Navigating the Candidate-Driven Market

There’s no denying how the job market has changed from just a year ago. The lack of candidates has created a candidate-driven job market, making it crucial to find new ways to attract candidates to your company. The Wall Street Journal reports that in August 2021, the number of job openings surpassed the number of unemployed Americans seeking work. Competition is fierce, with nearly 6 in 10 applicants fielding two or more employment offers simultaneously. Pay and benefit increases are on the rise, too, with just 3% of employers not planning to offer larger financial incentives to attract top talent next year. 

The workers who are no longer in the workforce due to the pandemic, the turnover tsunami, and the baby boomers who are just reaching retirement age are what analysts blame for the shift to a candidate-driven market. While the situation may seem desperate for employers dependent on capable bodies showing up to work every day, there are ways to prepare for the new normal in hiring practices. 

We’ve come up with 4 ways you can stand out to your ideal candidates, from before they even submit an application to the moment they accept your job offer. Speed is a byword of 2021 hiring, but other factors can help you stand out from the crowd as well.

1. Recognize the importance of branding

From your first interaction with a prospective employee, make a compelling case for why your company is a great place to work. Emphasize how much you care about your employees and why your company exists in the market. Most people want to work for a company that has a cohesive vision and exists to solve a real problem.

A candidate’s long-term viability will also depend upon shared values and compatibility with the company culture. If you don’t have a company culture page on your website, think about creating one. Not only will it attract candidates that are aligned with your values, but it will also serve to retain those candidates (as long as you live up to your values). 

A recent study stated that nearly all recent hires (91%) have said the interview process influences their overall opinion of a company. Candidate experience is supremely important for companies looking to be competitive in this job market. 

One way you can incorporate branding into your remote interviewing process is to use branded one way video interviews or live video interviews. Using branded video interviews vs a standard video call is like the difference between walking into an office that is creatively decorated and one that is totally barren. Candidates want to see who you are, and the more you can use branding to reinforce your values, the more of an impact you will have.

2. Cast a wider net to find A-listers.

Most A-list candidates are not actively looking for a position advertised on job boards. They may be working with a competitor or in an entirely different industry. They could be located in another city, state, or country. These candidates are generally not open to lengthy screening calls or in-person interviews during the workday — so you need to get creative to steal them away.

Using one-way video interviews is a great way to connect with these people because they can complete their interviews wherever and whenever they want. One-way interviewing platforms function by asking a candidate a set of questions via video, audio, or text. They allow potential hires time to prepare before answering screening questions, and if a candidate messes up a question, they can just re-record. All these things add up to a great candidate experience. An added benefit? Most candidates respond within 24 hours after receiving the interview invite — never get ghosted again.

3. Streamline the process so that you can act quickly

Over half of new hires accept their offers within two weeks of applying. This timeline is very short, particularly if you have a vital, highly compensated role to fill. However, what you see as due diligence could be interpreted by the candidate as a lack of interest. 

It can be challenging to coordinate conflicting schedules. With an interview scheduler, jobseekers can schedule their own interview time slot as soon as they receive an email from your hiring team. You can have applicants come into the office or conduct live virtual interviews, through a tool like our interview connect platform, to reduce time-to-offer by 58 percent. 

4. Ask questions to uncover a jobseeker’s motivation

Why is the job seeker looking to leave their current employer? Higher compensation, full benefits, and a 401(k) are not necessarily the end-all-be-all for applicants these days. Other motivators may include the desire for advancement, training, flexible work hours, or fewer travel obligations. In addition, workers may feel like they have too much or too little work or feel undervalued by an employer in a toxic work environment (although–let’s be honest–they won’t tell you if they’re leaving a toxic boss).

Whatever the reason for leaving their current employer, make sure it’s not going to be the reason they leave you in X years. If they are interested in advancement and career growth — offer training, one-to-ones, and professional development. 

Leverage interviewstream’s video interviewing and scheduling platforms to improve candidate experience

In this candidate-driven market, employers need to be flexible so they can recruit their top candidates. That means reducing red tape, speeding up hiring processes, and integrating interviewing technology into their recruitment strategy.

We’d love to help you figure out how to engage and retain your ideal candidate with our remote interviewing platforms. We can help you widen your net, deliver branded video interviews, and shorten the time needed to screen candidates. Talk with a hiring expert today and let us show you how we can streamline your hiring process.

About The Author

Esteban Gomez is a marketing consultant with interviewstream. He loves learning and has a passion for traveling, having visited many countries including China, Colombia, Italy, and Peru.