Candidate Rich Market – What That Really Means
In recent times, with a slew of redundancies, business closures and as the effects of the COVID-19 pandemic hits our economy, we have seen New Zealand in a “candidate rich market”.
A candidate rich market is where there are many candidates, for fewer jobs.
Some may say this is advantageous for employers, however, this may not be the case.
The recruitment process is an art, it is a skill, it is something that recruitment consultants develop through years of experience. In ‘normal times’ the recruitment process is involved, it takes time, and it requires systems to manage the process.
A candidate rich market means more candidates to manage, and it may be easy to ‘miss’ great candidates. A bit like finding a needle in a haystack!
Having a well managed process is imperative for company experience and branding. For example, formally rejecting candidates politely, and within a timely manner. Ensuring candidates that are put forward for the position, are kept up to date with the process as it progresses.
Knowing what to look for when reading a resume. This is where the skill of a recruiter comes in – they’ve seen it all before and can generally ‘read between the lines’ and look for attributes specific to the role/job.
Keeping the ‘pool’ small. Selecting 2-4 targeted candidates and going through a full process will avoid overwhelm. Be prepared to have multiple interviews with multiple candidates - drilling down and going through the process.
Robust reference checking is imperative, and again, having recordings and systems to back up this process makes it more effective.
A thorough process will mean a great hire at the end. It’s when steps and systems are missed, that the hiring process starts to fail.
For job seekers:
Having a targeted, professional resume is important and will provide a competitive edge. Is the resume and cover letter personalised to the job by including relevant skills etc.
Being confident during interviews is important. LinkedIn have interview practice tools where job seekers can hone their skills for interview.
Connect with recruiters, potential employers, and other people in your desired or current industry.
Utlise social media for an edge – show potential employers your knowledge and skill set.
Be open to opportunities and trust the process.
A candidate rich market means everyone needs to put their best foot forward, follow ‘best practice’ and strive for the best outcome.
If one eighty can help with providing insight to how the process or recruitment market is placed currently, please reach out.