What exactly IS a candidates’ market? For those who don’t know, it’s an important question.
The answer to the question is connected to the U.S. economy, which is either in one of two states. Either it’s a recessionary economy or it’s a recovering economy. The Great Recession, of course, represented a recessionary economy. Since the Great Recession ended, we’ve been experiencing a recovering economy.
A candidates’ market exists in a recovering economy. In a candidates’ market, there is an abundance of employment opportunities. In the candidates’ market that we’re currently experiencing, there is also a skills gap. That means there is a lack of candidates available for certain highly specialized positions.
So how does all of this affect organizations that are looking to hire? Well, the first rule of a candidates’ market is that candidates have more options and more employment opportunities available to them. The second rule is that the best candidates in the marketplace have the most options available to them.
Employers must keep this in mind during their efforts to hire and fill their critical positions. They should understand that the best candidates are not even looking for a new job. As a result, it’s more difficult to identify these candidates. And even if employers are able to identify them, they must convince the candidates to consider their opportunity.
As you can see, there are plenty of hiring challenges that exist in a candidates’ market. That’s why employers must take a proactive approach to hiring, and that includes enlisting the services of an experienced search consultant or recruiter.