If you’re struggling to make sense of today’s talent market, you’re not alone. From the long view, here’s what we think you need to know about the current moment – and what you can do to win Talent War 2.0.
The market for top-level talent is white hot.
Like the housing market, talent acquisition is hyper-competitive, pricing has skyrocketed, and employers are making significant compromises to recruit top talent. The talent shortage is a culmination of Boomers retiring en masse, Gen Z-ers delaying major investments and resisting full-time roles, and several other factors. If your company needs to add a scarce talent profile to make forward progress, you can expect to pay handsomely or sweeten the pot. Simultaneously, you can take steps to minimize your exposure to the great resignation. If you’re looking to make a career move, there’s never been a better time.
This goes for both companies and candidates. The #1 step you can take right now is to figure out your non-negotiables and where you can be flexible. In this market, your flexibilities are your value proposition. Open to remote work? Lead with that. Thrive in a hybrid work model? Perfect. Willing to work in your hometown? Highlight. Unusual benefits offerings? Leverage them. Every prospect and every employer has must-haves and deal breakers. Get clear on yours and be transparent about them.
The Challenge: Attract, Retain, AND Engage
The ratio of job offers to acceptances is going down. Hiring is no longer a matter of whittling down applicants, making an offer, and getting accepted. Jobseekers have more options, and employers have fewer prospects, so hiring right now is truly a two-way street. If your company has a prospect or existing employee you can’t afford to lose, consider proactively sweetening the deal.
Both Company and Candidate online brands matter.
In the age of interviewing by videoconference, your online presence is more important than ever. Don’t let negative reviews, a neglected website, or a lack of (the right kind of) visibility dampen your prospects. Companies need to rethink their online profiles from an employer branding perspective and review the candidate experience. Job seekers should devote time to LinkedIn, purchase a domain (myname.com), take down unprofessional social media images, and showcase their strengths in a portfolio or resume site.
Remote is having its moment.
With COVID and massive demand for specific skill sets, companies must consider hiring remotely. This shift means that top-tier talent is competing for opportunities nationally, and everyone’s vying for talent with the rest of the country. So, if you’ve got a fantastic opportunity or hard-to-find skills, now is the time to lock in that remote engagement.
What We See on the Horizon
It might seem as though everything is uniquely in flux at this moment, but at CCY, we’ve always seen the world of talent like a balance sheet – a snapshot in time. The variables at play and individuals in the market are ever-changing. The pace of change may have accelerated, but some core principles still win out. Here are some takeaways of which we’re reasonably sure.
- Companies willing to be flexible will score top talent.
- Remote will continue to be a top priority for job seekers through EOY 2021.
- Unlimited PTO will come up in more candidate conversations.
- Hires will demand more robust compensation packages.
- A seasoned talent partner can offer distinct advantages in the market at this moment.
With more than a decade of executive and professional recruitment experience, Shawn has quickly become one of the Top Guns in the Executive Search industry. He has successfully placed Board Chairs, CFOs, Chief Creative Officers, and Sales & Marketing Managers.
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