The Candidate Market is Opening Up: Our 6 top tips for employers to take advantage while they can!

In April, SEEK released its Employment Trends Quarterly Snapshot highlighting that the market has shifted and there are more candidates than jobs for the first time in a long time. The report showed that job ads are down 17% in Australia and 26% in New Zealand year on year. In Australia job applications per ad are up 68% and for the kiwis they are up a whopping 158% on pre-covid levels. If you’re a lawyer – lucky you, you are in one of the few sectors that have not dipped in demand.  

This shift in the market is great news for employers who have been suffering from talent shortages, increased wage expectations, and fears around retaining key staff for the last 3 years. So, what does the opening of the market mean for employers who are looking to hire? More candidates. But that doesn’t necessarily mean your new superstar is going to be easy to find; so here is a few things to consider.  

1. What you had before isn't necessarily what you need now - or in the future.  

When someone leaves or their business grows, we often see our clients looking to fill roles as quickly as possible. They don’t stop to consider what they really need now and into the future. Doing a solid job scope and considering what gaps you have in your business, the technical skills you need, and the behavioural aspects that will suit the role, is critical. There is a big difference between looking for a Business Development Manager, a Lead Generator and back-office Sales Support. So, what do you really need in the business, and do all the key players agree on the plan? 

2. The market has changed in so many ways in such a short time.

Even though there are more candidates in the mix now, they want different things. Your new team member has checked out your Google reviews, looked at your website, found your EVP (Employer Value Proposition) or lack thereof, and wants to work for an organisation with purpose. Are you going to be on point in comparison to your competitors when they come calling? If not, now is the time to get your careers page updated, check out your reviews and get really clear on what you offer a candidate that others don’t! 

3. Just because there are more candidates doesn't mean you're going to pick the right one.

We often we hear that new starters aren’t working out and it tends to be because corners were cut in the recruitment process. Perhaps you failed to spot the candidates short tenure in previous roles, you skipped the reference check, or you didn’t get a second opinion. Any good recruitment campaign should have a clear process that includes an attraction strategy, a meaningful ad, solid screening, multiple interviews and robust background checks. Too much work you say…? Well, it’s much easier to do the work up front than get it wrong and spend that time dealing with the ramifications of a poor skills or culture fit. Do it once and do it right.  

4. The perfect candidate doesn't exist.

We are all human and by default flawed, imperfect and different. No one person will tick every box on your wish list no matter how hard you look. So being too rigid in what you are looking for may mean you miss a great candidate or believe a too good to be true sales pitch from a candidate and pay the price later. Being realistic about what is a “must have” and what is a “nice to have” will increase your candidates significantly. It’s also a good idea to be broad in your thinking - some of our best HR Consultants have not come from a HR background. So, look past the position titles and into the skills, capabilities, and potential of your candidates.  

5. They are judging you whether you care to notice or not.

Gone are the days when you could get away with having a candidate wait outside for an hour while you run late for an interview. Each interaction impacts your brand. We all know the old saying that when you receive bad service you tell 7 people. It’s the same in recruitment. You don’t want to be the employer people are talking to their networks about for all the wrong reasons. Be the ones who are on time, have done their homework and set the standard for ‘how we do things around here’. This will mean you are better placed should the candidate have more than one offer on the table and, if they do accept, then they join the team understanding the level of professionalism that’s expected.  

6. Do you still need to use an agency or outside support?

With no candidates in sight since pre-COVID times, we have seen a lot of head hunting and shoulder tapping to find those key people. The question is, do you need to utilise outside support anymore? The answer is yes, but… think about what support you need. Offloading the whole recruitment process can alleviate the time pressure on your management team and allow the experts to do what they do best. Yet… outsourcing is expensive. Agencies typically charge you 15-25% of the role’s annual salary for their networks and match making. If you hire 5 roles at an average of $80k per year, that’s going to cost you between $60k - $100k in recruitment fees. For most businesses that is a fair whack of change. Typical agencies also hold all the relationships and contact information for your candidates, so you can’t go back to that person that wasn’t right, for right now, without paying the placement fee. 

So yes, there is relief in the talent market finally…but don’t get complacent. Recruitment is time consuming, and candidates expect more than they ever have. Making the wrong decision can set you back months in momentum and thousands in dollars. If you need a hand with anything related to your EVP, job descriptions, recruitment strategies, interview advice, or the whole lot give us a call - we love this stuff!  

Keen on support but looking for a different solution?

At Streamline HR we work on an advisory model when it comes to recruitment. We help you with the bits you need, whether that’s taking the whole recruitment campaign off your plate, or just jumping in to run interviews, reference check or scope the role and advise your managers. This helps to build your in-house capability and supports with the heavy load that comes with recruitment. Plus, our candidates are your candidates! So, you get all their information and contact details. Plus, if two candidates are suitable you can have them both at no extra cost - we charge by the hour. So, think about where your time and money are best spent.