In search of that perfect unicorn candidate? You are not alone. Lurking behind every job posting is the mirage of the ideal candidate. You know, the one with perfect qualifications, ample skills and the go-to attitude that will make a company thrive.
The reality of the matter is that those perfect job candidates come with an associated price tag. When working with job recruiters there is a going compensation rate for positions. Successful hiring is a balance between finding the right person and compensating them in a way that makes the individual want to accept the position. This must also fit into a company’s hiring budget.
Hiring Considerations
- What is the level of compensation?
- What kind of skills and experience is desirable?
- Will the employee be committed to staying in the role X number of years?
- What considerations will be made for remote work and/or a hybrid schedule?
Inflationary Impacts
The wage conversation continues to grow more complex as the job market shows signs of cooling. The crunch of inflation is eclipsing wage gains and more full-time workers are wondering if it’s worthwhile to add a part-time job to the mix. The October jobs report found the number of Americans working part-time jobs in addition to a full-time job has increased 6%, year-over-year, to 4.5 million people according to U.S. Labor Department statistics.
A Monster.com survey of more than 1,700 U.S.-based employees found three-quarters of workers said they need to bring in additional income because of inflation. Another study from Prudential Financial of Millennial and Gen Z employees said they are considering gig work. 81% of Gen Z and 77% of Millennials are looking to supplement their income with a part-time job. For these younger workers, the idea of a side hustle has long been a foundation of their career to date, often because of a desire to manage their own schedule.
Finding the Balance
With increasing inflationary pressures and more workers taking on an additional part-time role, the conversation of compensation will remain at the forefront. Ongoing labor shortages also mean time-to-hire is of the essence, particularly as the candidate’s market continues. If a company is unable to or unwilling to increase the compensation range to meet the demands of the market, it will often be necessary to downgrade the level or skills and experience that role will require.
As the hiring landscape continues to evolve, it’s incredibly important for everyone at the hiring table to be on the same page before the interview process begins. That includes the hiring manager, job recruiters and eventually the candidate. If expectations are not clear from the beginning, one or all parties have the potential to feel slighted.
In these cases, it’s important to work with job recruiters that you view as a trusted hiring partner. All parties want to see the best candidate in the role and by working out the logistics and expectations ahead of time, it becomes easier to create success, the first time, for everyone involved.
