What does it mean? Basically, these are two sides of the same coin. If you think about the current UK housing market there are more buyers than there are sellers (seller short market); therefore by default it is a “sellers’ market”. Let me explain……
Recruiting for many businesses is not a pleasant experience. For the majority, recruiting is a means of replacing a leaver. The process is often perceived as time-consuming, a distraction from day-to-day business and costly (both from an advertising and time perspective). It’s also more difficult to do in a candidate short market.
Currently high-performing, quality candidates are in short supply. You may not think it, but if you’re a business recruiting for key positions, it will be hard to find a candidate to meet 80% of your job brief, let alone the full 100%.
It’s also a job rich market. Over the last year many businesses put recruitment on hold, projects were delayed, people not replaced etc. With restrictions easing, businesses are now seeking to build momentum which has, in turn, resulted in an influx of job opportunities.
Meanwhile, quality individuals open to, or actively seeking, a new role are being more selective in a buoyant market and the simple law of supply and demand comes into play. As an employer, you may find your ideal candidate but this individual has other employment choices and options to consider, which then leaves you competing for a prized resource.
What happens when demand outweighs supply in the market?
Candidate short market x job rich marketplace = multiple job offers, which often means salaries are inflated.
If you are recruiting and have struggled with finding and securing the right candidate, or you are thinking of recruiting, to be successful in a candidate short market my advice is to approach recruiting a little differently.
What can you do to gain the advantage?
- Use different channels for sourcing and attracting candidates. Simply placing an advert on a job board, your website or the corporate Facebook page is simply not enough.
- Tapping into a passive candidate market is crucial. You’re going to need to collect and drive applications, not sit back and wait for them to come to you because that won’t happen.
- Think like a headhunter or search agent. Actively engage and use networks and referrals together with more targeted sourcing strategies.
- To be successful in a candidate short market you need to capture the imagination of the candidate. Put yourself in the shoes of your ideal candidate – “what’s in it for me?” (WIIFM). You need to show what makes you different and a good employer to work for in an interesting role. Emphasise the benefits offered, your company culture and values, attention to employee wellbeing, opportunities including development and career growth.
I’m regularly asked by clients about presenting a shortlist of at least three-five candidates. In a candidate short market such comparisons may not be possible. The strategies I’m sharing with you work and are some of the methods you can use successfully.
***Find out what motivates the candidate. All my years of coaching and recruiting have taught me one thing – in the end, the higher salary is the outcome, not the purpose.
5. Be ready to move quickly. This is critical in a candidate short market. When you find top talent DO conduct a rigorous recruitment process, however, DON’T let the process get delayed. Top talent will be snapped up and you’ll return to square one.
Always have clarity on the skills, experience, and attributes to you want. Then assess your candidate against these and see how they score.
One of the key challenges of recruiting in a candidate short market can be the time it takes to fill your vacancy. It’s easy to say be patient but if you have a resource gap, it can place increased pressure on your business and personnel. It may well be worth you considering other options to cover the gap in the interim.
Recruiting in a candidate short market is not impossible. It simply requires you being prepared to apply some thought to using a different strategy and game plan.
For more information, or request a call back to discuss how we can help you please do contact us
