President & CEO
Lainie Bennett is President and CEO of Millennium Personnel Corp., an independently owned and operated boutique administrative employment agency.
As an employer, I can understand the frustrations of hiring in today’s candidate-driven market. It seems like there are more job openings to fill than there are candidates willing to fill them. Over the past few months, we’ve witnessed an onslaught of employees leaving their current positions for better job opportunities. Not to mention countless candidates who no-show and no-call to their interviews. So, as an employer, how does this affect you and what changes should you make to your hiring process?
1. No-Shows/No Calls:
From recent experience, majority of job applicants, nowadays, go into an interview with multiple offers already on the table. They basically “play the field” for the best offer and use these proposals as a platform for salary/benefit demands and negotiations. Therefore, if any interview they have scheduled does not match any offer already at hand, then it’s not worth their time in showing up. Forget about the effort you put in to arrange the interview, as well as the generous time you exhausted on waiting for the interviewee to show up. They’re insignificant now that job candidates have the upper-hand in today’s candidate-driven market.
2. Shrinkage in the Candidate Pool:
It is common practice, especially for larger companies, to have a multiple-step hiring process. Whether there’s an interview hierarchy to get through or lengthy background checks to complete before being offered a position, job candidates don’t have the patience nor the need to wait around. With the plethora of available opportunities for qualified candidates, why should they? The longer an employer waits to make his/her final hiring decision, the more likely his/her candidate pool will significantly shrink. Thus, having to spend more time and money on finding new job candidates.
Changes to Consider to Survive
1. Be More Hands-On!
As an employer, there have been many times where we may not have necessarily acknowledged or responded to thank you notes or follow-up emails sent by applicants. It’s time to change that and act first. Provide feedback to each candidate with whom you’ve met. Keep them updated on where you currently stand in the hiring process and on any decisions that have been made. Responding to those notes and emails makes a job candidate feel valued, which, in turn, can help your future candidate options. You may not have a need for that applicant now, but who knows what tomorrow will bring.
2. Don’t Procrastinate!
Given today’s candidate-driven market, it is essential to accelerate your hiring process for qualified job hopefuls. If you feel as if you’ve found the perfect candidate for the role, and he/she fits right in with your company culture, then do not hesitate to make an offer. Chances are that the applicant has several interviews lined up with multiple job offers already on the table. So, act fast and snatch up that qualified employee prospect before another company does.
3. Do Your Research!
Before you put up a job posting, research the current market trends and see what the competitive rates are for the specific position you want to fill. Ensure that your offer is in line with today’s market or risk losing the candidate. Keep in mind, offering bonuses and job perks are as equally important as the salary offered.
If you have any questions about hiring, or if we can be a sounding board for your job search inquiries, please contact us at 212-244-2777.