Adapting to a Candidate-Driven Market
Written by: Kim M. Proeto of sPoint Partners
I’m frequently asked, “How is the job market?”, “What kind of positions are you seeing?”, “If I were to leave my job how long would it take to land again?”. The answers to these questions and many others like them have varied tremendously over the past decade.
It truly depends on what type of position you are looking for and what the economy is doing. I can share with you my gut feeling and opinion, but nobody really whats that, right? I’m supposed to be an expert, so I need facts. I did some research to stand behind my opinions; I’ll get to my opinions in a minute.
As for the research, I went to Indeed.com and did two searches – first I searched “accountant or controller” for open jobs. I came up with about 548 open jobs across several local regions; (please note that I in no way believe that there are actually 548 jobs with these titles down the thruway). If even a fifth of these results are unique and not duplicates, then 100 positions are open.
For my next search I used the same titles and searched resumes in the same areas. I came up with 573 candidates that had updated something on their resume in the past 30 days. This number is likely to be closer to accurate because somewhere along the way they possessed this title.
So now that the facts are stated, here are my opinions:
The above data would lead you to believe that companies should have a great selection of talent. I see it as candidates are ready to move and will do so very quickly. We are in a candidate market. This means that candidates are in control and back to getting multiple offers; in many cases they are being offered counter offers from their existing employers.
Candidates are moving for various reasons, but in my experience the top 3 reasons are: salary, benefits and job satisfaction, not always in that order. Companies that are hiring need to recognize this and put their best foot forward to attract the best talent, and by the way that best available talent may be an 8 of a 10).
Companies may need to flex on some of their requirements. They need to be okay taking the time to teach someone who has a strong work ethic or a great personality, the skills required to excel at the job.
Gone are the days of “you should be grateful to have a job.” People want to feel wanted and a valued part of the team – this starts with the initial offer package!