For months we have been hearing about the candidate short market and how it is more difficult than ever to source great talent.
The Australian unemployment rate is at a 10 year low and the number of Temporary Work VISA holders coming to Australia has dropped by 96% compared to this time 2 years ago (pre-Covid). Options and choices for employers around talented candidates are not what they once were, and more than ever before it is important to ensure that you don’t let the right candidate slip away.
As Recruiters, almost every candidate that we are speaking to has multiple job options on the table. Great candidates are in demand and have choices. You can be certain that if you have identified a talented potential employee for your team, then so have other businesses.
There has been an increasing number of stories shared recently about how companies are radically changing their approach to hiring staff and removing all of the previous processes they followed when recruiting new staff. While it isn’t necessarily wise or practical to throw your tested processes completely out the window, the current market and the predicted talent shortages that will continue are a timely push for businesses to review their hiring processes and be open to different, and more efficient ways to bring talent into their teams.
Review your hiring processes
Map out your recruitment process from end to end. Are all of the steps absolutely necessary? Are you being overly risk-averse or overly conservative?
In the past, a candidate might have endured 1st, 2nd and 3rd round interviews. Then after 3 rounds of interviews they would likely have agreed to a final meet and greet with the Director or CEO. They would have then waited a few days while an employer contacted their referees, and then a few days longer for the contract to be prepared, signed by the Hiring Manager and sent to the applicant via Express Post. This will not work in today’s employment market.
Preparation is key
Know what you need before you go to market. Understand the requirements of the role that you are looking to fill and the skills, experience, qualifications and attributes you want.
Take steps early on to mitigate situations that will slow down your recruitment process because you are busy in your day-to-day business.
A common speed bump can be interview availability, particularly when multiple staff members will be required. When you have identified a great candidate, don’t risk losing them because it takes a week to find time in 2 or 3 diaries to lock in an hour for an interview. Block out time as a placeholder or utilise technology when it is proving difficult to get everyone together.
Simplify your application requirements
Do you request that applicants present a portfolio or a business analysis? Maybe you ask for a 30/60/90-day plan to be included with all applications? Do you have selection criteria requiring responses to 15 key competencies?
The time is now to think about how you can qualify your applicants in more efficient ways to reduce the time taken to hire.
Candidates do not want to jump through hoops and if you insist that they do, they will find an employer who doesn’t and choose to work there instead.
Utilise Conditional Offers
Do you have a particular step within your hiring process that is time-consuming and cannot be removed entirely? To secure your preferred candidate consider implementing conditional offers pending the outcome of this step. Some examples of this could be pre-employment medical checks, aptitude and psychometric testing, or personality profiling.
Resource or outsource
If you haven’t invested in resourcing your recruitment function appropriately, this will hurt you in the current market. It takes considerable time to build a talent pipeline and to implement systems and processes for a smooth and timely hiring process. Outsource to Recruitment Specialists who are continually honing and improving their processes to best leverage what your business may be lacking.
Candidates will not wait around, they no longer need to.
If you interview the right candidate do not delay your decision to hire. In this market, if you snooze you really will lose.
*Sources:
Labour Force, Australia, September 2021 | Australian Bureau of Statistics (abs.gov.au)
Overseas Travel Statistics, Provisional, June 2021 | Australian Bureau of Statistics (abs.gov.au)
The Body Shop’s radical approach to hiring (smh.com.au)
Disclaimer: The material contained in this publication is of a general nature only. It is not, nor is intended to be, legal advice. If you wish to act based on the content of this publication, we recommend that you seek professional advice.
