Rise and shine to a candidate-driven tech market
Hiring talent remains the number one concern of CEOs in the most recent Conference Board Annual Survey; it’s also the top concern of the entire executive suite. Though many reasons contribute to raising this point to the top of the agenda, let’s explore the relatively forgotten driver of this outcome - the employer value proposition (EVP) and its importance in the candidate-driven market.
If you want to attract and retain the best in 2021, you need a unique EVP that will differentiate you from competitors. In the space where top talent is scarce and employers are plenty, the market flips from the perception of “why shall I hire this candidate” to “why shall I work for this company”. Commonly forgotten by the employers and therefore neglected in the hiring process is the fact that hiring, in essence, is a 2-way street.
With 84% of the employees ready to switch their job to work for a company with a better reputation, value proposition, and purpose, those in active hiring now need to place their USPs on the frontline of each and every communication with prospective candidates as a bare minimum.
Let me expand on that:
You need to ensure proper representation from the start - top talent is not actively looking, but rather are open to exploring the opportunity if intrigued by what if offers beyond the monetary compensation. Census data shows, for example, that the majority of people who took a new job last year weren’t searching for one: Somebody came and got them (bonus points if you guessed who). How you communicate from the start of the way, how you engage, and whom you approach are the first touchpoints with your company, so make the first line of contact a positive impression.
Invest in communication - provide all the necessary insight for the candidate to make a decision to speak with you and potentially chose you above other applications they go through (from open job ads to company presentations, videos, and social media channels).
Optimize your interview and decision-making process - taking too long to feedback after the interview or taking the time to schedule the next one is a critical error that can cost you a top performer. The amount of time employers spend on interviews has almost doubled since 2009, according to research from Glassdoor but there is no data to suggest that interviewers started to make better hiring decision due to that. More important, interviews are where biases most easily show up, because interviewers do usually decide on the fly what to ask of whom and how to interpret the answer. Instead, have set criteria you are evaluating interviewers by to reduce bias and “wing it” approach from interviewers themselves (which won’t bring you the best candidates or representation).
Be ready for candidates to have other offers - open the doors of communication and feedback to allow the candidate to share the details of other offers and what they think about them, see what you can do to enable the candidate to feel more comfortable with your company and your offer (don’t drag them in). The minimum you will get out of the conversation is you will gain an insight to the market and to your competition and (hopefully) will adjust your processes accordingly.
Speak the truth - don’t try to present the sweeter version of your organization, this will not help your churn rate.
What are the specific implications for early/growth stage companies?
focus on communicating your product/service value proposition, your mission, and your goals
optimize your interview process from the start (don’t fall for Voodoo hiring methods) and plan your evaluations to ensure a fair process
plan the geo-location, relocation packages, and compensation packages before you raise - your talent may not be located where you are based
protect the image of your company from early on (candidates talk to you ex-employees)
