This is the sequel to my previous blog about how to improve the recruiting lifecycle for candidates. Check it out by clicking on this link.
Ever since COVID-19 has begun, a lot of employees have been laid off due to financial constraints in companies. What increased the damage was Britain leaving the EU which changed the way people can work in the UK. This has changed two things – The candidate’s expectation when they take up a new job and the disparity between demand and supply. Candidates seem to have the upper hand and are controlling the demand by not taking up jobs that do not meet their expectations. Before we talk about how you, as a recruiting agency, can be the driving force in employing the right people at the right company, let’s talk about numbers.
I want you to notice the dip in the graph post-November 2018. That is due to COVID-19. Job Vacancies were at an all-time low and people were getting laid out left, right and centre. In 2021, vacancies saw a sharp rise due to economies returning to their normal state and even extending pre-pandemic levels and the companies started hiring in full flow. But the candidates were somewhat disturbed by the rapid layoffs, while also suffering financially. Let’s talk about how recruiters can help make ends meet –
Convince Companies to invest in employer branding – Employer branding is what job seekers, employees within that company and stakeholders look into when they are looking for a company. Companies are three times more likely to hire quality candidates if they invest in employer branding. Employer branding is done through a series of things – Conducting internal company-wide audits and creating an employee value proposition. Employee Value Proposition (EVP) is a message or a statement from the company elaborating on what the employees and future job hires can expect from the company.
Shifting company culture to appeal to the masses – 50 years ago, 6 days working weeks were a norm. In 2021, a lot of companies are experimenting with the idea of a 4 day work week. As time progresses, companies have to adapt to the situation. Ever since the pandemic has begun, a lot of companies have adopted the work from home (WFH) model. The companies that haven’t are or will suffer in the future because, in a study conducted by CareerBuilder, more than a quarter of candidates will not even consider joining a company if they do not have some sort of work from home model incorporated.
Offering perks – More than 60% of people consider perks and benefits being a major factor before accepting a job offer. Insurance, ESOP’s (Equity Stock Options), Paid time off are some of the topmost benefits people prefer.
Competitive pay – Even though this is pretty obvious, a lot of companies try to low-ball the compensation that they are willing to provide to a job seeker. This creates two problems – A negative employer branding and even if a candidate does join you at the lower than estimated compensation, their commitment to the company will also be significantly less than enthusiastic.
Transparent growth trajectory – Candidates appreciate the honesty of a transparent growth trajectory instead of trying to complicate matters. A transparent growth trajectory can motivate a candidate and their commitment to the job.
A lot of startups have already adapted to most, if not all things mentioned above. As a result of this, startups, or commonly known as SMB’s (Small Medium Businesses) are getting a lot of job applications – Source
As suggested by multiple studies, the clear goal is to appeal to the masses in a variety of ways. There is no generic, written in a guide solution to this. Every company needs to have a different, more unique approach to improve. So if you are a company, the first thing you should do is to head directly to Glassdoor and check how people think of your company and improve your employee branding. From there, you will have a base from which you can work your way and make your company attractive. And if you are a recruiting agency, you can just send them this blog to convince them to make the aforementioned changes (you’re welcome ). On a more serious note, get in touch with your POC’s (Point of Contact) at every company and start talking about how they can create a more appealing profile.