Job vacancies are on the rise and the availability of good candidates is on the decline, according to this months' report from the Recruitment & Employment Confederation. The growth in permanent placements has reached an 8 month high with temporary placements also reaching a 5 month high which is great if you are a candidate but is a worrying situation for employers as demand is outstripping supply with candidate availability on the decline. Coupled with this, permanent starting salaries rose in October making it the strongest rise in 5 months.
All these factors dramatically affect the way you need to be recruiting new talent. I'm going to say this again! - You NEED to look at the way you are recruiting new talent! Your processes and practices need to be sharp and very efficient if you are going to compete with your competitors for the best talent available. You don't have time to wait a few weeks for the hiring manager to find a slot in his diary or to take a week to find the time to look over CV's! As soon as the need for new talent has been identified, you need to plan your process, starting backwards!
Questions you need to ask:
1. When must you have them insitu?
2. How long is the average notice period for this level of candidate?
3. How long does it usually take to source these candidates (factoring in that they are now clearly harder to find)?
4. How long does your recruitment process take? Is it several stages?
5. When is the hiring manager available?
When you have the answers to all these questions, you are now in a position of strength to allow enough time to find the right talent rather than leaving it to the last minute and having to take whoever is available at the time as a "bum on seat" rather than having the time to find the best talent.
I am not exaggerating! I have seen this over and over again. "I need....... urgently" and when we present the hottest candidates, the hiring manager will deliberate for far too long, go through too many stages, make the candidate wait far too long to be seen by which time their competitors have read the CV, interviewed them and offered, with them probably already sat at the desk by the time you've read the CV!
YOU HAVE TO BE SMART IN THIS MARKET IF YOU WANT TO WIN THE BATTLE FOR TALENT!
The REC have also reported that internet-based recruitment spending has continued to decline 7.2% year on year with the 3rd successive quarterly drop in expenditure. Simply put, this means that the "post and pray" approach to finding talent where you post an advert on a job site and pray for applications, is not cutting it in this candidate market. The best candidates are in work and not looking for a new opportunity. Therefore, you need to work with a recruitment partner who will seek out the best talent for you, finding them before your competitors do.
On the flip side of this, BE AWARE your competitors are also looking for the best talent and will be approaching your staff, regularly! Employee engagement, satisfaction and commitment has never been more important if you want to retain your best talent.
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