMG UK, said, “ Candidate shortages continue to plague businesses… Recruiters and employers have seen the most severe decline of candidate availability in the survey’s history and will be thinking about how to attract and retain new staff.”
To help you adapt to this precarious time in recruitment, October’s series of articles will be addressing the following issues:
- What a candidate-driven marketplace means for your business
- The cost of a bad hire
- How a poor recruitment process can make you lose the best candidates
- How to attract the best talent in a candidate-driven marketplace
What is a candidate-driven marketplace?
Recruiters and employers will often be told, “it’s a candidate market”. But what does that actually mean? A candidate-driven marketplace puts the skilled candidate in the driving seat. They call the shots, knowing that they have more choice in employment options, and that they can make demands regarding salary, benefits, training, flexible working, terms of employment and more.
Against this background, skilled candidates are attracting multiple job offers, whilst also receiving incentives from their existing employers to stay.
Impact of a candidate-driven marketplace on service and sales
A candidate-driven marketplace inevitably means that companies emerging from the pandemic who have furloughed staff or made redundancies, are at a disadvantage to those that have retained their workforce.
These businesses are unable to offer the level of service they provided before March 2020 which affects their productivity, customer retention and new sales. New hires will also inevitably cost them more in remuneration and benefits.
Staff retention is key to avoiding a candidate-driven marketplace
Skilled candidates are now able to focus on their own needs, and how they might influence and impact their career path. This means that they are on the lookout for better prospects, either internally or elsewhere.
Staff retention is key. This is where the culture and values of your organisation can either save it or leave it vulnerable.
Do the leaders of your organisation make employees feel valued and heard? If an employee feels the love, and shares the cultural aspirations and values of your organisation, they will approach you first before considering moving on. Prevention is better than cure; be that crucial step ahead to avoid losing your best employees and having to enter a candidate-driven marketplace to replace them.
Look out for the next article
The second article in our October series will be published next Wednesday, October 13th, in which we will be examining the cost implications of a bad hire.
In the meantime, if you would like to learn more about Monarch Personnel, you can read our latest articles by signing up for our newsletter. You can also follow us on our social media channels: LinkedIn, Twitter & Facebook, or visit our website www.monarchpersonnel.com.