Swift Action Required in a Candidate’s Market
Even in the best circumstances, excess can create imbalance. An example of this extreme is occurring in the labor market now. After a steady rise in the pace of hiring, the economy is in a place where businesses continue to create more job openings. This translates into a growth of 118,000 spots, according to the U.S. Labor Department. It’s a level not seen since July 2016 at 3.8 percent, as reported by CNBC. The combination of an improving economy bolstered by more job options means it’s critical to pull the trigger sooner rather than later when it comes to hiring qualified candidates.
Open Spots, Fewer Options
Within the marketplace, items have a best-by-date. Buying and using something by this date ensures getting the best possible product. Using the scenario of a farmer’s market, you’d find the selection of the best produce early in the morning. By mid-morning the selection is picked over, leaving only a handful of choices. Some have suggested the workplace could benefit from developing its own best-by date, one that could assist in finding the right candidates the first time around.
Making a quick hiring decision can literally pay, especially in a candidate’s market where there are lots of jobs but not nearly enough skilled job candidates to fill those positions. Too often, slow in-house hiring can stall even the most-critical positions in the perishable zone. Research from HR thought leader, Dr. John Sullivan found companies have a 10-day period to secure the best talent, and in some industries the timeframe is even shorter.
Promoting a Swift Hire
The importance of timeliness cannot be overstated, but it’s also critical to be able to define what a top-performer means for your organization. Identification at an earlier juncture means it will be easier to move quickly when the right candidate has competing offers on the table. When there is a lag in hiring or communication stalls during the process, this is a red flag to the candidate. If this happens, there is a good chance top performers have already moved on, often without any communication they are no longer interested.
When the company finally catches up in the hiring process, it’s often too late. The top-performer made the choice to move forward with another organization or to self-disqualify the slow-moving company from consideration.
Being First Whenever Possible
The expense of hiring can make it difficult to want to warrant a quick decision, but hiring the wrong candidate can be even more devastating financially. That’s why it’s important to be ready to move quickly with a hiring plan in mind. One way to do this is to expedite the screening process. Working with a staffing professional can alleviate the time crunch that occurs with reviewing resumes, conducting phone interviews and meeting talent in person. A staffing agency tasked with finding top-talent can screen candidates, bringing only the top-performers to the interview process. Staffing professionals also have the advantage of on-going relationships that allow them to be constantly on the lookout for the right talent.
This article is brought to you by Staffing Kansas City, a full-service Kansas City employment agency that provides contract-to-hire, direct hire and contract employment placement services.