It takes a certain mindset to successfully hire the best candidates in this current market. That’s because this is a candidates’ market. The mindset and mentality that employers and hiring managers had during The Great Recession (and the years immediately following it) are no longer effective.
In fact, they could even be termed as harmful to organizations.
You’ve probably seen or read the following statistics in the mainstream media during the past several weeks and few months:
- The number of job openings in the United States rose to a new record-high level of 6.7 million in April of this year.
- Two months later, it was confirmed that there are more job openings in the country than there are unemployed people to fill them.
- According to an article in Bloomberg, approximately 3.56 million workers left their positions in May. That was the most people quitting their jobs since the Labor Department started tracking such numbers in 2000.
- The previous month, in April, 3.35 million people left their jobs.
All of these numbers confirm that we are currently experiencing a candidates’ market. And as we’ve discussed before, in a candidates’ market all candidates have more options. However, the best candidates have the most options and they also have the best options.
What does that mean for employers who are trying to fill their open positions with the best candidates possible?
It means that they have more to prove.
Specifically, it means that they have more to prove to candidates than candidates have to prove to them.
Now, don’t get us wrong: candidates still have plenty to prove. They must prove that they’re a good fit for the position (if not a great fit) and they also must prove that they are motivated to take the job and join the organization.
But the matter of which party—the employer or the candidate—has the most to prove boils down to one thing: the law of supply and demand. This law dictates how many options each party has, as well as the quality of those options. Obviously, the party that has the most options and the higher-quality options is the party that has the most leverage. And the least to prove.
Using these guidelines in relation to the current employment marketplace, we can infer the following:
- Since we’re in a candidates’ market, the best candidates have the most options and the highest-quality options. Consequently, they have the most leverage and less to prove.
- For those employers who operate in an industry and/or niche where top talent is scarce, they have less options and lesser-quality options at their disposal. Consequently, they have less leverage and they have more to prove.
When we say that employers have more to prove, it means they must do more to convince top candidates to work for them. Sure, candidates must prove that they’re top candidates, but once their candidacy is evident, it is incumbent upon employers to motivate those candidates properly.
Because if they don’t, they’ll end up working somewhere else . . . quite possibly at a competing company.
We invite you to connect with our team today and see what The Doepker Group can do for your organization.
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