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The COVID-19 pandemic has paused recruitment efforts for several industries, while others, such as tech, renewable energy, telecommunications, medical devices and pharmaceuticals, have seen the opposite.

A flourishing market is an exciting place to be; however, it does mean that competition to source talent is more fierce. Additionally, businesses need to adapt to a new candidate-driven market instead of relying on traditional client-driven markets. 

What is a candidate-driven market?

A candidate-driven market moves from recruitment solely focused on the company hiring and what a candidate can do for them to the recruitment process revolving around the candidate. 

Now, potential employers need to do everything they can to convince a candidate to accept a job with them rather than choose to work with their competitors.  

And it isn’t just impacting candidates. This new market also entices passive employees to accept work elsewhere due to a better benefits package, progression plan and working environment.

If businesses want to attract talented candidates, they need to up their game. 

Why is attracting talent important?

While internal recruitment and upskilling is still a fantastic option and will make you more attractive to external candidates, attracting talent is still, and always will be, essential to recruitment. 

External hiring brings fresh, innovative ideas to the table. It’s similar to when you continuously work on the same thing for an extended period; eventually, you feel stagnated and ask a coworker for their opinion. Likewise, a new addition to the team can be refreshing, bringing insights to the table that current employees are blinded to.

How do you attract talented candidates?

Don’t let the talent war put you off. You have every chance of winning high-calibre candidates for your company. Here are a few things you can do to improve your chances of success.

We’ve talked about analysing and improving your employer branding, hiring strategy, creating solid job descriptions and selling your company at interviews, all of which will enhance your chances of securing the top talent.

Here are four other strategies you can implement to increase the chances of employing the best candidates:

Invest in upskilling

You may think this strange considering you are hoping to attract new talent, but the best candidates will want to know there are progression routes open to them. Knowing that current employees are upskilling showcases that the same opportunities will be available to them. 

Build relationships with passive candidates

You’re more likely to find success if you build your network of passive candidates who may not be actively searching for a job but have the skills that would benefit your company. 

That way, when you are ready to recruit, you won’t be working with ‘cold’ candidates. You will already have sold your company to them, and the time and effort you have put into getting to know the candidate will stand you in good stead. Candidates are more likely to move if they feel secure; getting to know the candidate will make them think that the move is less risky. 

Consider an employee referral program

If you already have a high performing team and a positive working atmosphere, perhaps implement an employee referral program. Your team can reach out to past coworkers that they enjoyed working with, which will increase your talent pool and reach and continue to foster a positive working environment.

Build your profile in numerous locations

Recruitment is an ever-evolving process, so it’s worth keeping your ear to the ground and understanding where the best candidates are. Are candidates you would like to one-day join your team posting a lot on LinkedIn? Or are there online communities that they are part of? 

Building your brand and reputation in these areas, as well as advertising in your usual spaces, increases your visibility and helps potential candidates get to know you a little better.

In a candidate-driven market, employers have to put a lot more effort into building relationships with current employees and prospective candidates to stay ahead of the market and beat out competitors.

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