While hiring is not an exact science, there are general rules that govern the employment marketplace. Those organizations that are not aware of these rules and do not follow them typically do not hire as well as organizations that are aware and that do follow them.
Setting the ground rules
As you might imagine, the rules that govern the employment marketplace are tied directly to the economy. In other words, the state of the economy dictates the rules. For example, during The Great Recession, it was definitely considered to be a poor economy. In such an economy, the following general rules govern the marketplace:
- Job openings are scarce.
- Job seekers have fewer options from which to choose.
- Employers have more options from which to choose in terms of candidates.
- It’s easier for employers to close candidates and hire successfully.
The economy during The Great Recession was, of course, a recessionary economy. But what about since the recession ended? Since it ended, we’ve been in what is called a recovering economy. In such an economy, the following general rules govern the marketplace:
- Job openings are plentiful.
- Job seekers have more options from which to choose.
- Employers have more difficulty finding or identifying the best candidates.
- Employers have more difficulty keeping candidates engaged during the hiring process.
- Employers have more difficulty closing candidates and successfully hiring them.
There’s also another general rule that applies to this discussion. That rule is this: the longer a recovering economy lasts, the more likely it is that the market will become a candidates’ market. In this type of market, not only do job seekers and candidates have more options, but the very best candidates have the most options.
This is the situation in which we currently find ourselves, and an organization’s inability to recognize this fact can hamper its ability to hire well. If an employer is still “living in the past,” so to speak, and trying to operate by the rules that exist during a recessionary economy, that employer will have difficulty hiring successfully in a recovering economy and especially in a candidates’ market.
Three-step blueprint for success
So what can employers do to play by the rules that govern the current employment marketplace? The good news is that there’s plenty that can be done! All that’s required besides an acknowledgment of the existing conditions and corresponding rules is the willingness to follow through with what needs to be done. Below are three things that employers must do in their quest to hire the best candidates for their critical positions:
#1—“Sell” the opportunity.
This is a must in a recovering economy and candidates’ market. Once again, top candidates have a LOT of options and choices when it comes to employment opportunities. That’s why as an employer, you have to make your opportunity look like the most attractive option or choice. It’s important to remember that you have to “sell’ yourself to candidates just as much as they should “sell” themselves to you.
#2—“Sell” the organization (including the company culture)
Candidates, especially top candidates, are interested in more than just a job. They’re interested in a career, and if they decide to work for you, it’s because they believe that your organization fits into the vision they have for their career. The position itself is just one part of the overall equation. If you “sell” the position and not the organization or the opportunities that the organization offers, then you’re only doing half of the job.
#3—Make a compelling offer to your top candidate.
This is the most crucial point. That’s because you’ve done everything correctly and now you have your candidate of choice in your sights. This is not the time to lose them. After all, what’s the point of doing everything to put yourself in position to hire the person you really want to hire, only to let them get away?
If you have the chance to make an offer to the best candidate, then make your best offer to that candidate. You must remember that these candidates are most likely also interviewing with other companies. Consequently, your offer may not be the only one they receive. Therefore, you should make a strong, compelling, and attractive offer.
An honest assessment + a proactive strategy
When you make an offer of employment to a candidate, what you’re basically saying to them is, “We believe that you have tremendous value as a candidate. We would like you to bring that value to our organization as an employee. In exchange for that value, we’re prepared to offer you the following things.”
The candidate will view the offer as an indication of how much you value their candidacy and their potential to be an employee. It’s important that the candidate feels as though you value them. The reason: if they feel like you don’t value them as a potential employee, then they’re going to assume that you won’t value them as an actual employee.
Making a compelling offer to a top candidate is not a “sunk cost.” It’s a shrewd investment in the future of the organization. Top candidates who become superstar employees reward the organizations that hire them in numerous ways, providing a tremendous return on the investment that their employer made in them.
But make no mistake about it. Hiring these types of candidates has become increasingly more difficult during the past several years, and it shows no signs of becoming easier. That’s why organizations should make an honest assessment of current market conditions and adjust their strategies in a way that will proactively identify and hire the candidates they want to hire.
We help support careers in the Animal Health industry and Veterinary profession in one of two ways: 1. By helping to find the right opportunity when the time is right, and 2. By helping to recruit top talent for the critical needs of organizations. If this is something you would like to explore further, please send an email to firstname.lastname@example.org.