Unlike other economic downturns, the Covid-19 crisis has not exploded and receded leaving chaos in its wake. It is a rolling, evolving disaster and one which, while it may have been anticipated by some, could not have been predicted by anyone.
Unemployment has yoyo-ed over the past year and a half. This has left confusion across all industries as the tables have turned between candidate-driven and employer-driven power and now it seems to be settling into a candidate-driven market, which seems like it will be the case for the foreseeable.
Companies are still expecting to gain great expertise while offering low-ball offers and the harsh reality is starting to hit. Those who understand the recruitment landscape are warning but those warnings are going unheeded.
Within a high-demand, niche market like Data, recruitment is complicated by the lack of qualified, active job seekers. Overqualified prospects, if they can be found, will be expecting a package that acknowledges the demand they are feeling within the market. Anything less makes them feel that your organisation is out of touch, and especially when it comes to future-facing industries like data, being out of touch is something you want to avoid.
Demand outstripping supply means that benefits are important and a company must be agile to what the market is offering and match or exceed it. Any perks should be considered and not just thrown in to bulk out a standard package.
Remuneration is the not the only concern either. Those looking to further their careers will be seeking guarantees that upskilling and promotions are a possibility within the business.
Confidence is another thing these candidates will be looking for. They will be looking to have interviews with managers who are confident and knowledgeable about the role data will be playing within the future of the company. They will be looking for signs that the business is confident to invest in that future, as, with economic downturns, jumping from a secure current role to a risky future one may not be the chance they want to take at this point in time. What is your company doing to show you will be around in a year’s time?
It may seem strange to companies used to being in control, but if you want those prime candidates you must cater to, court and bend over backwards for, those prospects.
How and where the candidate will be working is bound to be at the forefront of their mind. In these tough times, safety is a huge concern and candidates will focus in on businesses that empathise with their predicament. On top of that, working from home and hybrid working have changed how we think about work. We are no longer bound to the office, so here is a chance for businesses to set out their stall early, and show that they have really considered how their employees’ feel.
Employees knowing that they are respected and appreciated is a major way that companies can build trust. Covid-19 has changed the way we socialise so drinks on the last Friday of the month are not happening, and maybe that can mean a rethink of how things are done.
This may be a hard pill for companies to swallow but burying their head in the sand will not make it change. This is a candidate-driven market and if you postpone taking it seriously, your competitors will overtake you and your ideal candidates will choose them over you. It really is that simple.
Curious about how Zenshin Talent can help your organisation? Contact us today for a no-strings conversation about your needs and our experience.