In order for the hiring process to be effective it needs to be tailored to market conditions.
A candidate-driven market brings with it some very specific expectations.
If you find yourself hiring during a time when the candidates are holding the cards, there are definitely three things you need to address with your hiring process.
If your process is too lengthy or too slow you risk losing great candidates. Quality talent gravitates toward a hiring process that moves quickly towards resolution. While top-tier roles take longer to vet appropriately, hiring for standard positions such as an analyst role, for example, should not be a drawn out affair. Remember, if top talent is interviewing with you, it’s likely that they’re on someone else’s radar. Focus on keeping the attention of strong candidates by making speed of the essence.
To help land top talent make sure to outline a path of progression to them. Candidates who can be difference makers for an organization want to see a tangible path to the next level in order to buy-in.
In a candidate-driven market salaries need to be competitive and in-line with market expectations. There’s no point in coupling a long laundry list of role requirements with an unrealistic salary. Good candidates will know their market value and won’t settle for less. A competitive base salary and variable compensation based on performance will go a long way to getting top talent on board.
In a candidate driven market ensure you streamline your hiring process, understand salary expectations and outline a path of progression in order to recruit and land great talent.