Posted on 27/06/2022 by Caitlin Ielasi
An employee-driven market
According to figures issued by the Australian Bureau of Statistics (ABS) in March 2022, the unemployment rate has fallen to 4%, the lowest since 2008.
What does this mean for employers?
A candidate-driven market means that there has been an increase in talent, resulting in tighter competition for employers. Employers are being forced to reconsider their hiring and applicant attraction techniques. Candidates are more inclined to leave their existing professions due to the high level of competition for higher pay, more flexible working conditions, and overall career advancement.
Call to Action for Employers
While we focus on attracting high-quality talent, we encourage all businesses to focus on enhancing the applicant experience. This involves an emphasis on company culture, competitive benefits such as compensation and flexible working arrangements, and market speed and responsiveness.
Workplace Culture and Employee Benefits
Prospective candidates place a high value on corporate culture, and our hiring experience shows that it has the potential to make or break a company. We are discovering that more candidates prefer to work for a company that shares their values, beliefs, attitudes, and behaviours. Furthermore, candidates' expectations are rising, and they are reconsidering how they wish to work. Offering hybrid working options/flexible working arrangements, work-life balance, stability, and a competitive wage package are among the benefits.
We no longer live in an employer-driven economy with enormous candidate pools and lengthy recruiting processes. Candidates will not wait weeks if they have a plethora of other comparable offers. Concentrate on enhancing onboarding efficiency and the overall application process, and treat every opportunity with urgency. Candidates are being scooped up, and businesses are missing out on their preferred candidate because they are dragging their feet.
Reshaping the Market
In a nutshell, employees demand greater influence over how, where, and when they work and are dissatisfied with traditional working methods. Employers will need to adopt different strategies in line with these trends. It's no easy task, but here are some ideas to get you started!
Investigate and comprehend current recruitment trends in a candidate-driven market.
Create a flexible working paradigm that meets the needs of your company.
Build a brand as a top-employer.
Improve candidate responsiveness and onboarding processes
Include your salary range/package as well as any additional company benefits.