The candidates market

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8 months ago by Jessica Brown

The candidates market

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In stark contrast to the crash in 2011, candidates have had a fairly smooth ride over the past few years. 

In January this year, the ONS found 402,000 more of us were in employment than last year, the joint highest amount since comparable records began in 1971. Great news for the economy, however for hiring managers, these numbers have significant drawbacks. Dubbed a ‘candidates market’, the amount of available candidates per job has fallen significantly, something experts claim could be stemming from Brexit uncertainty, with the number of EU workers willing to take a risk on a UK work life, falling by 50,000 to 2.3 million. Due to this scarcity of job seekers in certain sectors, companies need to review their talent acquisition, with a standard job advert posted to a never-ending job board, losing its appeal. Instead savvy employers have turned to viral campaigns and the acquisition of specialist recruiters. There’s also been more of a movement into ensuring the job specification is appealing beyond the necessary skills and qualifications. 

A candidates market means the tables have turned, with applicants becoming much more selective about where they spend their work day. Last month, Recruitment Grapevine reported on a Headmaster who was outraged when a candidate asked “why should I come and work for you?”, however his comments which suggested the applicant should be grateful for “any job”, have become outdated and redundant. 

The workplace is changing to reflect a generation who want to enjoy their roles, meaning despite the main reason candidates decline an offer being salary, reports show that millennials are willing to sacrifice a percentage of their salary requirements for a great company culture and benefits package. Company culture will also mean that employees are able to retain talent once they’ve caught it. 

The term passive job seeker has almost become obsolete, with 65% of employed adults looking at new job opportunities regularly. Through the use of targeted LinkedIn and Facebook ads, being blind to new opportunity is near impossible and with a limited pool of candidates, holding onto your best workers is essential. 

Recruiting Solutions company, Top Echelon, suggest hiring managers always respond with timeliness, with 31% of recruiters saying that candidates are rejecting offers based on better opportunities elsewhere, whilst hiring managers were deliberating. This is particularly important when bridging the skills gap in sectors such as Cyber, where the unemployment rate is holding steady at 0% and it’s estimated 3.5million cyber security jobs will be unfilled by 2021.